Van ECK Associates Corp Has $583.40 Million Position in Franco-Nevada Corporation (FNV)
Van ECK Associates Corp trimmed its holdings in Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 25.0% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 8,084,842 shares of the basic materials company’s stock after selling 2,688,795 shares during the period. Franco-Nevada Corporation makes up about 3.2% of Van ECK Associates Corp’s holdings, making the stock its 4th largest holding. Van ECK Associates Corp owned approximately 4.47% of Franco-Nevada Corporation worth $583,402,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of FNV. Franklin Resources Inc. grew its position in Franco-Nevada Corporation by 30.0% in the second quarter. Franklin Resources Inc. now owns 2,800,453 shares of the basic materials company’s stock worth $202,127,000 after acquiring an additional 646,929 shares during the period. CIBC Asset Management Inc grew its position in Franco-Nevada Corporation by 34.8% in the second quarter. CIBC Asset Management Inc now owns 1,966,527 shares of the basic materials company’s stock worth $141,730,000 after acquiring an additional 507,518 shares during the period. Barometer Capital Management Inc. grew its position in Franco-Nevada Corporation by 4,017.1% in the second quarter. Barometer Capital Management Inc. now owns 288,200 shares of the basic materials company’s stock worth $20,797,000 after acquiring an additional 281,200 shares during the period. Fiera Capital Corp grew its position in Franco-Nevada Corporation by 33.5% in the second quarter. Fiera Capital Corp now owns 1,104,916 shares of the basic materials company’s stock worth $79,584,000 after acquiring an additional 277,080 shares during the period. Finally, TD Asset Management Inc. grew its position in Franco-Nevada Corporation by 6.0% in the second quarter. TD Asset Management Inc. now owns 3,432,041 shares of the basic materials company’s stock worth $247,287,000 after acquiring an additional 194,998 shares during the period. Institutional investors own 60.24% of the company’s stock.
Several research analysts recently weighed in on the company. Scotiabank increased their price objective on Franco-Nevada Corporation from $78.00 to $79.50 and gave the stock a “sector perform” rating in a research report on Thursday, August 10th. TD Securities increased their price objective on Franco-Nevada Corporation from $83.00 to $88.00 and gave the stock a “buy” rating in a research report on Thursday, August 10th. BidaskClub upgraded Franco-Nevada Corporation from a “hold” rating to a “buy” rating in a research report on Saturday, August 5th. Royal Bank Of Canada reiterated an “outperform” rating on shares of Franco-Nevada Corporation in a research report on Thursday, September 7th. Finally, Zacks Investment Research upgraded Franco-Nevada Corporation from a “hold” rating to a “buy” rating and set a $80.00 price objective for the company in a research report on Wednesday, July 12th. Seven research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $80.65.
Franco-Nevada Corporation (NYSE:FNV) traded up 0.6125% on Tuesday, hitting $80.5101. The stock had a trading volume of 148,578 shares. The company’s 50-day moving average price is $78.98 and its 200 day moving average price is $71.92. Franco-Nevada Corporation has a one year low of $53.31 and a one year high of $85.03. The firm has a market cap of $14.93 billion, a price-to-earnings ratio of 101.5260 and a beta of -0.07.
Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) last announced its quarterly earnings data on Tuesday, August 8th. The basic materials company reported $0.25 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.25. Franco-Nevada Corporation had a net margin of 21.26% and a return on equity of 4.39%. The company had revenue of $163.60 million during the quarter, compared to analysts’ expectations of $164.62 million. During the same period in the previous year, the company earned $0.22 EPS. The business’s quarterly revenue was up 8.8% compared to the same quarter last year. Analysts expect that Franco-Nevada Corporation will post $1.00 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 28th. Stockholders of record on Thursday, September 14th will be paid a dividend of $0.23 per share. The ex-dividend date is Wednesday, September 13th. This represents a $0.92 annualized dividend and a dividend yield of 1.15%. Franco-Nevada Corporation’s dividend payout ratio is presently 119.48%.
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Franco-Nevada Corporation Company Profile
Franco-Nevada Corporation (Franco-Nevada) is a gold-focused royalty and stream company. The Company has interests in silver, platinum group metals, oil and gas and other resource assets. The Company is engaged in resource sector royalty/stream acquisitions and management activities. It has a portfolio of properties in the United States, Canada, Mexico, Peru, Chile and Africa.
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