Van ECK Associates Corp Sells 533,687 Shares of Franco-Nevada Corporation $FNV

Van ECK Associates Corp lowered its holdings in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 7.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,017,409 shares of the basic materials company’s stock after selling 533,687 shares during the period. Franco-Nevada comprises 0.9% of Van ECK Associates Corp’s portfolio, making the stock its 19th largest holding. Van ECK Associates Corp owned approximately 3.64% of Franco-Nevada worth $1,462,726,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Transamerica Financial Advisors LLC bought a new stake in Franco-Nevada in the fourth quarter valued at about $25,000. Smartleaf Asset Management LLC lifted its stake in Franco-Nevada by 600.0% during the second quarter. Smartleaf Asset Management LLC now owns 196 shares of the basic materials company’s stock worth $32,000 after purchasing an additional 168 shares during the period. Navalign LLC acquired a new stake in Franco-Nevada during the fourth quarter valued at approximately $34,000. Global Retirement Partners LLC bought a new stake in shares of Franco-Nevada in the 2nd quarter valued at approximately $35,000. Finally, Quattro Advisors LLC bought a new stake in shares of Franco-Nevada in the 4th quarter valued at approximately $36,000. Institutional investors own 77.06% of the company’s stock.

Franco-Nevada Stock Down 1.8%

Shares of NYSE FNV opened at $266.33 on Friday. Franco-Nevada Corporation has a 12-month low of $181.50 and a 12-month high of $285.67. The firm’s 50-day simple moving average is $224.15 and its 200 day simple moving average is $236.31. The company has a market cap of $51.37 billion, a price-to-earnings ratio of 34.81, a price-to-earnings-growth ratio of 2.51 and a beta of 0.35.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last announced its earnings results on Tuesday, August 11th. The basic materials company reported $1.81 earnings per share for the quarter, missing analysts’ consensus estimates of $1.95 by ($0.14). Franco-Nevada had a return on equity of 18.58% and a net margin of 63.79%.The company had revenue of $580.90 million during the quarter, compared to the consensus estimate of $616.66 million. During the same period in the prior year, the firm posted $1.24 earnings per share. The company’s revenue was up 57.3% on a year-over-year basis. On average, equities analysts expect that Franco-Nevada Corporation will post 7.54 earnings per share for the current year.

Franco-Nevada Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, September 10th will be issued a dividend of $0.44 per share. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $1.76 annualized dividend and a yield of 0.7%. Franco-Nevada’s dividend payout ratio is currently 23.01%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Bank of America lowered their price target on Franco-Nevada from $276.00 to $238.00 and set a “neutral” rating on the stock in a research report on Thursday, July 9th. National Bank Financial upgraded shares of Franco-Nevada from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, May 13th. Weiss Ratings lowered shares of Franco-Nevada from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, June 8th. Zacks Research upgraded shares of Franco-Nevada from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 11th. Finally, TD upgraded Franco-Nevada from a “hold” rating to a “buy” rating and decreased their price target for the stock from $292.00 to $291.00 in a research report on Wednesday, May 20th. Eleven equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, Franco-Nevada has an average rating of “Moderate Buy” and an average price target of $273.40.

About Franco-Nevada

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.