Massachusetts Financial Services Co. MA Sells 505,000 Shares of Franco-Nevada Corporation $FNV

Massachusetts Financial Services Co. MA lowered its stake in Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 4.1% during the 2nd quarter, Holdings Channel reports. The firm owned 11,702,413 shares of the basic materials company’s stock after selling 505,000 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 0.06% of Franco-Nevada worth $1,918,260,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in FNV. Envestnet Asset Management Inc. boosted its holdings in shares of Franco-Nevada by 36.1% in the 1st quarter. Envestnet Asset Management Inc. now owns 58,388 shares of the basic materials company’s stock worth $9,200,000 after purchasing an additional 15,483 shares during the period. FORA Capital LLC lifted its position in Franco-Nevada by 169.8% in the first quarter. FORA Capital LLC now owns 5,342 shares of the basic materials company’s stock worth $842,000 after buying an additional 3,362 shares during the last quarter. Jump Financial LLC purchased a new position in Franco-Nevada during the first quarter worth $274,000. Principal Financial Group Inc. increased its position in Franco-Nevada by 34.4% during the first quarter. Principal Financial Group Inc. now owns 10,710 shares of the basic materials company’s stock valued at $1,684,000 after acquiring an additional 2,739 shares during the last quarter. Finally, Northern Trust Corp raised its stake in shares of Franco-Nevada by 12.8% in the first quarter. Northern Trust Corp now owns 172,675 shares of the basic materials company’s stock valued at $27,207,000 after acquiring an additional 19,580 shares during the period. Hedge funds and other institutional investors own 77.06% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on FNV. Raymond James Financial lifted their price target on shares of Franco-Nevada from $218.00 to $234.00 and gave the stock an “outperform” rating in a research note on Friday, October 10th. Wall Street Zen raised Franco-Nevada from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Bank of America increased their price target on Franco-Nevada from $211.00 to $220.00 and gave the stock a “neutral” rating in a report on Thursday, October 16th. TD Securities dropped their price objective on Franco-Nevada from $247.00 to $225.00 and set a “hold” rating for the company in a report on Wednesday, November 5th. Finally, Zacks Research upgraded Franco-Nevada from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 17th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $223.43.

Franco-Nevada Price Performance

NYSE:FNV opened at $197.14 on Friday. Franco-Nevada Corporation has a 1-year low of $113.54 and a 1-year high of $225.63. The company has a 50-day moving average of $202.51 and a 200 day moving average of $180.51. The firm has a market cap of $38.00 billion, a PE ratio of 48.44, a price-to-earnings-growth ratio of 1.70 and a beta of 0.40.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last posted its quarterly earnings results on Monday, November 3rd. The basic materials company reported $1.43 EPS for the quarter, beating the consensus estimate of $1.37 by $0.06. Franco-Nevada had a net margin of 58.82% and a return on equity of 12.56%. The business had revenue of $487.70 million during the quarter, compared to analyst estimates of $448.51 million. During the same quarter in the previous year, the business posted $0.80 EPS. The company’s quarterly revenue was up 76.9% compared to the same quarter last year. Sell-side analysts anticipate that Franco-Nevada Corporation will post 3.09 EPS for the current fiscal year.

Franco-Nevada Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 18th. Stockholders of record on Thursday, December 4th will be issued a $0.38 dividend. The ex-dividend date is Thursday, December 4th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 0.8%. Franco-Nevada’s dividend payout ratio (DPR) is currently 31.87%.

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.