The Manufacturers Life Insurance Company Cuts Stake in Franco-Nevada Corporation $FNV

The Manufacturers Life Insurance Company lowered its stake in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 6.1% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 986,236 shares of the basic materials company’s stock after selling 63,923 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Franco-Nevada were worth $243,979,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Addenda Capital Inc. raised its holdings in shares of Franco-Nevada by 88.1% in the 4th quarter. Addenda Capital Inc. now owns 203,643 shares of the basic materials company’s stock worth $42,211,000 after purchasing an additional 95,405 shares during the period. Crescent Grove Advisors LLC purchased a new stake in Franco-Nevada in the fourth quarter worth $489,000. Scharf Investments LLC increased its position in Franco-Nevada by 15.8% in the fourth quarter. Scharf Investments LLC now owns 692,209 shares of the basic materials company’s stock worth $143,484,000 after buying an additional 94,465 shares during the last quarter. PKO Investment Management Joint Stock Co lifted its position in shares of Franco-Nevada by 11.4% during the 4th quarter. PKO Investment Management Joint Stock Co now owns 69,914 shares of the basic materials company’s stock valued at $14,519,000 after buying an additional 7,150 shares during the last quarter. Finally, Annex Advisory Services LLC lifted its position in shares of Franco-Nevada by 4.9% during the 4th quarter. Annex Advisory Services LLC now owns 199,972 shares of the basic materials company’s stock valued at $41,450,000 after buying an additional 9,336 shares during the last quarter. Institutional investors own 77.06% of the company’s stock.

Franco-Nevada Price Performance

Shares of FNV opened at $214.25 on Tuesday. Franco-Nevada Corporation has a 1-year low of $157.18 and a 1-year high of $285.67. The company has a market capitalization of $41.32 billion, a P/E ratio of 30.18, a P/E/G ratio of 1.81 and a beta of 0.36. The firm’s 50 day simple moving average is $215.85 and its 200 day simple moving average is $236.63.

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

Franco-Nevada Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 25th. Investors of record on Thursday, June 11th were paid a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend was Thursday, June 11th. Franco-Nevada’s dividend payout ratio is currently 24.79%.

Analyst Ratings Changes

A number of brokerages recently issued reports on FNV. Weiss Ratings cut Franco-Nevada from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, June 8th. Scotiabank dropped their price target on shares of 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. TD raised shares of Franco-Nevada from a “hold” rating to a “buy” rating and cut their price objective for the stock from $292.00 to $291.00 in a report on Wednesday, May 20th. TD Securities upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating and set a $291.00 price objective for the company in a research note on Wednesday, May 20th. Finally, HC Wainwright reiterated a “buy” rating and set a $305.00 price objective on shares of Franco-Nevada in a research note on Wednesday, May 13th. Eleven analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Franco-Nevada has a consensus rating of “Moderate Buy” and an average price target of $273.40.

Franco-Nevada Profile

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.