Hsbc Holdings PLC Sells 108,980 Shares of Franco-Nevada Corporation $FNV

Hsbc Holdings PLC lowered its stake in Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 97.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,349 shares of the basic materials company’s stock after selling 108,980 shares during the quarter. Hsbc Holdings PLC’s holdings in Franco-Nevada were worth $488,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in FNV. Norges Bank acquired a new stake in shares of Franco-Nevada during the fourth quarter worth $578,577,000. First Eagle Investment Management LLC lifted its stake in Franco-Nevada by 26.5% in the fourth quarter. First Eagle Investment Management LLC now owns 5,123,444 shares of the basic materials company’s stock valued at $1,062,037,000 after buying an additional 1,074,257 shares during the period. Van ECK Associates Corp lifted its stake in Franco-Nevada by 12.8% in the fourth quarter. Van ECK Associates Corp now owns 7,441,133 shares of the basic materials company’s stock valued at $1,542,402,000 after buying an additional 842,132 shares during the period. Capital Research Global Investors boosted its holdings in Franco-Nevada by 100.2% during the fourth quarter. Capital Research Global Investors now owns 1,277,889 shares of the basic materials company’s stock worth $264,882,000 after buying an additional 639,493 shares during the last quarter. Finally, Deutsche Bank AG boosted its holdings in Franco-Nevada by 30.7% during the fourth quarter. Deutsche Bank AG now owns 1,889,414 shares of the basic materials company’s stock worth $391,638,000 after buying an additional 443,839 shares during the last quarter. 77.06% of the stock is currently owned by institutional investors.

Franco-Nevada Trading Down 2.1%

FNV stock opened at $198.22 on Friday. The business’s 50-day moving average price is $219.26 and its two-hundred day moving average price is $236.66. The firm has a market cap of $38.23 billion, a PE ratio of 27.92, a P/E/G ratio of 1.71 and a beta of 0.36. Franco-Nevada Corporation has a 1-year low of $152.89 and a 1-year high of $285.67.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last announced its quarterly earnings results on Tuesday, May 12th. The basic materials company reported $2.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.09 by $0.29. Franco-Nevada had a return on equity of 18.10% and a net margin of 65.12%.The company had revenue of $650.70 million during the quarter, compared to the consensus estimate of $634.43 million. During the same period in the prior year, the company earned $1.07 earnings per share. The company’s revenue for the quarter was up 76.6% compared to the same quarter last year. On average, analysts forecast that Franco-Nevada Corporation will post 8.22 earnings per share for the current year.

Franco-Nevada Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 25th. Investors of record on Thursday, June 11th were given a $0.44 dividend. The ex-dividend date was Thursday, June 11th. This represents a $1.76 annualized dividend and a dividend yield of 0.9%. Franco-Nevada’s payout ratio is currently 24.79%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Zacks Research lowered Franco-Nevada from a “hold” rating to a “strong sell” rating in a research report on Monday. Jefferies Financial Group cut their price target on shares of Franco-Nevada from $258.00 to $245.00 and set a “hold” rating on the stock in a research report on Monday, July 6th. TD raised shares of Franco-Nevada from a “hold” rating to a “buy” rating and reduced their price objective for the stock from $292.00 to $291.00 in a research note on Wednesday, May 20th. HC Wainwright restated a “buy” rating and set a $305.00 price objective on shares of Franco-Nevada in a report on Wednesday, May 13th. Finally, TD Cowen raised shares of Franco-Nevada from a “hold” rating to a “buy” rating and lowered their target price for the company from $292.00 to $291.00 in a research note on Wednesday, May 20th. Eleven analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $273.40.

Franco-Nevada Company 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.