Asahi Life Asset Management CO. LTD. Lowers Position in Franco-Nevada Corporation $FNV

Asahi Life Asset Management CO. LTD. trimmed its position in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 38.1% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,590 shares of the basic materials company’s stock after selling 980 shares during the quarter. Asahi Life Asset Management CO. LTD.’s holdings in Franco-Nevada were worth $261,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in FNV. Envestnet Asset Management Inc. lifted its stake in Franco-Nevada by 36.1% in the 1st quarter. Envestnet Asset Management Inc. now owns 58,388 shares of the basic materials company’s stock valued at $9,200,000 after buying an additional 15,483 shares in the last quarter. FORA Capital LLC raised its holdings in shares of Franco-Nevada by 169.8% during the first quarter. FORA Capital LLC now owns 5,342 shares of the basic materials company’s stock valued at $842,000 after acquiring an additional 3,362 shares during the last quarter. D.A. Davidson & CO. purchased a new position in shares of Franco-Nevada in the first quarter valued at approximately $265,000. Jump Financial LLC acquired a new stake in shares of Franco-Nevada in the first quarter worth approximately $274,000. Finally, Principal Financial Group Inc. boosted its stake in shares of 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 acquiring an additional 2,739 shares during the last quarter. 77.06% of the stock is owned by hedge funds and other institutional investors.

Franco-Nevada Stock Performance

Shares of Franco-Nevada stock opened at $188.01 on Friday. The stock has a 50 day moving average of $201.85 and a 200 day moving average of $179.49. The firm has a market capitalization of $36.24 billion, a price-to-earnings ratio of 46.19, a PEG ratio of 1.70 and a beta of 0.40. Franco-Nevada Corporation has a fifty-two week low of $112.70 and a fifty-two week high of $225.63.

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, topping analysts’ consensus estimates of $1.37 by $0.06. The business had revenue of $487.70 million during the quarter, compared to analysts’ expectations of $448.51 million. Franco-Nevada had a return on equity of 12.56% and a net margin of 58.82%.The company’s revenue was up 76.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.80 EPS. Analysts forecast that Franco-Nevada Corporation will post 3.09 EPS for the current year.

Franco-Nevada Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 18th. Stockholders of record on Thursday, December 4th will be paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend is Thursday, December 4th. Franco-Nevada’s payout ratio is 31.87%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. TD Securities decreased their price objective on Franco-Nevada from $247.00 to $225.00 and set a “hold” rating on the stock in a report on Wednesday. Bank of America raised 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. Zacks Research upgraded shares of Franco-Nevada from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 17th. Scotiabank increased their price objective on shares of Franco-Nevada from $184.00 to $225.00 and gave the company a “sector perform” rating in a report on Thursday, October 23rd. Finally, CIBC reissued an “outperform” rating on shares of Franco-Nevada in a research note on Tuesday, July 15th. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $223.43.

Franco-Nevada 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.