Fmr LLC Cuts Stock Position in Franco-Nevada Co. (NYSE:FNV)

FMR LLC lowered its stake in Franco-Nevada Co. (NYSE:FNV - Free Report) TSE: FNV by 1.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,863,339 shares of the basic materials company's stock after selling 115,077 shares during the period. FMR LLC owned about 5.12% of Franco-Nevada worth $1,159,077,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank acquired a new position in Franco-Nevada during the 4th quarter worth approximately $237,643,000. Arrowstreet Capital Limited Partnership lifted its stake in Franco-Nevada by 246.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,164,394 shares of the basic materials company's stock valued at $136,796,000 after buying an additional 828,166 shares during the last quarter. Proficio Capital Partners LLC grew its holdings in shares of Franco-Nevada by 11,659.0% during the fourth quarter. Proficio Capital Partners LLC now owns 482,707 shares of the basic materials company's stock worth $56,762,000 after buying an additional 478,602 shares during the last quarter. Bennbridge Ltd acquired a new position in Franco-Nevada in the 4th quarter valued at about $45,877,000. Finally, Geode Capital Management LLC lifted its position in Franco-Nevada by 31.2% during the 4th quarter. Geode Capital Management LLC now owns 1,101,854 shares of the basic materials company's stock worth $129,870,000 after acquiring an additional 261,951 shares during the period. Hedge funds and other institutional investors own 77.06% of the company's stock.

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Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. TD Securities cut shares of Franco-Nevada from a "buy" rating to a "hold" rating and set a $152.00 price objective on the stock. in a research note on Tuesday, March 11th. Royal Bank of Canada raised 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 Franco-Nevada from $162.00 to $181.00 and gave the stock an "outperform" rating in a report on Friday, April 4th. National Bankshares reiterated a "sector perform" rating on shares of Franco-Nevada in a research report on Wednesday, April 2nd. Finally, Scotiabank raised their target price on shares of Franco-Nevada from $145.00 to $150.00 and gave the company a "sector perform" rating in a report on Tuesday, March 11th. Six equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $160.38.

Franco-Nevada Price Performance

NYSE:FNV traded up $8.65 during mid-day trading on Friday, reaching $166.13. The company's stock had a trading volume of 2,125,418 shares, compared to its average volume of 686,710. Franco-Nevada Co. has a twelve month low of $112.70 and a twelve month high of $167.36. The company's fifty day simple moving average is $147.54 and its two-hundred day simple moving average is $132.73. The stock has a market cap of $31.99 billion, a P/E ratio of -52.57, a P/E/G ratio of 9.78 and a beta of 0.68.

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

Franco-Nevada Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 27th. Shareholders of record on Thursday, March 13th were given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 0.91%. The ex-dividend date was Thursday, March 13th. This is an increase from Franco-Nevada's previous quarterly dividend of $0.36. Franco-Nevada's payout ratio is 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.