Spire Wealth Management Sells 3,012 Shares of Franco-Nevada Corporation $FNV

Spire Wealth Management reduced its stake in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 87.8% in the second quarter, according to its most recent filing with the SEC. The fund owned 419 shares of the basic materials company’s stock after selling 3,012 shares during the period. Spire Wealth Management’s holdings in Franco-Nevada were worth $69,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Envestnet Asset Management Inc. lifted its stake in Franco-Nevada by 36.1% in the first quarter. Envestnet Asset Management Inc. now owns 58,388 shares of the basic materials company’s stock worth $9,200,000 after purchasing an additional 15,483 shares during the last quarter. FORA Capital LLC lifted its stake in Franco-Nevada by 169.8% in the first quarter. FORA Capital LLC now owns 5,342 shares of the basic materials company’s stock worth $842,000 after purchasing an additional 3,362 shares during the last quarter. D.A. Davidson & CO. bought a new stake in Franco-Nevada in the first quarter worth $265,000. Jump Financial LLC bought a new stake in Franco-Nevada in the first quarter worth $274,000. Finally, Principal Financial Group Inc. lifted its stake in Franco-Nevada by 34.4% in the first quarter. Principal Financial Group Inc. now owns 10,710 shares of the basic materials company’s stock worth $1,684,000 after purchasing an additional 2,739 shares during the last quarter. 77.06% of the stock is owned by institutional investors.

Franco-Nevada Stock Performance

FNV stock opened at $187.89 on Thursday. Franco-Nevada Corporation has a fifty-two week low of $112.70 and a fifty-two week high of $225.63. The company has a market capitalization of $36.22 billion, a price-to-earnings ratio of 46.16, a price-to-earnings-growth ratio of 1.70 and a beta of 0.40. The business’s 50 day moving average price is $201.77 and its two-hundred day moving average price is $179.43.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last released its quarterly earnings results on Monday, November 3rd. The basic materials company reported $1.43 earnings per share for the quarter, beating the consensus estimate of $1.37 by $0.06. The company had revenue of $487.70 million for the quarter, compared to analyst estimates of $448.51 million. Franco-Nevada had a return on equity of 12.56% and a net margin of 58.82%.The firm’s revenue was up 76.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.80 earnings per share. Sell-side analysts forecast that Franco-Nevada Corporation will post 3.09 earnings per share for the current year.

Franco-Nevada Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 18th. Investors of record on Thursday, December 4th will be paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 0.8%. The ex-dividend date is Thursday, December 4th. Franco-Nevada’s dividend payout ratio (DPR) is presently 31.87%.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Bank of America boosted their price target on shares of Franco-Nevada from $211.00 to $220.00 and gave the stock a “neutral” rating in a research note on Thursday, October 16th. Scotiabank boosted their price objective on shares of Franco-Nevada from $184.00 to $225.00 and gave the company a “sector perform” rating in a research report on Thursday, October 23rd. Wall Street Zen downgraded shares of Franco-Nevada from a “buy” rating to a “hold” rating in a research note on Saturday, October 25th. CIBC reaffirmed an “outperform” rating on shares of Franco-Nevada in a research note on Tuesday, July 15th. Finally, HC Wainwright upped their price objective on shares of Franco-Nevada from $200.00 to $210.00 and gave the company a “buy” rating in a research note on Tuesday. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $223.43.

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.