Canoe Financial LP Reduces Stock Position in Franco-Nevada Co. (NYSE:FNV)

Canoe Financial LP cut its holdings in Franco-Nevada Co. (NYSE:FNV - Free Report) TSE: FNV by 98.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,714 shares of the basic materials company's stock after selling 257,416 shares during the period. Canoe Financial LP's holdings in Franco-Nevada were worth $592,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Mechanics Financial Corp boosted its holdings in shares of Franco-Nevada by 150.0% in the second quarter. Mechanics Financial Corp now owns 250 shares of the basic materials company's stock worth $30,000 after acquiring an additional 150 shares during the period. Mather Group LLC. purchased a new position in Franco-Nevada during the 2nd quarter valued at about $33,000. Kings Path Partners LLC bought a new stake in shares of Franco-Nevada during the second quarter valued at about $36,000. Sunbelt Securities Inc. lifted its holdings in shares of Franco-Nevada by 3,333.3% in the second quarter. Sunbelt Securities Inc. now owns 412 shares of the basic materials company's stock worth $49,000 after buying an additional 400 shares in the last quarter. Finally, Hillsdale Investment Management Inc. boosted its position in shares of Franco-Nevada by 33.3% in the first quarter. Hillsdale Investment Management Inc. now owns 440 shares of the basic materials company's stock valued at $52,000 after acquiring an additional 110 shares during the period. 77.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on FNV shares. Bank of America lowered shares of Franco-Nevada from a "buy" rating to a "neutral" rating and decreased their target price for the stock from $142.00 to $139.00 in a report on Tuesday, October 1st. TD Cowen upgraded Franco-Nevada from a "hold" rating to a "buy" rating in a research report on Thursday, August 15th. HC Wainwright restated a "buy" rating and set a $185.00 target price on shares of Franco-Nevada in a research report on Friday, August 16th. Scotiabank raised their price target on Franco-Nevada from $141.00 to $142.00 and gave the company a "sector perform" rating in a report on Monday, August 19th. Finally, TD Securities raised Franco-Nevada from a "hold" rating to a "buy" rating in a report on Thursday, August 15th. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $152.75.

Franco-Nevada Stock Performance

FNV traded up $0.36 during midday trading on Monday, hitting $135.98. The stock had a trading volume of 415,909 shares, compared to its average volume of 654,341. Franco-Nevada Co. has a 1 year low of $102.29 and a 1 year high of $137.21. The business has a fifty day moving average of $124.91 and a 200 day moving average of $123.31. The company has a market cap of $26.17 billion, a P/E ratio of -54.69, a price-to-earnings-growth ratio of 22.67 and a beta of 0.76.

Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV last announced its quarterly earnings data 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). The business had revenue of $260.10 million during the quarter, compared to analysts' expectations of $277.44 million. Franco-Nevada had a negative net margin of 51.64% and a positive return on equity of 10.56%. Franco-Nevada's revenue for the quarter was down 21.2% on a year-over-year basis. During the same period last year, the company posted $0.95 EPS. On average, equities research analysts anticipate that Franco-Nevada Co. will post 3.26 earnings per share for the current year.

Franco-Nevada Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 26th. Stockholders of record on Thursday, September 12th were issued a $0.36 dividend. The ex-dividend date of this dividend was Thursday, September 12th. This represents a $1.44 annualized dividend and a dividend yield of 1.06%. Franco-Nevada's dividend payout ratio is currently -57.83%.

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.