Bank of Nova Scotia Sells 314,324 Shares of Franco-Nevada Co. (NYSE:FNV)

Bank of Nova Scotia lowered its holdings in Franco-Nevada Co. (NYSE:FNV - Free Report) TSE: FNV by 33.6% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 621,280 shares of the basic materials company's stock after selling 314,324 shares during the quarter. Bank of Nova Scotia owned about 0.32% of Franco-Nevada worth $72,996,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in FNV. Invesco Ltd. grew its stake in Franco-Nevada by 28.5% during the 4th quarter. Invesco Ltd. now owns 450,442 shares of the basic materials company's stock worth $52,967,000 after buying an additional 99,842 shares during the last quarter. Bank of Montreal Can grew its position in shares of Franco-Nevada by 0.3% during the fourth quarter. Bank of Montreal Can now owns 5,300,880 shares of the basic materials company's stock worth $622,124,000 after acquiring an additional 15,273 shares during the last quarter. Envestnet Asset Management Inc. increased its holdings in shares of Franco-Nevada by 42.0% in the 4th quarter. Envestnet Asset Management Inc. now owns 42,905 shares of the basic materials company's stock valued at $5,045,000 after acquiring an additional 12,688 shares during the period. Aviva PLC raised its position in Franco-Nevada by 1,495.3% in the 4th quarter. Aviva PLC now owns 115,786 shares of the basic materials company's stock valued at $13,579,000 after purchasing an additional 108,528 shares during the last quarter. Finally, Bornite Capital Management LP acquired a new stake in Franco-Nevada during the 4th quarter worth $27,046,000. Hedge funds and other institutional investors own 77.06% of the company's stock.

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Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. UBS Group lifted their target price on Franco-Nevada from $170.00 to $190.00 and gave the company a "buy" rating in a research note on Friday. Royal Bank of Canada lifted their price objective on shares of Franco-Nevada from $145.00 to $155.00 and gave the company a "sector perform" rating in a research report on Tuesday, February 11th. Raymond James upped their price objective on shares of Franco-Nevada from $162.00 to $181.00 and gave the stock an "outperform" rating in a research report on Friday, April 4th. TD Securities lowered shares of Franco-Nevada from a "buy" rating to a "hold" rating and set a $152.00 price target on the stock. in a research note on Tuesday, March 11th. Finally, StockNews.com upgraded shares of Franco-Nevada from a "hold" rating to a "buy" rating in a research report on Monday, April 7th. Six analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $160.38.

Franco-Nevada Trading Up 1.1 %

NYSE:FNV traded up $1.79 during mid-day trading on Monday, reaching $168.04. 343,767 shares of the stock were exchanged, compared to its average volume of 682,999. The business has a fifty day moving average price of $147.54 and a 200 day moving average price of $132.76. Franco-Nevada Co. has a 1-year low of $112.70 and a 1-year high of $169.09. The firm has a market capitalization of $32.36 billion, a PE ratio of -53.18, a PEG ratio of 9.78 and a beta of 0.68.

Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV last issued its earnings results on Monday, March 10th. The basic materials company reported $0.95 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.90 by $0.05. Franco-Nevada had a positive return on equity of 10.55% and a negative net margin of 55.28%. The business had revenue of $321.00 million for the quarter, compared to analysts' expectations of $304.33 million. During the same period in the previous year, the firm posted $0.90 EPS. The company's quarterly revenue was up 5.8% on a year-over-year basis. On average, sell-side analysts forecast that Franco-Nevada Co. will post 3.09 earnings per share for the current year.

Franco-Nevada Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th were issued a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, March 13th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 0.90%. This is an increase from Franco-Nevada's previous quarterly dividend of $0.36. Franco-Nevada's dividend payout ratio (DPR) is currently 53.15%.

About Franco-Nevada

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.