Franco-Nevada Co. (NYSE:FNV) Shares Sold by Investment Management Corp of Ontario

Investment Management Corp of Ontario lowered its stake in Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) by 8.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,526 shares of the basic materials company’s stock after selling 801 shares during the quarter. Investment Management Corp of Ontario’s holdings in Franco-Nevada were worth $1,059,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Mechanics Financial Corp increased its holdings in Franco-Nevada by 150.0% in the 2nd quarter. Mechanics Financial Corp now owns 250 shares of the basic materials company’s stock valued at $30,000 after purchasing an additional 150 shares during the last quarter. Mather Group LLC. purchased a new position in Franco-Nevada during the 2nd quarter valued at about $33,000. Kings Path Partners LLC acquired a new position in Franco-Nevada in the 2nd quarter valued at about $36,000. Sunbelt Securities Inc. increased its stake in Franco-Nevada by 3,333.3% during the second quarter. Sunbelt Securities Inc. now owns 412 shares of the basic materials company’s stock worth $49,000 after purchasing an additional 400 shares during the period. Finally, Erste Asset Management GmbH acquired a new position in shares of Franco-Nevada in the third quarter valued at approximately $55,000. Hedge funds and other institutional investors own 77.06% of the company’s stock.

Franco-Nevada Stock Performance

Shares of FNV stock opened at $123.53 on Friday. The stock’s 50-day moving average is $125.30 and its two-hundred day moving average is $123.62. Franco-Nevada Co. has a 1 year low of $102.29 and a 1 year high of $137.60. The firm has a market cap of $23.78 billion, a price-to-earnings ratio of -39.09 and a beta of 0.72.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last issued its quarterly earnings data on Wednesday, November 6th. The basic materials company reported $0.80 earnings per share for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.03). The firm had revenue of $275.70 million during the quarter, compared to analysts’ expectations of $279.11 million. Franco-Nevada had a negative net margin of 55.28% and a positive return on equity of 10.55%. Franco-Nevada’s quarterly revenue was down 10.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.91 EPS. As a group, research analysts predict that Franco-Nevada Co. will post 3.22 EPS for the current year.

Franco-Nevada Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Thursday, December 5th will be paid a $0.36 dividend. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $1.44 dividend on an annualized basis and a yield of 1.17%. Franco-Nevada’s dividend payout ratio is presently -45.57%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. TD Securities raised shares of Franco-Nevada from a “hold” rating to a “buy” rating in a research report on Thursday, August 15th. UBS Group started coverage on Franco-Nevada in a research report on Monday, November 18th. They issued a “buy” rating and a $160.00 price target on the stock. HC Wainwright boosted their price objective on Franco-Nevada from $185.00 to $200.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. TD Cowen raised shares of Franco-Nevada from a “hold” rating to a “buy” rating in a report on Thursday, August 15th. Finally, Scotiabank lowered their price target on shares of Franco-Nevada from $142.00 to $141.00 and set a “sector perform” rating for the company in a report on Friday, November 8th. Four research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Franco-Nevada has a consensus rating of “Moderate Buy” and an average price target of $152.83.

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.