Marathon Asset Management Ltd Trims Holdings in Franco-Nevada Corporation $FNV

Marathon Asset Management Ltd trimmed its holdings in Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 5.6% in the 3rd quarter, Holdings Channel reports. The fund owned 306,723 shares of the basic materials company’s stock after selling 18,197 shares during the quarter. Franco-Nevada accounts for about 2.5% of Marathon Asset Management Ltd’s investment portfolio, making the stock its 11th biggest position. Marathon Asset Management Ltd’s holdings in Franco-Nevada were worth $68,288,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of FNV. Northern Trust Corp increased its stake in shares of Franco-Nevada by 12.8% during the first quarter. Northern Trust Corp now owns 172,675 shares of the basic materials company’s stock valued at $27,207,000 after purchasing an additional 19,580 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in shares of Franco-Nevada by 27.0% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 1,880 shares of the basic materials company’s stock worth $296,000 after buying an additional 400 shares during the last quarter. Jump Financial LLC bought a new position in Franco-Nevada during the 1st quarter valued at approximately $274,000. Trexquant Investment LP purchased a new position in Franco-Nevada during the first quarter valued at $2,228,000. Finally, Baird Financial Group Inc. boosted its holdings in Franco-Nevada by 22.1% in the first quarter. Baird Financial Group Inc. now owns 137,395 shares of the basic materials company’s stock worth $21,648,000 after acquiring an additional 24,834 shares in the last quarter. Institutional investors own 77.06% of the company’s stock.

Franco-Nevada Stock Up 0.8%

Shares of NYSE FNV opened at $217.46 on Monday. The firm’s 50-day moving average price is $200.16 and its 200-day moving average price is $188.98. Franco-Nevada Corporation has a 52-week low of $115.79 and a 52-week high of $225.63. The company has a market cap of $41.92 billion, a PE ratio of 45.59, a PEG ratio of 1.68 and a beta of 0.45.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last issued its quarterly earnings data on Monday, November 3rd. The basic materials company reported $1.43 earnings per share for the quarter, beating analysts’ consensus estimates of $1.37 by $0.06. Franco-Nevada had a net margin of 59.48% and a return on equity of 13.94%. The company had revenue of $487.70 million for the quarter, compared to the consensus estimate of $448.51 million. During the same quarter in the prior year, the firm earned $0.80 earnings per share. The firm’s revenue for the quarter was up 76.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Franco-Nevada Corporation will post 3.09 EPS for the current fiscal year.

Franco-Nevada Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, December 18th. Stockholders of record on Thursday, December 4th were paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date was Thursday, December 4th. Franco-Nevada’s dividend payout ratio (DPR) is 31.87%.

Analyst Ratings Changes

Several brokerages have recently weighed in on FNV. Scotiabank raised their price target on Franco-Nevada from $184.00 to $225.00 and gave the company a “sector perform” rating in a report on Thursday, October 23rd. Zacks Research lowered shares of Franco-Nevada from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 8th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Franco-Nevada in a research note on Monday, December 22nd. Wall Street Zen upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating in a report on Monday, November 24th. Finally, HC Wainwright boosted their price objective on shares of Franco-Nevada from $200.00 to $210.00 and gave the stock a “buy” rating in a report on Tuesday, November 4th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $232.75.

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.