Envestnet Asset Management Inc. Lowers Stake in Franco-Nevada Co. (NYSE:FNV)

Envestnet Asset Management Inc. reduced its stake in shares of Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) by 4.7% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 34,005 shares of the basic materials company’s stock after selling 1,666 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Franco-Nevada were worth $4,849,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Sheets Smith Wealth Management bought a new stake in shares of Franco-Nevada in the first quarter valued at about $238,000. City State Bank boosted its position in Franco-Nevada by 136.0% in the 2nd quarter. City State Bank now owns 177 shares of the basic materials company’s stock worth $25,000 after purchasing an additional 102 shares in the last quarter. Mach 1 Financial Group LLC purchased a new position in shares of Franco-Nevada during the 1st quarter valued at approximately $30,618,000. State of Wyoming purchased a new position in shares of Franco-Nevada during the 4th quarter valued at approximately $38,000. Finally, Penserra Capital Management LLC acquired a new position in Franco-Nevada in the 1st quarter valued at $47,000. 66.70% of the stock is currently owned by institutional investors.

Franco-Nevada Price Performance

Franco-Nevada stock opened at $120.42 on Monday. The stock’s 50-day moving average is $132.59 and its 200-day moving average is $140.40. The company has a market cap of $23.14 billion, a price-to-earnings ratio of 34.02, a price-to-earnings-growth ratio of 5.67 and a beta of 0.76. Franco-Nevada Co. has a 12 month low of $116.40 and a 12 month high of $161.25.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last announced its earnings results on Wednesday, November 8th. The basic materials company reported $0.91 EPS for the quarter, beating the consensus estimate of $0.88 by $0.03. Franco-Nevada had a return on equity of 10.23% and a net margin of 55.10%. The business had revenue of $309.50 million for the quarter, compared to the consensus estimate of $317.93 million. During the same period last year, the business posted $0.83 EPS. The company’s revenue was up 1.7% on a year-over-year basis. Research analysts anticipate that Franco-Nevada Co. will post 3.37 EPS for the current year.

Franco-Nevada Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 21st. Shareholders of record on Thursday, December 7th will be paid a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 1.13%. The ex-dividend date of this dividend is Wednesday, December 6th. Franco-Nevada’s payout ratio is currently 38.42%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. CSFB cut their price objective on Franco-Nevada from $157.00 to $150.00 and set a “neutral” rating for the company in a research report on Thursday, August 17th. Stifel Nicolaus upgraded Franco-Nevada from a “hold” rating to a “buy” rating in a research note on Friday, August 18th. Royal Bank of Canada lowered their price target on Franco-Nevada from $155.00 to $140.00 and set a “sector perform” rating for the company in a report on Wednesday, November 1st. HC Wainwright boosted their price objective on Franco-Nevada from $180.00 to $185.00 and gave the company a “buy” rating in a research note on Thursday, August 10th. Finally, StockNews.com initiated coverage on Franco-Nevada in a research note on Thursday, October 5th. They set a “hold” rating for the company. One research analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $168.88.

Franco-Nevada Profile

Franco-Nevada Corporation operates as a gold-focused royalty and streaming company in Latin America, 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.