Canada Pension Plan Investment Board Decreases Position in Franco Nevada Corp (FNV)
Canada Pension Plan Investment Board lowered its position in shares of Franco Nevada Corp (NYSE:FNV) (TSE:FNV) by 39.0% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 203,583 shares of the basic materials company’s stock after selling 130,200 shares during the quarter. Canada Pension Plan Investment Board owned 0.11% of Franco Nevada worth $14,850,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in FNV. Wells Fargo & Company MN boosted its stake in Franco Nevada by 6.8% during the first quarter. Wells Fargo & Company MN now owns 14,654 shares of the basic materials company’s stock valued at $1,002,000 after buying an additional 939 shares in the last quarter. Commerzbank Aktiengesellschaft FI boosted its stake in Franco Nevada by 104.3% during the first quarter. Commerzbank Aktiengesellschaft FI now owns 38,487 shares of the basic materials company’s stock valued at $2,632,000 after buying an additional 19,648 shares in the last quarter. Veritas Investment Management UK Ltd boosted its stake in Franco Nevada by 11.5% during the first quarter. Veritas Investment Management UK Ltd now owns 263,913 shares of the basic materials company’s stock valued at $23,198,000 after buying an additional 27,267 shares in the last quarter. Greystone Managed Investments Inc. bought a new position in Franco Nevada during the first quarter valued at about $18,956,000. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its stake in Franco Nevada by 0.5% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 697,737 shares of the basic materials company’s stock valued at $47,536,000 after buying an additional 3,674 shares in the last quarter. 63.70% of the stock is owned by institutional investors and hedge funds.
FNV has been the subject of several research reports. Macquarie cut Franco Nevada from an “outperform” rating to a “neutral” rating in a research note on Tuesday, July 10th. Desjardins raised Franco Nevada from a “sell” rating to a “hold” rating in a research note on Wednesday, July 18th. Finally, TD Securities set a $93.00 target price on Franco Nevada and gave the company a “buy” rating in a research note on Tuesday, August 7th. Seven analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Franco Nevada currently has a consensus rating of “Hold” and a consensus price target of $93.71.
Franco Nevada (NYSE:FNV) (TSE:FNV) last announced its earnings results on Wednesday, August 8th. The basic materials company reported $0.29 EPS for the quarter, meeting the consensus estimate of $0.29. Franco Nevada had a return on equity of 4.80% and a net margin of 32.94%. The business had revenue of $161.30 million during the quarter, compared to the consensus estimate of $169.46 million. During the same period in the prior year, the business posted $0.25 earnings per share. Franco Nevada’s revenue was down 1.4% compared to the same quarter last year. sell-side analysts anticipate that Franco Nevada Corp will post 1.2 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 27th. Stockholders of record on Thursday, September 13th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 1.44%. The ex-dividend date of this dividend is Wednesday, September 12th. Franco Nevada’s dividend payout ratio is 88.89%.
About Franco Nevada
Franco-Nevada Corporation operates as a gold-focused royalty and stream company in the United States, Canada, Mexico, Peru, Chile, Australia, and Africa. The company also holds interests in silver, platinum group metals, oil and gas, and other resource assets. As of December 31, 2017, it had a portfolio of 341 assets.
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