Westerkirk Capital Inc. Sells 6,300 Shares of Franco-Nevada Corporation $FNV

Westerkirk Capital Inc. trimmed its holdings in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 67.2% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,080 shares of the basic materials company’s stock after selling 6,300 shares during the quarter. Westerkirk Capital Inc.’s holdings in Franco-Nevada were worth $639,000 as of its most recent filing with the SEC.

A number of other large investors have also bought and sold shares of FNV. Norges Bank bought a new stake in Franco-Nevada during the 4th quarter worth approximately $578,577,000. First Eagle Investment Management LLC grew its stake in shares of Franco-Nevada by 26.5% during the 4th quarter. First Eagle Investment Management LLC now owns 5,123,444 shares of the basic materials company’s stock worth $1,062,037,000 after acquiring an additional 1,074,257 shares in the last quarter. Mackenzie Financial Corp grew its stake in shares of Franco-Nevada by 76.0% during the 3rd quarter. Mackenzie Financial Corp now owns 2,363,324 shares of the basic materials company’s stock worth $525,925,000 after acquiring an additional 1,020,509 shares in the last quarter. Capital Research Global Investors grew its stake in shares of Franco-Nevada by 100.2% during the 4th quarter. Capital Research Global Investors now owns 1,277,889 shares of the basic materials company’s stock worth $264,882,000 after acquiring an additional 639,493 shares in the last quarter. Finally, Bank of Montreal Can grew its stake in shares of Franco-Nevada by 8.9% during the 3rd quarter. Bank of Montreal Can now owns 5,560,980 shares of the basic materials company’s stock worth $1,237,510,000 after acquiring an additional 454,175 shares in the last quarter. 77.06% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently weighed in on FNV. TD raised shares of 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 note on Wednesday, May 20th. Scotiabank raised their price target on shares of Franco-Nevada from $286.00 to $290.00 and gave the stock a “sector perform” rating in a research note on Thursday, May 14th. TD Securities raised shares of Franco-Nevada from a “hold” rating to a “buy” rating and set a $291.00 price target for the company in a research note on Wednesday, May 20th. Weiss Ratings cut shares of Franco-Nevada from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday. Finally, Wall Street Zen cut shares of Franco-Nevada from a “buy” rating to a “hold” rating in a research note on Monday, June 1st. Eleven analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $271.00.

Franco-Nevada Trading Down 1.2%

NYSE:FNV opened at $212.13 on Wednesday. Franco-Nevada Corporation has a 1-year low of $152.89 and a 1-year high of $285.67. The firm has a fifty day simple moving average of $239.10 and a 200 day simple moving average of $235.79. The stock has a market capitalization of $40.91 billion, a PE ratio of 29.88, a P/E/G ratio of 1.87 and a beta of 0.34.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last released its earnings results on Tuesday, May 12th. The basic materials company reported $2.38 earnings per share for the quarter, beating the consensus estimate of $2.09 by $0.29. Franco-Nevada had a net margin of 65.12% and a return on equity of 18.10%. The business had revenue of $650.70 million during the quarter, compared to analysts’ expectations of $634.43 million. During the same period last year, the business earned $1.07 earnings per share. The firm’s revenue was up 76.6% on a year-over-year basis. On average, equities analysts predict that Franco-Nevada Corporation will post 8.85 earnings per share for the current fiscal year.

Franco-Nevada Dividend Announcement

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

Franco-Nevada 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.