Gabelli Funds LLC Reduces Holdings in Franco-Nevada Corporation $FNV

Key Points

• Gabelli Funds LLC reduced its stock position in Franco-Nevada Corporation by 2.6%, selling 7,700 shares and now owning approximately 0.15% of the company worth $45.3 million.
• Franco-Nevada recently announced a quarterly dividend of $0.38, yielding 0.8%, with an ex-dividend date of September 11th.
• The stock has received mixed ratings, with seven analysts giving it a "Buy" and seven a "Hold", while Royal Bank of Canada raised its target price from $160 to $190.

Gabelli Funds LLC trimmed its position in Franco-Nevada Corporation (NYSE:FNV - Free Report) TSE: FNV by 2.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 287,860 shares of the basic materials company's stock after selling 7,700 shares during the quarter. Gabelli Funds LLC owned about 0.15% of Franco-Nevada worth $45,325,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. CX Institutional purchased a new position in shares of Franco-Nevada in the first quarter worth about $30,000. Cullen Frost Bankers Inc. purchased a new position in shares of Franco-Nevada in the first quarter worth about $32,000. Nexus Investment Management ULC purchased a new position in shares of Franco-Nevada in the first quarter worth about $35,000. Hexagon Capital Partners LLC raised its position in Franco-Nevada by 494.7% during the first quarter. Hexagon Capital Partners LLC now owns 226 shares of the basic materials company's stock valued at $36,000 after acquiring an additional 188 shares in the last quarter. Finally, Golden State Wealth Management LLC raised its position in Franco-Nevada by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 230 shares of the basic materials company's stock valued at $36,000 after acquiring an additional 115 shares in the last quarter. 77.06% of the stock is currently owned by hedge funds and other institutional investors.

Franco-Nevada Stock Up 2.3%

Shares of Franco-Nevada stock traded up $4.21 on Friday, reaching $188.67. The company's stock had a trading volume of 507,316 shares, compared to its average volume of 673,419. Franco-Nevada Corporation has a 52-week low of $112.70 and a 52-week high of $189.00. The company has a market capitalization of $36.36 billion, a P/E ratio of 46.36, a PEG ratio of 2.51 and a beta of 0.36. The stock has a 50-day moving average price of $167.86 and a 200-day moving average price of $161.95.

Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV last issued its quarterly earnings results on Monday, August 11th. The basic materials company reported $1.24 EPS for the quarter, topping the consensus estimate of $1.10 by $0.14. Franco-Nevada had a return on equity of 12.56% and a net margin of 58.82%.The firm had revenue of $369.40 million during the quarter, compared to analysts' expectations of $382.70 million. During the same period in the previous year, the business earned $0.75 earnings per share. The firm's revenue for the quarter was up 42.0% on a year-over-year basis. Sell-side analysts forecast that Franco-Nevada Corporation will post 3.09 earnings per share for the current fiscal year.

Franco-Nevada Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Thursday, September 11th will be given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 0.8%. The ex-dividend date is Thursday, September 11th. Franco-Nevada's payout ratio is presently 37.35%.

Analyst Ratings Changes

Several research analysts recently weighed in on FNV shares. CIBC reiterated an "outperform" rating on shares of Franco-Nevada in a research report on Tuesday, July 15th. Scotiabank lifted their price target on Franco-Nevada from $182.00 to $184.00 and gave the company a "sector perform" rating in a research report on Tuesday, August 12th. National Bankshares reiterated a "sector perform" rating on shares of Franco-Nevada in a research report on Tuesday, June 24th. HC Wainwright lifted their price target on Franco-Nevada from $195.00 to $200.00 and gave the company a "buy" rating in a research report on Tuesday, August 12th. Finally, UBS Group lifted their price target on Franco-Nevada from $205.00 to $210.00 and gave the company a "buy" rating in a research report on Thursday, July 3rd. Seven research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $178.88.

Franco-Nevada Company Profile

Franco-Nevada Corporation operates as a gold-focused royalty and streaming company in South America, Central America, Mexico, the United States, Canada, and internationally. It operates through Mining and Energy segments. The company manages its portfolio with a focus on precious metals, such as gold, silver, and platinum group metals; and engages in the sale of crude oil, natural gas, and natural gas liquids through a third-party marketing agent.