Gamco Investors INC. ET AL Trims Position in Franco-Nevada Corporation $FNV

Gamco Investors INC. ET AL cut its holdings in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 16.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 17,053 shares of the basic materials company’s stock after selling 3,393 shares during the quarter. Gamco Investors INC. ET AL’s holdings in Franco-Nevada were worth $4,209,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. AQR Capital Management LLC purchased a new stake in Franco-Nevada in the 1st quarter worth $241,000. NewEdge Advisors LLC lifted its position in Franco-Nevada by 16.7% during the first quarter. NewEdge Advisors LLC now owns 6,585 shares of the basic materials company’s stock valued at $1,038,000 after purchasing an additional 943 shares during the last quarter. Intech Investment Management LLC lifted its position in Franco-Nevada by 118.3% during the first quarter. Intech Investment Management LLC now owns 9,286 shares of the basic materials company’s stock valued at $1,460,000 after purchasing an additional 5,032 shares during the last quarter. Acadian Asset Management LLC grew its stake in shares of Franco-Nevada by 800.0% in the 1st quarter. Acadian Asset Management LLC now owns 2,700 shares of the basic materials company’s stock worth $424,000 after buying an additional 2,400 shares in the last quarter. Finally, Marshall Wace LLP purchased a new position in shares of Franco-Nevada in the 2nd quarter worth $1,477,000. Hedge funds and other institutional investors own 77.06% of the company’s stock.

Franco-Nevada Trading Down 0.2%

FNV stock opened at $214.25 on Tuesday. Franco-Nevada Corporation has a 12 month low of $157.18 and a 12 month high of $285.67. The company has a 50-day moving average price of $215.85 and a 200 day moving average price of $236.63. The stock has a market cap of $41.32 billion, a PE ratio of 30.18, a P/E/G ratio of 1.81 and a beta of 0.36.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last posted its quarterly earnings data on Tuesday, May 12th. The basic materials company reported $2.38 earnings per share for the quarter, topping analysts’ consensus estimates of $2.09 by $0.29. The company had revenue of $650.70 million for 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%. The firm’s revenue for the quarter was up 76.6% on a year-over-year basis. During the same period in the prior year, the company posted $1.07 EPS. Sell-side analysts forecast that Franco-Nevada Corporation will post 8.23 EPS for the current year.

Franco-Nevada Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 25th. Stockholders of record on Thursday, June 11th were issued a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 0.8%. The ex-dividend date was Thursday, June 11th. Franco-Nevada’s dividend payout ratio is presently 24.79%.

Analyst Ratings Changes

Several brokerages have recently issued reports on FNV. TD upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating and decreased their target price for the company from $292.00 to $291.00 in a research report on Wednesday, May 20th. TD Securities raised Franco-Nevada from a “hold” rating to a “buy” rating and set a $291.00 price objective on the stock in a research note on Wednesday, May 20th. Zacks Research downgraded Franco-Nevada from a “hold” rating to a “strong sell” rating in a research report on Monday, July 13th. Royal Bank Of Canada lowered their price objective on Franco-Nevada from $295.00 to $285.00 and set an “outperform” rating for the company in a research note on Thursday, July 9th. Finally, National Bank Financial upgraded Franco-Nevada from a “sector perform” rating to an “outperform” rating in a report on Wednesday, May 13th. Eleven investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $273.40.

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.