Ashford Capital Management Inc. Reduces Position in Franco-Nevada Corporation $FNV

Ashford Capital Management Inc. decreased its position in Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 6.7% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 138,078 shares of the basic materials company’s stock after selling 9,886 shares during the period. Franco-Nevada comprises approximately 2.7% of Ashford Capital Management Inc.’s portfolio, making the stock its 12th biggest holding. Ashford Capital Management Inc. owned about 0.07% of Franco-Nevada worth $22,634,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FNV. Norges Bank purchased a new stake in shares of Franco-Nevada during the second quarter worth about $460,218,000. Arrowstreet Capital Limited Partnership raised its position in Franco-Nevada by 35.2% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 3,220,029 shares of the basic materials company’s stock valued at $528,289,000 after purchasing an additional 838,853 shares during the last quarter. Picton Mahoney Asset Management purchased a new stake in Franco-Nevada in the 2nd quarter worth approximately $80,621,000. Scharf Investments LLC bought a new stake in shares of Franco-Nevada in the 2nd quarter worth approximately $78,509,000. Finally, Invesco Ltd. increased its stake in shares of Franco-Nevada by 110.6% during the second quarter. Invesco Ltd. now owns 902,017 shares of the basic materials company’s stock valued at $147,859,000 after buying an additional 473,697 shares during the period. 77.06% of the stock is currently owned by institutional investors.

Franco-Nevada Stock Up 0.3%

FNV stock opened at $214.89 on Friday. The stock has a market cap of $41.43 billion, a PE ratio of 45.05, a price-to-earnings-growth ratio of 1.66 and a beta of 0.46. The firm’s 50-day simple moving average is $199.75 and its 200 day simple moving average is $185.87. Franco-Nevada Corporation has a fifty-two week low of $114.81 and a fifty-two week high of $225.63.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last announced its quarterly earnings results on Monday, November 3rd. The basic materials company reported $1.43 EPS for the quarter, beating the consensus estimate of $1.37 by $0.06. Franco-Nevada had a net margin of 59.48% and a return on equity of 13.94%. The company had revenue of $487.70 million for the quarter, compared to analyst estimates of $448.51 million. During the same quarter last year, the business earned $0.80 earnings per share. Franco-Nevada’s revenue was up 76.9% compared to the same quarter last year. Equities analysts forecast that Franco-Nevada Corporation will post 3.09 EPS for the current fiscal year.

Franco-Nevada Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 18th. Investors of record on Thursday, December 4th will be issued a $0.38 dividend. The ex-dividend date of this dividend is Thursday, December 4th. This represents a $1.52 annualized dividend and a yield of 0.7%. Franco-Nevada’s dividend payout ratio is presently 31.87%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on FNV. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Franco-Nevada in a research note on Monday, December 8th. Zacks Research lowered shares of Franco-Nevada from a “strong-buy” rating to a “hold” rating in a report on Monday, December 8th. Canaccord Genuity Group raised shares of Franco-Nevada from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 22nd. TD Securities reduced their price target on shares of Franco-Nevada from $247.00 to $225.00 and set a “hold” rating on the stock in a research report on Wednesday, November 5th. Finally, Scotiabank increased their price target on shares of Franco-Nevada from $184.00 to $225.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 23rd. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $232.75.

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.