Renaissance Technologies LLC Decreases Holdings in Franco-Nevada Corporation $FNV

Renaissance Technologies LLC lowered its holdings in Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 10.5% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,218,918 shares of the basic materials company’s stock after selling 259,200 shares during the period. Franco-Nevada makes up 0.9% of Renaissance Technologies LLC’s investment portfolio, making the stock its 8th largest position. Renaissance Technologies LLC owned about 1.15% of Franco-Nevada worth $548,184,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Norges Bank purchased a new position in shares of Franco-Nevada during the fourth quarter worth about $578,577,000. First Eagle Investment Management LLC raised its stake in Franco-Nevada by 26.5% in the fourth quarter. First Eagle Investment Management LLC now owns 5,123,444 shares of the basic materials company’s stock valued at $1,062,037,000 after purchasing an additional 1,074,257 shares in the last quarter. Van ECK Associates Corp raised its stake in Franco-Nevada by 12.8% in the fourth quarter. Van ECK Associates Corp now owns 7,441,133 shares of the basic materials company’s stock valued at $1,542,402,000 after purchasing an additional 842,132 shares in the last quarter. Capital Research Global Investors lifted its position in Franco-Nevada by 100.2% during the fourth quarter. Capital Research Global Investors now owns 1,277,889 shares of the basic materials company’s stock valued at $264,882,000 after purchasing an additional 639,493 shares during the last quarter. Finally, Deutsche Bank AG lifted its position in Franco-Nevada by 30.7% during the fourth quarter. Deutsche Bank AG now owns 1,889,414 shares of the basic materials company’s stock valued at $391,638,000 after purchasing an additional 443,839 shares during the last quarter. Institutional investors own 77.06% of the company’s stock.

Franco-Nevada Trading Up 0.4%

NYSE FNV opened at $215.06 on Friday. Franco-Nevada Corporation has a 1-year low of $157.18 and a 1-year high of $285.67. The stock has a 50-day moving average of $216.08 and a 200-day moving average of $236.49. The firm has a market cap of $41.48 billion, a PE ratio of 30.29, a price-to-earnings-growth ratio of 1.81 and a beta of 0.36.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last issued its earnings results on Tuesday, May 12th. The basic materials company reported $2.38 earnings per share for the quarter, beating the consensus estimate of $2.09 by $0.29. Franco-Nevada had a return on equity of 18.10% and a net margin of 65.12%.The company had revenue of $650.70 million during the quarter, compared to analysts’ expectations of $634.43 million. During the same period in the prior year, the business posted $1.07 EPS. Franco-Nevada’s quarterly revenue was up 76.6% compared to the same quarter last year. As a group, equities research analysts forecast that Franco-Nevada Corporation will post 8.23 earnings per share for the current fiscal year.

Franco-Nevada Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 25th. Shareholders of record on Thursday, June 11th were given a $0.44 dividend. The ex-dividend date was Thursday, June 11th. This represents a $1.76 annualized dividend and a yield of 0.8%. Franco-Nevada’s payout ratio is presently 24.79%.

Analyst Ratings Changes

A number of research firms have commented on FNV. TD raised shares of Franco-Nevada from a “hold” rating to a “buy” rating and cut their price target for the stock from $292.00 to $291.00 in a research note on Wednesday, May 20th. Jefferies Financial Group lowered their price objective on shares of Franco-Nevada from $258.00 to $245.00 and set a “hold” rating on the stock in a research report on Monday, July 6th. Zacks Research downgraded shares of Franco-Nevada from a “hold” rating to a “strong sell” rating in a report on Monday, July 13th. UBS Group cut their target price on shares of Franco-Nevada from $310.00 to $280.00 and set a “buy” rating for the company in a research report on Tuesday, June 30th. Finally, TD Securities raised Franco-Nevada from a “hold” rating to a “buy” rating and set a $291.00 target price on the stock in a research note on Wednesday, May 20th. Eleven analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $273.40.

About Franco-Nevada

Franco-Nevada Corporation is a Toronto-based royalty and streaming company that specializes in securing and managing long-term interests in mining properties. The firm focuses primarily on precious metals, particularly gold, while also holding interests related to silver, copper, platinum-group metals and select base metals. Rather than operating mines directly, Franco-Nevada acquires royalty and streaming agreements that entitle it to a percentage of production or revenue from producing and developing assets in exchange for upfront or staged financing.

The company’s business model centers on providing capital to mining companies in return for a sustained share of production or metal revenue, which can reduce exposure to operating and capital cost risks typical of mine operators.