TD Asset Management Inc Cuts Stake in Franco-Nevada Corporation $FNV

TD Asset Management Inc reduced its stake in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 3.5% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 1,959,620 shares of the basic materials company’s stock after selling 71,064 shares during the period. TD Asset Management Inc’s holdings in Franco-Nevada were worth $406,735,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. GAMMA Investing LLC grew its holdings in Franco-Nevada by 112.3% during the 4th quarter. GAMMA Investing LLC now owns 121 shares of the basic materials company’s stock valued at $25,000 after buying an additional 64 shares in the last quarter. Burkett Financial Services LLC purchased a new stake in Franco-Nevada during the 3rd quarter valued at approximately $28,000. Private Trust Co. NA purchased a new stake in Franco-Nevada during the 4th quarter valued at approximately $29,000. Navalign LLC purchased a new stake in Franco-Nevada during the 4th quarter valued at approximately $34,000. Finally, Stephens Consulting LLC purchased a new position in shares of Franco-Nevada in the fourth quarter valued at $36,000. 77.06% of the stock is owned by hedge funds and other institutional investors.

Franco-Nevada Stock Down 2.8%

NYSE FNV opened at $229.31 on Thursday. The company has a fifty day moving average of $239.98 and a two-hundred day moving average of $235.11. The firm has a market capitalization of $44.23 billion, a price-to-earnings ratio of 32.30, a PEG ratio of 2.05 and a beta of 0.34. Franco-Nevada Corporation has a 52 week low of $152.89 and a 52 week high of $285.67.

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

Franco-Nevada Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 25th. Shareholders of record on Thursday, June 11th will be paid a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Thursday, June 11th. Franco-Nevada’s payout ratio is presently 24.79%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on FNV. TD Cowen raised shares of Franco-Nevada from a “hold” rating to a “buy” rating and cut their target price for the company from $292.00 to $291.00 in a report on Wednesday, May 20th. Weiss Ratings raised shares of Franco-Nevada from a “hold (c+)” rating to a “buy (b)” rating in a report on Friday, March 20th. TD Securities raised shares of Franco-Nevada from a “hold” rating to a “buy” rating and set a $291.00 target price for the company in a report on Wednesday, May 20th. HC Wainwright reissued a “buy” rating and issued a $305.00 target price on shares of Franco-Nevada in a report on Wednesday, May 13th. Finally, Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Franco-Nevada in a report on Wednesday, February 4th. Eleven equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average 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.