Addenda Capital Inc. Trims Holdings in Franco-Nevada Co. (NYSE:FNV)

Addenda Capital Inc. decreased its holdings in Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) by 4.3% in the 1st quarter, Holdings Channel reports. The firm owned 56,209 shares of the basic materials company’s stock after selling 2,524 shares during the period. Addenda Capital Inc.’s holdings in Franco-Nevada were worth $6,698,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Scotia Capital Inc. raised its position in Franco-Nevada by 27.1% during the 4th quarter. Scotia Capital Inc. now owns 149,153 shares of the basic materials company’s stock worth $16,474,000 after buying an additional 31,796 shares during the last quarter. Allianz Asset Management GmbH raised its position in Franco-Nevada by 108.1% during the 4th quarter. Allianz Asset Management GmbH now owns 455,239 shares of the basic materials company’s stock worth $50,671,000 after buying an additional 236,503 shares during the last quarter. Alberta Investment Management Corp raised its position in Franco-Nevada by 2.3% during the 4th quarter. Alberta Investment Management Corp now owns 447,633 shares of the basic materials company’s stock worth $49,825,000 after buying an additional 10,250 shares during the last quarter. Bornite Capital Management LP purchased a new position in Franco-Nevada during the 4th quarter worth $8,167,000. Finally, Mackenzie Financial Corp raised its position in Franco-Nevada by 15.6% during the 4th quarter. Mackenzie Financial Corp now owns 1,472,264 shares of the basic materials company’s stock worth $163,156,000 after buying an additional 198,144 shares during the last quarter. Hedge funds and other institutional investors own 77.06% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on FNV. TheStreet downgraded shares of Franco-Nevada from a “c+” rating to a “d+” rating in a research report on Tuesday, March 5th. Bank of America upped their price target on shares of Franco-Nevada from $141.00 to $142.00 and gave the stock a “buy” rating in a research note on Wednesday. Jefferies Financial Group upped their price target on shares of Franco-Nevada from $117.00 to $129.00 and gave the stock a “hold” rating in a research note on Monday, April 22nd. HC Wainwright upped their price target on shares of Franco-Nevada from $175.00 to $185.00 and gave the stock a “buy” rating in a research note on Monday, May 6th. Finally, Raymond James upped their price target on shares of Franco-Nevada from $138.00 to $141.00 and gave the stock an “outperform” rating in a research note on Thursday, April 11th. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $149.30.

Franco-Nevada Stock Performance

NYSE FNV traded down $1.70 during trading hours on Friday, reaching $118.52. The company’s stock had a trading volume of 388,317 shares, compared to its average volume of 695,714. The stock has a market cap of $22.80 billion, a PE ratio of -47.60, a PEG ratio of 26.64 and a beta of 0.77. Franco-Nevada Co. has a fifty-two week low of $102.29 and a fifty-two week high of $149.06. The company’s 50-day moving average is $121.83 and its two-hundred day moving average is $115.30.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last issued its quarterly earnings data on Wednesday, May 1st. The basic materials company reported $0.76 EPS for the quarter, beating analysts’ consensus estimates of $0.68 by $0.08. The firm had revenue of $256.80 million for the quarter, compared to analysts’ expectations of $250.50 million. Franco-Nevada had a negative net margin of 39.88% and a positive return on equity of 10.81%. The firm’s revenue was down 7.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.79 EPS. Equities analysts expect that Franco-Nevada Co. will post 3.2 earnings per share for the current fiscal year.

Franco-Nevada Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 27th. Investors of record on Thursday, June 13th were paid a $0.36 dividend. The ex-dividend date of this dividend was Thursday, June 13th. This represents a $1.44 dividend on an annualized basis and a yield of 1.21%. Franco-Nevada’s payout ratio is -57.83%.

Franco-Nevada Company Profile

Franco-Nevada Corporation operates as a gold-focused royalty and streaming company in South America, Central America, Mexico, the United States, Canada, and internationally. It operates through Mining and Energy segments. The company manages its portfolio with a focus on precious metals, such as gold, silver, and platinum group metals; and engages in the sale of crude oil, natural gas, and natural gas liquids through a third-party marketing agent.