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

The Manufacturers Life Insurance Company decreased its holdings in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 25.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 736,359 shares of the basic materials company’s stock after selling 249,877 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Franco-Nevada were worth $153,344,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in FNV. BlackRock Inc. acquired a new stake in Franco-Nevada during the 2nd quarter valued at approximately $52,816,000. Crescent Grove Advisors LLC acquired a new position in shares of Franco-Nevada in the 4th quarter valued at approximately $489,000. Markel Group Inc. boosted its stake in shares of Franco-Nevada by 9.2% during the 2nd quarter. Markel Group Inc. now owns 773,500 shares of the basic materials company’s stock valued at $161,228,000 after buying an additional 65,000 shares during the last quarter. Nykredit A S purchased a new position in shares of Franco-Nevada during the 2nd quarter valued at approximately $626,000. Finally, Bank of Nova Scotia boosted its stake in shares of Franco-Nevada by 5.1% during the 1st quarter. Bank of Nova Scotia now owns 485,345 shares of the basic materials company’s stock valued at $120,146,000 after buying an additional 23,587 shares during the last quarter. 77.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently issued reports on FNV shares. Weiss Ratings restated a “buy (b-)” rating on shares of Franco-Nevada in a research note on Friday, September 4th. Scotiabank reduced their price objective 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 decreased their price objective for the stock from $292.00 to $291.00 in a report on Wednesday, May 20th. Royal Bank Of Canada decreased their price objective on shares of Franco-Nevada from $295.00 to $285.00 and set an “outperform” rating for the company in a report on Thursday, July 9th. Finally, Bank of America dropped their target price on shares of Franco-Nevada from $276.00 to $238.00 and set a “neutral” rating for the company in a research report on Thursday, July 9th. Eleven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $273.40.

Franco-Nevada Stock Performance

NYSE FNV opened at $260.49 on Friday. Franco-Nevada Corporation has a one year low of $181.50 and a one year high of $285.67. The company has a 50-day simple moving average of $233.36 and a 200-day simple moving average of $236.90. The firm has a market capitalization of $50.24 billion, a PE ratio of 34.05, a price-to-earnings-growth ratio of 2.45 and a beta of 0.39.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last released its quarterly earnings data on Tuesday, August 11th. The basic materials company reported $1.81 earnings per share for the quarter, missing the consensus estimate of $1.95 by ($0.14). Franco-Nevada had a return on equity of 18.58% and a net margin of 63.79%.The business had revenue of $580.90 million for the quarter, compared to analyst estimates of $616.66 million. During the same quarter last year, the company earned $1.24 EPS. Franco-Nevada’s revenue was up 57.3% compared to the same quarter last year. Equities analysts forecast that Franco-Nevada Corporation will post 7.54 earnings per share for the current year.

Franco-Nevada Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, September 10th will be issued a dividend of $0.44 per share. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $1.76 annualized dividend and a dividend yield of 0.7%. Franco-Nevada’s dividend payout ratio is 23.01%.

About Franco-Nevada

Franco-Nevada Corporation (NYSE: FNV) is a Canada-based royalty and streaming company focused primarily on precious metals. Rather than operating mines, the company provides upfront capital to mining and energy companies in exchange for the right to receive a portion of future production or revenue from designated assets.

Its portfolio is anchored by gold royalties and streams, with additional exposure to silver, platinum group metals and other mined commodities. Franco-Nevada also holds interests in certain energy assets, including oil and natural gas royalties.