Franco-Nevada Corporation $FNV Stake Reduced by Skerryvore Asset Management Ltd

Key Points

• Skerryvore Asset Management Ltd holds a $59.14 million stake in Franco-Nevada Corporation, which makes up 48.1% of its portfolio, despite reducing its holdings by 3.8% recently.
• Franco-Nevada reported a quarterly earnings per share (EPS) of $1.24, exceeding analyst expectations, while its revenue increased by 42% compared to the previous year.
• The company announced a quarterly dividend of $0.38 per share, with an annualized yield of 0.8%, reflecting a dividend payout ratio of 37.35%.

Skerryvore Asset Management Ltd trimmed its position in shares of Franco-Nevada Corporation (NYSE:FNV - Free Report) TSE: FNV by 3.8% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 375,340 shares of the basic materials company's stock after selling 14,800 shares during the quarter. Franco-Nevada accounts for 48.1% of Skerryvore Asset Management Ltd's investment portfolio, making the stock its largest holding. Skerryvore Asset Management Ltd owned 0.19% of Franco-Nevada worth $59,139,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bessemer Group Inc. grew its holdings in shares of Franco-Nevada by 1,583.3% in the first quarter. Bessemer Group Inc. now owns 13,130 shares of the basic materials company's stock valued at $2,067,000 after acquiring an additional 12,350 shares in the last quarter. St. James Investment Company LLC lifted its holdings in Franco-Nevada by 29.3% during the first quarter. St. James Investment Company LLC now owns 219,988 shares of the basic materials company's stock worth $34,661,000 after acquiring an additional 49,907 shares during the period. Envestnet Asset Management Inc. boosted its holdings in shares of Franco-Nevada by 36.1% in the 1st quarter. Envestnet Asset Management Inc. now owns 58,388 shares of the basic materials company's stock worth $9,200,000 after buying an additional 15,483 shares during the last quarter. D.A. Davidson & CO. purchased a new position in shares of Franco-Nevada in the 1st quarter worth about $265,000. Finally, Fullcircle Wealth LLC boosted its holdings in shares of Franco-Nevada by 25.7% in the 1st quarter. Fullcircle Wealth LLC now owns 8,964 shares of the basic materials company's stock worth $1,531,000 after buying an additional 1,835 shares during the last quarter. Hedge funds and other institutional investors own 77.06% of the company's stock.

Franco-Nevada Stock Up 2.3%

Shares of NYSE:FNV traded up $4.21 during midday trading on Friday, hitting $188.67. 507,316 shares of the stock traded hands, compared to its average volume of 673,419. The business's 50 day moving average is $167.86 and its two-hundred day moving average is $161.81. The stock has a market capitalization of $36.36 billion, a PE ratio of 46.36, a P/E/G ratio of 2.46 and a beta of 0.36. Franco-Nevada Corporation has a one year low of $112.70 and a one year high of $189.00.

Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV last released its quarterly earnings results on Monday, August 11th. The basic materials company reported $1.24 EPS for the quarter, beating analysts' consensus estimates of $1.10 by $0.14. The business had revenue of $369.40 million during the quarter, compared to analyst estimates of $382.70 million. Franco-Nevada had a return on equity of 12.56% and a net margin of 58.82%.Franco-Nevada's quarterly revenue was up 42.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.75 EPS. As a group, sell-side analysts forecast that Franco-Nevada Corporation will post 3.09 earnings per share for the current year.

Franco-Nevada Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Thursday, September 11th will be issued a $0.38 dividend. The ex-dividend date is Thursday, September 11th. This represents a $1.52 dividend on an annualized basis and a yield of 0.8%. Franco-Nevada's dividend payout ratio is 37.35%.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. HC Wainwright upped their price objective on shares of Franco-Nevada from $195.00 to $200.00 and gave the company a "buy" rating in a report on Tuesday, August 12th. Royal Bank Of Canada boosted their target price on Franco-Nevada from $160.00 to $190.00 and gave the stock a "sector perform" rating in a research report on Wednesday, June 4th. BMO Capital Markets reiterated an "outperform" rating on shares of Franco-Nevada in a research report on Wednesday, May 28th. CIBC reiterated an "outperform" rating on shares of Franco-Nevada in a research report on Tuesday, July 15th. Finally, Raymond James Financial increased their price target on shares of Franco-Nevada from $186.00 to $188.00 and gave the company an "outperform" rating in a research report on Tuesday, August 12th. Seven equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, Franco-Nevada currently 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.