Bank of New York Mellon Corp Lowers Stock Holdings in Franco-Nevada Corporation $FNV

Bank of New York Mellon Corp cut its holdings in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 1.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 195,183 shares of the basic materials company’s stock after selling 3,795 shares during the period. Bank of New York Mellon Corp owned about 0.10% of Franco-Nevada worth $48,220,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in FNV. Addenda Capital Inc. boosted its holdings in Franco-Nevada by 88.1% in the fourth quarter. Addenda Capital Inc. now owns 203,643 shares of the basic materials company’s stock valued at $42,211,000 after purchasing an additional 95,405 shares during the period. Crescent Grove Advisors LLC purchased a new stake in Franco-Nevada during the 4th quarter worth about $489,000. Scharf Investments LLC increased its holdings in Franco-Nevada by 15.8% during the 4th quarter. Scharf Investments LLC now owns 692,209 shares of the basic materials company’s stock worth $143,484,000 after purchasing an additional 94,465 shares during the period. PKO Investment Management Joint Stock Co raised its position in Franco-Nevada by 11.4% in the 4th quarter. PKO Investment Management Joint Stock Co now owns 69,914 shares of the basic materials company’s stock valued at $14,519,000 after purchasing an additional 7,150 shares in the last quarter. Finally, Annex Advisory Services LLC raised its position in Franco-Nevada by 4.9% in the 4th quarter. Annex Advisory Services LLC now owns 199,972 shares of the basic materials company’s stock valued at $41,450,000 after purchasing an additional 9,336 shares in the last quarter. Institutional investors and hedge funds own 77.06% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on FNV shares. TD raised Franco-Nevada from a “hold” rating to a “buy” rating and lowered their price objective for the stock from $292.00 to $291.00 in a research report on Wednesday, May 20th. Canaccord Genuity Group raised shares of Franco-Nevada from a “hold” rating to a “buy” rating in a report on Wednesday, April 29th. Wall Street Zen downgraded shares of Franco-Nevada from a “buy” rating to a “hold” rating in a research note on Monday, June 1st. National Bank Financial upgraded shares of Franco-Nevada from a “sector perform” rating to an “outperform” rating in a report on Wednesday, May 13th. Finally, Scotiabank dropped their price objective on shares of Franco-Nevada from $290.00 to $274.00 and set a “sector perform” rating on the stock in a research report on Tuesday, July 14th. Eleven analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Franco-Nevada currently has a consensus rating of “Moderate Buy” and an average price target of $273.40.

Franco-Nevada Stock Up 0.4%

Shares of Franco-Nevada stock opened at $215.06 on Friday. The firm has a market capitalization of $41.48 billion, a P/E ratio of 30.29, a P/E/G ratio of 1.81 and a beta of 0.36. Franco-Nevada Corporation has a 52 week low of $157.18 and a 52 week high of $285.67. The firm’s 50 day moving average is $216.08 and its two-hundred day moving average is $236.49.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last issued its quarterly earnings data on Tuesday, May 12th. The basic materials company reported $2.38 earnings per share for the quarter, topping the consensus estimate of $2.09 by $0.29. Franco-Nevada had a net margin of 65.12% and a return on equity of 18.10%. The business had revenue of $650.70 million during the quarter, compared to the consensus estimate of $634.43 million. During the same quarter in the previous year, the firm earned $1.07 EPS. The company’s revenue was up 76.6% compared to the same quarter last year. As a group, research analysts expect that Franco-Nevada Corporation will post 8.23 earnings per share for the current fiscal year.

Franco-Nevada Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 25th. Investors of record on Thursday, June 11th were given a $0.44 dividend. The ex-dividend date of this dividend was Thursday, June 11th. This represents a $1.76 dividend on an annualized basis and a yield of 0.8%. Franco-Nevada’s payout ratio is 24.79%.

Franco-Nevada Profile

Franco-Nevada Corporation is a Toronto-based royalty and streaming company that specializes in securing and managing long-term interests in mining properties. The firm focuses primarily on precious metals, particularly gold, while also holding interests related to silver, copper, platinum-group metals and select base metals. Rather than operating mines directly, Franco-Nevada acquires royalty and streaming agreements that entitle it to a percentage of production or revenue from producing and developing assets in exchange for upfront or staged financing.

The company’s business model centers on providing capital to mining companies in return for a sustained share of production or metal revenue, which can reduce exposure to operating and capital cost risks typical of mine operators.