Veritas Asset Management LLP Decreases Stock Holdings in Franco-Nevada Co. (NYSE:FNV)

Veritas Asset Management LLP lowered its stake in Franco-Nevada Co. (NYSE:FNV - Free Report) TSE: FNV by 13.6% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 78,269 shares of the basic materials company's stock after selling 12,272 shares during the quarter. Franco-Nevada accounts for approximately 0.1% of Veritas Asset Management LLP's portfolio, making the stock its 26th largest position. Veritas Asset Management LLP's holdings in Franco-Nevada were worth $9,725,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Mechanics Financial Corp lifted its position in shares of Franco-Nevada by 150.0% during the 2nd quarter. Mechanics Financial Corp now owns 250 shares of the basic materials company's stock worth $30,000 after buying an additional 150 shares in the last quarter. Mather Group LLC. bought a new stake in Franco-Nevada during the second quarter worth $33,000. Kings Path Partners LLC purchased a new position in Franco-Nevada in the second quarter worth $36,000. Sunbelt Securities Inc. grew its stake in 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. Finally, Hillsdale Investment Management Inc. increased its position in shares of Franco-Nevada by 33.3% during the 1st quarter. Hillsdale Investment Management Inc. now owns 440 shares of the basic materials company's stock valued at $52,000 after purchasing an additional 110 shares during the last quarter. Institutional investors and hedge funds own 77.06% of the company's stock.

Franco-Nevada Stock Down 0.7 %

Shares of FNV stock traded down $0.95 on Friday, reaching $131.71. The company's stock had a trading volume of 509,794 shares, compared to its average volume of 643,483. Franco-Nevada Co. has a 12-month low of $102.29 and a 12-month high of $137.60. The stock's 50 day simple moving average is $126.03 and its 200-day simple moving average is $123.85. The company has a market capitalization of $25.35 billion, a P/E ratio of -43.33, a PEG ratio of 22.19 and a beta of 0.75.

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 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 company had revenue of $260.10 million during the quarter, compared to the consensus estimate of $277.44 million. During the same period in the previous year, the company earned $0.95 EPS. Franco-Nevada's quarterly revenue was down 21.2% on a year-over-year basis. Research analysts expect that Franco-Nevada Co. will post 3.25 EPS for the current year.

Franco-Nevada Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 26th. Investors of record on Thursday, September 12th were issued a dividend of $0.36 per share. The ex-dividend date of this dividend was Thursday, September 12th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.09%. Franco-Nevada's dividend payout ratio is -47.37%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on FNV shares. StockNews.com raised shares of Franco-Nevada from a "sell" rating to a "hold" rating in a research report on Thursday, August 22nd. TD Cowen upgraded Franco-Nevada from a "hold" rating to a "buy" rating in a research note on Thursday, August 15th. Jefferies Financial Group cut their price target on Franco-Nevada from $137.00 to $136.00 and set a "hold" rating for the company in a research note on Thursday, October 17th. HC Wainwright restated a "buy" rating and issued a $185.00 price objective on shares of Franco-Nevada in a research note on Friday, August 16th. Finally, Scotiabank increased their target price on shares of Franco-Nevada from $141.00 to $142.00 and gave the stock a "sector perform" rating in a research report on Monday, August 19th. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Franco-Nevada presently has an average rating of "Moderate Buy" and a consensus price target of $154.57.

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.