Franco-Nevada Corporation $FNV Stock: M&G PLC Trims Position

M&G PLC lowered its stake in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 14.8% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 899,957 shares of the basic materials company’s stock after selling 155,723 shares during the period. Franco-Nevada accounts for 1.0% of M&G PLC’s investment portfolio, making the stock its 29th largest position. M&G PLC owned 0.47% of Franco-Nevada worth $196,082,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. Engineers Gate Manager LP purchased a new stake in shares of Franco-Nevada during the 2nd quarter valued at approximately $2,907,000. BlackRock Inc. purchased a new position in Franco-Nevada in the second quarter worth approximately $52,816,000. Nykredit A S purchased a new position in Franco-Nevada in the second quarter worth approximately $626,000. Markel Group Inc. increased its stake in Franco-Nevada by 9.2% during the second quarter. Markel Group Inc. now owns 773,500 shares of the basic materials company’s stock worth $161,228,000 after acquiring an additional 65,000 shares during the last quarter. Finally, Bank of America Corp DE acquired a new stake in Franco-Nevada during the second quarter worth $126,580,000. 77.06% of the stock is currently owned by hedge funds and other institutional investors.

Franco-Nevada Stock Up 3.5%

Shares of FNV opened at $263.85 on Tuesday. The company has a market cap of $50.90 billion, a P/E ratio of 34.49, a PEG ratio of 2.81 and a beta of 0.34. Franco-Nevada Corporation has a fifty-two week low of $188.47 and a fifty-two week high of $285.67. The firm’s 50 day moving average price is $248.77 and its 200 day moving average price is $240.12.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last posted its quarterly earnings results on Tuesday, August 11th. The basic materials company reported $1.81 EPS for the quarter, missing the consensus estimate of $1.95 by ($0.14). The business had revenue of $580.90 million during the quarter, compared to analyst estimates of $616.66 million. Franco-Nevada had a return on equity of 18.58% and a net margin of 63.79%. The business’s revenue was up 57.3% on a year-over-year basis. During the same quarter last year, the firm earned $1.24 EPS. Research analysts forecast that Franco-Nevada Corporation will post 7.40 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts have recently commented on FNV shares. Weiss Ratings raised Franco-Nevada from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, October 8th. Scotiabank decreased their price target on Franco-Nevada from $290.00 to $274.00 and set a “sector perform” rating on the stock in a research note on Tuesday, July 14th. Royal Bank Of Canada raised their price target on Franco-Nevada from $285.00 to $300.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 16th. Finally, Zacks Research upgraded Franco-Nevada from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 11th. Ten investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target 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.

Franco-Nevada traces its origins to 1983.