Franco-Nevada Co. (NYSE:FNV) Stake Lessened by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company reduced its stake in shares of Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) by 6.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,947,728 shares of the basic materials company’s stock after selling 136,089 shares during the period. The Manufacturers Life Insurance Company owned about 1.01% of Franco-Nevada worth $229,168,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Covea Finance grew its stake in Franco-Nevada by 2.7% in the fourth quarter. Covea Finance now owns 101,320 shares of the basic materials company’s stock worth $11,895,000 after purchasing an additional 2,700 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Franco-Nevada by 3.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 423,166 shares of the basic materials company’s stock worth $49,702,000 after purchasing an additional 16,029 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Franco-Nevada by 5.0% in the fourth quarter. JPMorgan Chase & Co. now owns 962,671 shares of the basic materials company’s stock valued at $113,200,000 after acquiring an additional 45,495 shares during the period. Steward Partners Investment Advisory LLC boosted its stake in Franco-Nevada by 113.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 5,109 shares of the basic materials company’s stock valued at $601,000 after acquiring an additional 2,710 shares during the period. Finally, Raymond James Financial Inc. acquired a new position in Franco-Nevada in the fourth quarter valued at approximately $12,280,000. Institutional investors own 77.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. BMO Capital Markets assumed coverage on Franco-Nevada in a research note on Wednesday, April 16th. They issued an “outperform” rating for the company. Scotiabank lifted their target price on Franco-Nevada from $150.00 to $165.00 and gave the company a “sector perform” rating in a research note on Monday, April 14th. TD Securities cut Franco-Nevada from a “buy” rating to a “hold” rating and set a $152.00 price target on the stock. in a report on Tuesday, March 11th. National Bankshares reaffirmed a “sector perform” rating on shares of Franco-Nevada in a report on Wednesday, April 2nd. Finally, StockNews.com raised Franco-Nevada from a “hold” rating to a “buy” rating in a report on Monday, April 7th. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $162.25.

Franco-Nevada Price Performance

Shares of NYSE:FNV opened at $170.05 on Monday. Franco-Nevada Co. has a 12 month low of $112.70 and a 12 month high of $178.74. The stock has a market cap of $32.74 billion, a price-to-earnings ratio of -53.81, a PEG ratio of 9.78 and a beta of 0.68. The stock’s 50 day moving average price is $153.47 and its 200 day moving average price is $136.15.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last posted its quarterly earnings results on Monday, March 10th. The basic materials company reported $0.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.90 by $0.05. The company had revenue of $321.00 million for the quarter, compared to analysts’ expectations of $304.33 million. Franco-Nevada had a positive return on equity of 10.55% and a negative net margin of 55.28%. The firm’s revenue was up 5.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.90 earnings per share. On average, sell-side analysts expect that Franco-Nevada Co. will post 3.09 EPS for the current year.

Franco-Nevada Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 27th. Shareholders of record on Thursday, March 13th were issued a $0.38 dividend. The ex-dividend date was Thursday, March 13th. This represents a $1.52 annualized dividend and a dividend yield of 0.89%. This is a boost from Franco-Nevada’s previous quarterly dividend of $0.36. Franco-Nevada’s dividend payout ratio is currently 53.15%.

About Franco-Nevada

Franco-Nevada Corporation operates as a gold-focused royalty and streaming company in South America, Central America, Mexico, the United States, Canada, and internationally. It operates through Mining and Energy segments. The company manages its portfolio with a focus on precious metals, such as gold, silver, and platinum group metals; and engages in the sale of crude oil, natural gas, and natural gas liquids through a third-party marketing agent.