Franco-Nevada Co. (NYSE:FNV) Sees Large Decrease in Short Interest

Franco-Nevada Co. (NYSE:FNV - Get Free Report) TSE: FNV was the target of a large drop in short interest during the month of August. As of August 31st, there was short interest totalling 2,950,000 shares, a drop of 6.1% from the August 15th total of 3,140,000 shares. Based on an average daily volume of 594,200 shares, the short-interest ratio is presently 5.0 days. Currently, 1.5% of the company's stock are short sold.

Institutional Investors Weigh In On Franco-Nevada

Institutional investors and hedge funds have recently modified their holdings of the stock. Scotia Capital Inc. boosted its stake in Franco-Nevada by 27.1% during the fourth quarter. Scotia Capital Inc. now owns 149,153 shares of the basic materials company's stock valued at $16,474,000 after buying an additional 31,796 shares during the last quarter. Allianz Asset Management GmbH increased its holdings in shares of Franco-Nevada by 108.1% in the 4th quarter. Allianz Asset Management GmbH now owns 455,239 shares of the basic materials company's stock worth $50,671,000 after buying an additional 236,503 shares during the last quarter. Alberta Investment Management Corp raised its position in shares of Franco-Nevada by 2.3% during the 4th quarter. Alberta Investment Management Corp now owns 447,633 shares of the basic materials company's stock valued at $49,825,000 after buying an additional 10,250 shares in the last quarter. Bornite Capital Management LP bought a new position in shares of Franco-Nevada in the 4th quarter valued at about $8,167,000. Finally, Trexquant Investment LP purchased a new position in Franco-Nevada in the fourth quarter worth about $2,104,000. Institutional investors own 77.06% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on FNV shares. Scotiabank increased their price objective on Franco-Nevada from $141.00 to $142.00 and gave the company a "sector perform" rating in a research report on Monday, August 19th. TD Securities raised shares of Franco-Nevada from a "hold" rating to a "buy" rating in a report on Thursday, August 15th. HC Wainwright restated a "buy" rating and issued a $185.00 target price on shares of Franco-Nevada in a report on Friday, August 16th. Jefferies Financial Group increased their price target on Franco-Nevada from $129.00 to $133.00 and gave the company a "hold" rating in a report on Friday, July 12th. Finally, Bank of America raised their price target on Franco-Nevada from $141.00 to $142.00 and gave the stock a "buy" rating in a research note on Wednesday, June 26th. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $152.75.

Franco-Nevada Stock Performance

Shares of FNV traded down $0.63 during mid-day trading on Wednesday, reaching $123.93. The stock had a trading volume of 607,150 shares, compared to its average volume of 650,276. The business has a fifty day moving average of $123.57 and a 200 day moving average of $121.26. The firm has a market cap of $23.85 billion, a price-to-earnings ratio of -50.02, a PEG ratio of 20.59 and a beta of 0.76. Franco-Nevada has a 12 month low of $102.29 and a 12 month high of $145.74.

Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV last issued its quarterly earnings results on Tuesday, August 13th. The basic materials company reported $0.75 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.78 by ($0.03). Franco-Nevada had a positive return on equity of 10.56% and a negative net margin of 51.64%. The business had revenue of $260.10 million during the quarter, compared to analysts' expectations of $277.44 million. During the same quarter in the previous year, the company posted $0.95 EPS. The company's quarterly revenue was down 21.2% on a year-over-year basis. On average, research analysts forecast that Franco-Nevada will post 3.2 EPS for the current fiscal year.

Franco-Nevada Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 26th. Shareholders of record on Thursday, September 12th will be issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 1.16%. The ex-dividend date of this dividend is Thursday, September 12th. Franco-Nevada's dividend payout ratio (DPR) is currently -57.83%.

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.