Goldman Sachs Group Inc. Cuts Holdings in Franco-Nevada Corporation (FNV)
Goldman Sachs Group Inc. decreased its holdings in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 31.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 241,307 shares of the basic materials company’s stock after selling 112,807 shares during the quarter. Goldman Sachs Group Inc. owned approximately 0.13% of Franco-Nevada Corporation worth $17,413,000 at the end of the most recent reporting period.
Other institutional investors have also made changes to their positions in the company. Hexavest Inc. lifted its holdings in Franco-Nevada Corporation by 50.7% during the 2nd quarter. Hexavest Inc. now owns 1,662 shares of the basic materials company’s stock valued at $120,000 after purchasing an additional 559 shares during the last quarter. Schroder Investment Management Group acquired a new stake in Franco-Nevada Corporation during the 1st quarter valued at $222,000. Blair William & Co. IL acquired a new stake in Franco-Nevada Corporation during the 2nd quarter valued at $210,000. PNC Financial Services Group Inc. lifted its holdings in Franco-Nevada Corporation by 40.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,617 shares of the basic materials company’s stock valued at $236,000 after purchasing an additional 1,039 shares during the last quarter. Finally, Janney Montgomery Scott LLC lifted its holdings in Franco-Nevada Corporation by 0.8% during the 2nd quarter. Janney Montgomery Scott LLC now owns 3,642 shares of the basic materials company’s stock valued at $263,000 after purchasing an additional 30 shares during the last quarter. 60.24% of the stock is owned by institutional investors and hedge funds.
Several brokerages have issued reports on FNV. BidaskClub downgraded Franco-Nevada Corporation from a “buy” rating to a “hold” rating in a report on Sunday, July 16th. Barclays PLC cut their price target on Franco-Nevada Corporation from $74.00 to $72.00 and set an “equal weight” rating for the company in a report on Thursday, July 13th. ValuEngine raised Franco-Nevada Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, August 29th. Deutsche Bank AG reaffirmed a “hold” rating and set a $64.00 price target (down previously from $65.00) on shares of Franco-Nevada Corporation in a report on Sunday, June 25th. Finally, Zacks Investment Research raised Franco-Nevada Corporation from a “hold” rating to a “buy” rating and set a $83.00 price target for the company in a report on Monday, July 24th. Seven investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Franco-Nevada Corporation presently has an average rating of “Buy” and a consensus target price of $79.41.
Franco-Nevada Corporation (NYSE FNV) opened at 80.77 on Friday. The company has a market cap of $14.98 billion, a PE ratio of 101.85 and a beta of -0.12. The firm’s 50-day moving average price is $80.51 and its 200 day moving average price is $73.99. Franco-Nevada Corporation has a 52-week low of $53.31 and a 52-week high of $85.03.
Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) last issued its quarterly earnings results on Tuesday, August 8th. The basic materials company reported $0.25 EPS for the quarter, meeting analysts’ consensus estimates of $0.25. Franco-Nevada Corporation had a return on equity of 4.39% and a net margin of 21.26%. The firm had revenue of $163.60 million for the quarter, compared to analysts’ expectations of $164.62 million. During the same quarter in the prior year, the firm earned $0.22 EPS. The business’s revenue for the quarter was up 8.8% compared to the same quarter last year. On average, equities analysts predict that Franco-Nevada Corporation will post $1.01 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 28th. Stockholders of record on Thursday, September 14th were given a dividend of $0.23 per share. The ex-dividend date of this dividend was Wednesday, September 13th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.14%. Franco-Nevada Corporation’s dividend payout ratio is presently 119.48%.
Franco-Nevada Corporation Company Profile
Franco-Nevada Corporation (Franco-Nevada) is a gold-focused royalty and stream company. The Company has interests in silver, platinum group metals, oil and gas and other resource assets. The Company is engaged in resource sector royalty/stream acquisitions and management activities. It has a portfolio of properties in the United States, Canada, Mexico, Peru, Chile and Africa.
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