155,723 Franco-Nevada Corporation $FNV Shares Sold by M&G PLC

M&G PLC trimmed its position in Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 14.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 899,957 shares of the basic materials company’s stock after selling 155,723 shares during the quarter. Franco-Nevada makes up 1.0% of M&G PLC’s investment portfolio, making the stock its 29th largest position. M&G PLC’s holdings in Franco-Nevada were worth $196,082,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of FNV. Engineers Gate Manager LP acquired a new position in shares of Franco-Nevada during the 2nd quarter worth about $2,907,000. BlackRock Inc. acquired a new position in Franco-Nevada in the second quarter valued at approximately $52,816,000. Nykredit A S acquired a new position in Franco-Nevada in the second quarter valued at approximately $626,000. Markel Group Inc. increased its stake in Franco-Nevada by 9.2% in the second quarter. Markel Group Inc. now owns 773,500 shares of the basic materials company’s stock valued at $161,228,000 after purchasing an additional 65,000 shares during the last quarter. Finally, Bank of America Corp DE purchased a new position in Franco-Nevada in the second quarter valued at approximately $126,580,000. 77.06% of the stock is owned by hedge funds and other institutional investors.

Franco-Nevada Stock Performance

NYSE FNV opened at $263.85 on Tuesday. The firm’s fifty day moving average is $248.77 and its two-hundred day moving average is $240.12. Franco-Nevada Corporation has a one year low of $188.47 and a one year high of $285.67. The firm has a market cap of $50.90 billion, a PE ratio of 34.49, a P/E/G ratio of 2.81 and a beta of 0.34.

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 the consensus estimate of $1.95 by ($0.14). Franco-Nevada had a return on equity of 18.58% and a net margin of 63.79%. The business had revenue of $580.90 million for the quarter, compared to analyst estimates of $616.66 million. During the same quarter last year, the company posted $1.24 EPS. Franco-Nevada’s quarterly revenue was up 57.3% on a year-over-year basis. Research analysts predict that Franco-Nevada Corporation will post 7.40 earnings per share for the current year.

Analyst Ratings Changes

FNV has been the subject of several recent analyst reports. Weiss Ratings upgraded shares of Franco-Nevada from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, October 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. Royal Bank Of Canada upped their price objective on shares of Franco-Nevada from $285.00 to $300.00 and gave the company an “outperform” rating in a research note on Wednesday, September 16th. Finally, Scotiabank dropped their price objective on Franco-Nevada from $290.00 to $274.00 and set a “sector perform” rating on the stock in a report on Tuesday, July 14th. Ten analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $275.30.

Franco-Nevada Profile

Franco-Nevada is a Toronto-based company that provides financing to mining and energy businesses in exchange for royalties, streams and other interests in production. Rather than operating mines itself, it gives partners capital and receives a share of revenue or future output from their projects.

The company’s portfolio is focused on gold and other precious metals, and also includes interests in other minerals and energy assets, including oil and gas. Its projects and counterparties span multiple regions, including North and South America, Africa, Australia and Europe.

Franco-Nevada traces its origins to 1983.