Franco-Nevada Co. (NYSE:FNV) Shares Sold by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board lessened its stake in shares of Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) by 18.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 595,952 shares of the basic materials company’s stock after selling 135,242 shares during the period. Canada Pension Plan Investment Board’s holdings in Franco-Nevada were worth $71,078,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of FNV. Norges Bank acquired a new position in shares of Franco-Nevada during the 4th quarter worth about $221,351,000. M&G Plc acquired a new position in shares of Franco-Nevada during the 1st quarter worth about $219,971,000. Capital World Investors raised its position in shares of Franco-Nevada by 45.8% during the 4th quarter. Capital World Investors now owns 4,477,105 shares of the basic materials company’s stock worth $495,909,000 after purchasing an additional 1,405,731 shares during the last quarter. First Eagle Investment Management LLC raised its position in shares of Franco-Nevada by 39.5% during the 4th quarter. First Eagle Investment Management LLC now owns 3,150,097 shares of the basic materials company’s stock worth $348,940,000 after purchasing an additional 891,164 shares during the last quarter. Finally, Van ECK Associates Corp raised its position in shares of Franco-Nevada by 9.9% during the 4th quarter. Van ECK Associates Corp now owns 8,778,127 shares of the basic materials company’s stock worth $972,707,000 after purchasing an additional 789,070 shares during 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 $124.64 on Friday. The company has a 50 day simple moving average of $122.17 and a 200-day simple moving average of $117.33. Franco-Nevada Co. has a 1 year low of $102.29 and a 1 year high of $147.35.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last announced its quarterly earnings results on Wednesday, May 1st. The basic materials company reported $0.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.68 by $0.08. The business had revenue of $256.80 million during the quarter, compared to the consensus estimate of $250.50 million. Franco-Nevada had a negative net margin of 39.88% and a positive return on equity of 10.81%. The business’s revenue was down 7.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.79 EPS. On average, analysts anticipate that Franco-Nevada Co. will post 3.27 EPS for the current fiscal year.

Franco-Nevada Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 27th. Stockholders of record on Thursday, June 13th were issued a dividend of $0.36 per share. The ex-dividend date was Thursday, June 13th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.16%. Franco-Nevada’s dividend payout ratio is currently -57.83%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on FNV. Jefferies Financial Group upped their price target on shares of Franco-Nevada from $129.00 to $133.00 and gave the stock a “hold” rating in a research report on Friday, July 12th. Bank of America increased their price objective on shares of Franco-Nevada from $141.00 to $142.00 and gave the company a “buy” rating in a report on Wednesday, June 26th. Raymond James increased their price objective on shares of Franco-Nevada from $138.00 to $141.00 and gave the company an “outperform” rating in a report on Thursday, April 11th. HC Wainwright increased their price objective on shares of Franco-Nevada from $175.00 to $185.00 and gave the company a “buy” rating in a report on Monday, May 6th. Finally, Scotiabank increased their price objective on shares of Franco-Nevada from $140.00 to $141.00 and gave the company a “sector perform” rating in a report on Thursday, May 23rd. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Franco-Nevada currently has an average rating of “Hold” and an average price target of $152.33.

About Franco-Nevada

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.