JPMorgan Chase & Co. Lowers Stake in Franco-Nevada Co. (NYSE:FNV)

JPMorgan Chase & Co. cut its stake in Franco-Nevada Co. (NYSE:FNV - Free Report) TSE: FNV by 5.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 917,176 shares of the basic materials company's stock after selling 51,950 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.48% of Franco-Nevada worth $113,959,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. Sunbelt Securities Inc. lifted its stake in shares of Franco-Nevada by 3,333.3% in the 2nd quarter. Sunbelt Securities Inc. now owns 412 shares of the basic materials company's stock valued at $49,000 after purchasing an additional 400 shares during the period. Point72 DIFC Ltd purchased a new position in Franco-Nevada in the third quarter valued at $52,000. Erste Asset Management GmbH acquired a new position in shares of Franco-Nevada in the third quarter worth about $55,000. Capital Performance Advisors LLP acquired a new stake in shares of Franco-Nevada during the 3rd quarter valued at about $147,000. Finally, Icon Wealth Advisors LLC acquired a new position in Franco-Nevada in the 3rd quarter worth about $151,000. Hedge funds and other institutional investors own 77.06% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Scotiabank cut their price objective on Franco-Nevada from $142.00 to $141.00 and set a "sector perform" rating for the company in a research report on Friday, November 8th. UBS Group initiated coverage on shares of Franco-Nevada in a report on Monday, November 18th. They issued a "buy" rating and a $160.00 price target for the company. Canaccord Genuity Group upgraded shares of Franco-Nevada from a "hold" rating to a "buy" rating in a research report on Monday, November 18th. Canaccord Genuity Group raised shares of Franco-Nevada from a "hold" rating to a "buy" rating in a research note on Monday, November 18th. Finally, Bank of America lowered shares of Franco-Nevada from a "buy" rating to a "neutral" rating and decreased their price target for the company from $142.00 to $139.00 in a research note on Tuesday, October 1st. Four investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, Franco-Nevada currently has an average rating of "Moderate Buy" and a consensus target price of $145.33.

Franco-Nevada Price Performance

Franco-Nevada stock traded up $3.54 during trading on Thursday, reaching $121.13. 525,117 shares of the company were exchanged, compared to its average volume of 658,895. The stock's 50 day simple moving average is $122.45 and its two-hundred day simple moving average is $123.23. The company has a market capitalization of $23.32 billion, a P/E ratio of -38.33 and a beta of 0.72. Franco-Nevada Co. has a 52-week low of $103.64 and a 52-week high of $137.60.

Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV last posted its quarterly earnings results on Wednesday, November 6th. The basic materials company reported $0.80 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.03). Franco-Nevada had a positive return on equity of 10.55% and a negative net margin of 55.28%. The company had revenue of $275.70 million for the quarter, compared to analysts' expectations of $279.11 million. During the same quarter in the prior year, the firm earned $0.91 EPS. The firm's revenue was down 10.9% on a year-over-year basis. As a group, equities analysts forecast that Franco-Nevada Co. will post 3.22 earnings per share for the current year.

Franco-Nevada Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, December 19th. Shareholders of record on Thursday, December 5th were issued a $0.36 dividend. The ex-dividend date of this dividend was Thursday, December 5th. This represents a $1.44 annualized dividend and a yield of 1.19%. Franco-Nevada's payout ratio is -45.57%.

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.