Arrowstreet Capital Limited Partnership Lowers Stock Holdings in Franco-Nevada Corporation $FNV

Arrowstreet Capital Limited Partnership decreased its position in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 14.9% during the fourth quarter, Holdings Channel reports. The institutional investor owned 2,365,197 shares of the basic materials company’s stock after selling 412,521 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Franco-Nevada were worth $490,268,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of FNV. AQR Capital Management LLC purchased a new position in shares of Franco-Nevada during the 1st quarter valued at $241,000. NewEdge Advisors LLC increased its holdings in Franco-Nevada by 16.7% in the 1st quarter. NewEdge Advisors LLC now owns 6,585 shares of the basic materials company’s stock valued at $1,038,000 after acquiring an additional 943 shares during the last quarter. Intech Investment Management LLC increased its holdings in Franco-Nevada by 118.3% in the 1st quarter. Intech Investment Management LLC now owns 9,286 shares of the basic materials company’s stock valued at $1,460,000 after acquiring an additional 5,032 shares during the last quarter. Acadian Asset Management LLC increased its holdings in Franco-Nevada by 800.0% in the 1st quarter. Acadian Asset Management LLC now owns 2,700 shares of the basic materials company’s stock valued at $424,000 after acquiring an additional 2,400 shares during the last quarter. Finally, Marshall Wace LLP bought a new stake in Franco-Nevada in the 2nd quarter valued at $1,477,000. Hedge funds and other institutional investors own 77.06% of the company’s stock.

Franco-Nevada Stock Up 0.8%

Franco-Nevada stock opened at $209.68 on Friday. The company’s 50-day moving average price is $236.90 and its 200-day moving average price is $235.86. Franco-Nevada Corporation has a twelve month low of $152.89 and a twelve month high of $285.67. The company has a market cap of $40.44 billion, a PE ratio of 29.53, a price-to-earnings-growth ratio of 1.82 and a beta of 0.34.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last posted its earnings results on Tuesday, May 12th. The basic materials company reported $2.38 earnings per share for the quarter, topping analysts’ consensus estimates of $2.09 by $0.29. Franco-Nevada had a net margin of 65.12% and a return on equity of 18.10%. The firm had revenue of $650.70 million for the quarter, compared to the consensus estimate of $634.43 million. During the same period in the previous year, the firm posted $1.07 EPS. The business’s quarterly revenue was up 76.6% on a year-over-year basis. As a group, sell-side analysts expect that Franco-Nevada Corporation will post 8.85 earnings per share for the current fiscal year.

Franco-Nevada Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 25th. Stockholders of record on Thursday, June 11th will be issued a $0.44 dividend. The ex-dividend date is Thursday, June 11th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 0.8%. Franco-Nevada’s payout ratio is 24.79%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on FNV shares. HC Wainwright reiterated a “buy” rating and issued a $305.00 price target on shares of Franco-Nevada in a report on Wednesday, May 13th. Scotiabank lifted their price target on shares of Franco-Nevada from $286.00 to $290.00 and gave the company a “sector perform” rating in a report on Thursday, May 14th. National Bank Financial upgraded shares of Franco-Nevada from a “sector perform” rating to an “outperform” rating in a report on Wednesday, May 13th. Weiss Ratings downgraded shares of Franco-Nevada from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, June 8th. Finally, TD Securities upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating and set a $291.00 price target on the stock in a report on Wednesday, May 20th. Eleven investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Franco-Nevada presently has an average rating of “Moderate Buy” and a consensus price target of $271.00.

Franco-Nevada Company 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.