Clearbridge Investments LLC Sells 21,950 Shares of Franco-Nevada Corporation $FNV

Clearbridge Investments LLC lessened its holdings in Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 3.3% during the 4th quarter, Holdings Channel reports. The firm owned 647,433 shares of the basic materials company’s stock after selling 21,950 shares during the period. Clearbridge Investments LLC’s holdings in Franco-Nevada were worth $134,189,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of FNV. AQR Capital Management LLC bought a new position in shares of Franco-Nevada in the 1st quarter valued at about $241,000. NewEdge Advisors LLC boosted its stake in shares of Franco-Nevada by 16.7% in the 1st quarter. NewEdge Advisors LLC now owns 6,585 shares of the basic materials company’s stock valued at $1,038,000 after purchasing an additional 943 shares during the last quarter. Intech Investment Management LLC boosted its stake in shares of Franco-Nevada by 118.3% in the 1st quarter. Intech Investment Management LLC now owns 9,286 shares of the basic materials company’s stock valued at $1,460,000 after purchasing an additional 5,032 shares during the last quarter. Acadian Asset Management LLC boosted its stake in shares of Franco-Nevada by 800.0% in the 1st quarter. Acadian Asset Management LLC now owns 2,700 shares of the basic materials company’s stock valued at $424,000 after purchasing an additional 2,400 shares during the last quarter. Finally, Marshall Wace LLP bought a new position in shares of Franco-Nevada in the 2nd quarter valued at about $1,477,000. Institutional investors own 77.06% of the company’s stock.

Franco-Nevada Price Performance

Franco-Nevada stock opened at $218.43 on Monday. The company’s 50 day simple moving average is $239.79 and its 200 day simple moving average is $235.55. Franco-Nevada Corporation has a fifty-two week low of $152.89 and a fifty-two week high of $285.67. The firm has a market capitalization of $42.13 billion, a price-to-earnings ratio of 30.76, a PEG ratio of 1.91 and a beta of 0.34.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last released its quarterly earnings data on Tuesday, May 12th. The basic materials company reported $2.38 earnings per share for the quarter, topping the consensus estimate of $2.09 by $0.29. Franco-Nevada had a net margin of 65.12% and a return on equity of 18.10%. The business had revenue of $650.70 million for the quarter, compared to analyst estimates of $634.43 million. During the same quarter last year, the firm earned $1.07 EPS. Franco-Nevada’s quarterly revenue was up 76.6% compared to the same quarter last year. As a group, analysts predict that Franco-Nevada Corporation will post 8.85 EPS for the current fiscal year.

Franco-Nevada Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 25th. Investors of record on Thursday, June 11th will be paid a dividend of $0.44 per share. The ex-dividend date of this dividend is Thursday, June 11th. This represents a $1.76 annualized dividend and a yield of 0.8%. Franco-Nevada’s dividend payout ratio (DPR) is presently 24.79%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Zacks Research lowered shares of Franco-Nevada from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 31st. Canaccord Genuity Group raised shares of Franco-Nevada from a “hold” rating to a “buy” rating in a research note on Wednesday, April 29th. National Bank Financial raised shares of Franco-Nevada from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, May 13th. Weiss Ratings raised shares of Franco-Nevada from a “hold (c+)” rating to a “buy (b)” rating in a research note on Friday, March 20th. Finally, TD Cowen raised shares of Franco-Nevada from a “hold” rating to a “buy” rating and reduced their price objective for the stock from $292.00 to $291.00 in a research note on Wednesday, May 20th. Eleven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, Franco-Nevada currently has a consensus rating of “Moderate Buy” and a consensus target price of $271.00.

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.