Franco-Nevada Corporation $FNV Stock Sold by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA lowered its position in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 4.0% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 110,563 shares of the basic materials company’s stock after selling 4,665 shares during the quarter. Pictet Asset Management Holding SA owned 0.06% of Franco-Nevada worth $26,371,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in FNV. Parallel Advisors LLC raised its holdings in Franco-Nevada by 7.4% during the third quarter. Parallel Advisors LLC now owns 3,015 shares of the basic materials company’s stock worth $718,000 after purchasing an additional 207 shares in the last quarter. CenterBook Partners LP acquired a new stake in Franco-Nevada in the third quarter valued at about $235,000. Pekin Hardy Strauss Inc. boosted its holdings in Franco-Nevada by 0.5% in the 3rd quarter. Pekin Hardy Strauss Inc. now owns 12,589 shares of the basic materials company’s stock valued at $2,998,000 after purchasing an additional 57 shares in the last quarter. Kestra Advisory Services LLC boosted its holdings in Franco-Nevada by 8.6% in the 3rd quarter. Kestra Advisory Services LLC now owns 28,408 shares of the basic materials company’s stock valued at $6,764,000 after purchasing an additional 2,252 shares in the last quarter. Finally, Markel Group Inc. boosted its holdings in Franco-Nevada by 1.7% in the 3rd quarter. Markel Group Inc. now owns 787,000 shares of the basic materials company’s stock valued at $187,393,000 after purchasing an additional 13,500 shares in the last quarter. Institutional investors and hedge funds own 77.06% of the company’s stock.

Franco-Nevada Stock Performance

Shares of NYSE FNV opened at $248.41 on Thursday. Franco-Nevada Corporation has a one year low of $188.47 and a one year high of $285.67. The firm has a market capitalization of $47.92 billion, a P/E ratio of 32.47, a PEG ratio of 2.97 and a beta of 0.34. The company’s fifty day moving average is $248.48 and its two-hundred day moving average is $240.07.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last announced its quarterly earnings results on Wednesday, November 11th. The basic materials company reported $1.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.77 by $0.12. The business had revenue of $549.30 million during the quarter, compared to the consensus estimate of $568.44 million. Franco-Nevada had a net margin of 63.79% and a return on equity of 18.58%. The business’s revenue was up 12.6% compared to the same quarter last year. During the same quarter last year, the firm posted $1.43 EPS. On average, sell-side analysts forecast that Franco-Nevada Corporation will post 7.40 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have issued reports on FNV. Royal Bank Of Canada boosted their target price on Franco-Nevada from $285.00 to $300.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 16th. Weiss Ratings raised Franco-Nevada from a “buy (b)” rating to a “buy (b+)” rating in a report on Monday. Finally, Zacks Research raised Franco-Nevada from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 11th. Ten research 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 stock presently has an average rating of “Moderate Buy” and a consensus target price of $275.30.

Franco-Nevada Company 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.