HighTower Advisors LLC Trims Position in Franco-Nevada Corporation $FNV

HighTower Advisors LLC decreased its holdings in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 4.4% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 60,261 shares of the basic materials company’s stock after selling 2,763 shares during the quarter. HighTower Advisors LLC’s holdings in Franco-Nevada were worth $12,561,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in FNV. Transamerica Financial Advisors LLC purchased a new position in Franco-Nevada during the fourth quarter worth about $25,000. Smartleaf Asset Management LLC increased its stake in shares of Franco-Nevada by 600.0% during the 2nd quarter. Smartleaf Asset Management LLC now owns 196 shares of the basic materials company’s stock valued at $32,000 after acquiring an additional 168 shares during the last quarter. Navalign LLC acquired a new position in shares of Franco-Nevada during the 4th quarter valued at about $34,000. Global Retirement Partners LLC purchased a new position in shares of Franco-Nevada during the 2nd quarter worth about $35,000. Finally, Dunhill Financial LLC acquired a new stake in shares of Franco-Nevada in the second quarter worth approximately $36,000. Hedge funds and other institutional investors own 77.06% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Jefferies Financial Group dropped their price target on shares of Franco-Nevada from $258.00 to $245.00 and set a “hold” rating for the company in a research report on Monday, July 6th. Zacks Research raised Franco-Nevada from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 11th. TD Cowen upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating and decreased their price objective for the stock from $292.00 to $291.00 in a research note on Wednesday, May 20th. TD Securities raised shares of Franco-Nevada from a “hold” rating to a “buy” rating and set a $291.00 price objective for the company in a research report on Wednesday, May 20th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Franco-Nevada in a research note on Friday, September 4th. Eleven investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Franco-Nevada currently has a consensus rating of “Moderate Buy” and a consensus target price of $273.40.

Franco-Nevada Price Performance

Shares of NYSE FNV opened at $265.66 on Thursday. Franco-Nevada Corporation has a 1-year low of $181.50 and a 1-year high of $285.67. The company has a market capitalization of $51.24 billion, a price-to-earnings ratio of 34.73, a PEG ratio of 2.44 and a beta of 0.39. The business has a 50-day moving average of $232.49 and a 200-day moving average of $236.90.

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

Franco-Nevada Announces Dividend

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

Franco-Nevada Profile

Franco-Nevada Corporation (NYSE: FNV) is a Canada-based royalty and streaming company focused primarily on precious metals. Rather than operating mines, the company provides upfront capital to mining and energy companies in exchange for the right to receive a portion of future production or revenue from designated assets.

Its portfolio is anchored by gold royalties and streams, with additional exposure to silver, platinum group metals and other mined commodities. Franco-Nevada also holds interests in certain energy assets, including oil and natural gas royalties.