The Manufacturers Life Insurance Company Reduces Position in Franco-Nevada Corporation $FNV

Key Points

• The Manufacturers Life Insurance Company cut its Franco-Nevada stake by 25.3% in the second quarter, selling 249,877 shares and retaining 736,359 shares worth approximately $153.3 million. Institutional investors collectively own 77.06% of the company.
• Franco-Nevada’s latest quarterly results missed analyst expectations, with EPS of $1.81 versus $1.95 expected and revenue of $580.9 million versus $616.66 million forecast, despite 57.3% year-over-year revenue growth.
• The company declared a quarterly dividend of $0.44 per share, equivalent to $1.76 annually and a 0.7% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $273.40, compared with a recent price of $260.49.

The Manufacturers Life Insurance Company trimmed its stake in Franco-Nevada Corporation (NYSE:FNV - Free Report) TSE: FNV by 25.3% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 736,359 shares of the basic materials company's stock after selling 249,877 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.38% of Franco-Nevada worth $153,344,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in FNV. Transamerica Financial Advisors LLC purchased a new stake in Franco-Nevada during the 4th quarter worth about $25,000. Smartleaf Asset Management LLC lifted its holdings in Franco-Nevada by 600.0% in the 2nd quarter. Smartleaf Asset Management LLC now owns 196 shares of the basic materials company's stock valued at $32,000 after purchasing an additional 168 shares in the last quarter. Navalign LLC acquired a new stake in shares of Franco-Nevada during the 4th quarter worth about $34,000. Global Retirement Partners LLC acquired a new stake in shares of Franco-Nevada during the 2nd quarter worth about $35,000. Finally, Dunhill Financial LLC acquired a new stake in shares of Franco-Nevada during the 2nd quarter worth about $36,000. 77.06% of the stock is currently owned by hedge funds and other institutional investors.

Franco-Nevada Stock Down 1.9%

NYSE:FNV opened at $260.49 on Friday. The company has a market cap of $50.24 billion, a P/E ratio of 34.05, a P/E/G ratio of 2.45 and a beta of 0.39. The firm's 50 day moving average is $233.36 and its two-hundred day moving average is $236.90. Franco-Nevada Corporation has a fifty-two week low of $181.50 and a fifty-two week high of $285.67.

Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV last announced its quarterly earnings data on Tuesday, August 11th. The basic materials company reported $1.81 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.95 by ($0.14). The company had revenue of $580.90 million for the quarter, compared to analysts' expectations of $616.66 million. Franco-Nevada had a net margin of 63.79% and a return on equity of 18.58%. The firm's quarterly revenue was up 57.3% on a year-over-year basis. During the same period in the prior year, the firm earned $1.24 earnings per share. Research analysts forecast that Franco-Nevada Corporation will post 7.54 earnings per share for the current fiscal year.

Franco-Nevada Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, September 10th will be issued a dividend of $0.44 per share. The ex-dividend date is Thursday, September 10th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 0.7%. Franco-Nevada's payout ratio is presently 23.01%.

Analyst Ratings Changes

Several brokerages recently issued reports on FNV. Zacks Research raised shares of Franco-Nevada from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 11th. TD Cowen raised shares of Franco-Nevada from a "hold" rating to a "buy" rating and lowered their target price for the stock from $292.00 to $291.00 in a research note on Wednesday, May 20th. Weiss Ratings reiterated a "buy (b-)" rating on shares of Franco-Nevada in a report on Friday, September 4th. TD raised Franco-Nevada from a "hold" rating to a "buy" rating and reduced their price target for the stock from $292.00 to $291.00 in a research note on Wednesday, May 20th. Finally, Bank of America reduced their price target on Franco-Nevada from $276.00 to $238.00 and set a "neutral" rating on the stock in a research note on Thursday, July 9th. Eleven analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $273.40.

Franco-Nevada Company Profile

Franco-Nevada Corporation NYSE: FNV is a Canada-based royalty and streaming company focused primarily on precious metals. Rather than operating mines, the company provides upfront capital to mining and energy companies in exchange for the right to receive a portion of future production or revenue from designated assets.

Its portfolio is anchored by gold royalties and streams, with additional exposure to silver, platinum group metals and other mined commodities. Franco-Nevada also holds interests in certain energy assets, including oil and natural gas royalties.

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