Vertex One Asset Management Inc. lowered its stake in Franco Nevada Corp (NYSE:FNV) (TSE:FNV) by 33.1% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 149,254 shares of the basic materials company’s stock after selling 73,904 shares during the quarter. Franco Nevada makes up about 1.4% of Vertex One Asset Management Inc.’s holdings, making the stock its 19th biggest position. Vertex One Asset Management Inc.’s holdings in Franco Nevada were worth $9,337,000 as of its most recent filing with the SEC.
Other hedge funds also recently bought and sold shares of the company. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp lifted its stake in Franco Nevada by 13.7% in the 2nd quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 543,547 shares of the basic materials company’s stock valued at $52,153,000 after buying an additional 65,500 shares in the last quarter. Millennium Management LLC lifted its stake in shares of Franco Nevada by 133.7% during the 2nd quarter. Millennium Management LLC now owns 77,571 shares of the basic materials company’s stock worth $5,664,000 after purchasing an additional 44,385 shares during the period. Gabelli Funds LLC lifted its stake in shares of Franco Nevada by 8.8% during the 3rd quarter. Gabelli Funds LLC now owns 551,400 shares of the basic materials company’s stock worth $34,490,000 after purchasing an additional 44,400 shares during the period. Renaissance Technologies LLC lifted its stake in shares of Franco Nevada by 12.6% during the 2nd quarter. Renaissance Technologies LLC now owns 2,458,200 shares of the basic materials company’s stock worth $179,498,000 after purchasing an additional 274,300 shares during the period. Finally, Investec Asset Management LTD purchased a new position in shares of Franco Nevada during the 2nd quarter worth $17,440,000. 65.52% of the stock is currently owned by hedge funds and other institutional investors.
FNV has been the topic of a number of recent analyst reports. Credit Suisse Group reissued a “neutral” rating on shares of Franco Nevada in a research note on Monday, September 10th. Deutsche Bank set a $74.00 price target on Franco Nevada and gave the stock a “hold” rating in a research note on Tuesday, October 2nd. Barclays initiated coverage on Franco Nevada in a research note on Wednesday, October 10th. They set an “overweight” rating and a $70.00 price target on the stock. Royal Bank of Canada reissued a “buy” rating on shares of Franco Nevada in a research note on Wednesday, November 7th. Finally, ValuEngine raised Franco Nevada from a “sell” rating to a “hold” rating in a research note on Tuesday, September 18th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company. Franco Nevada presently has a consensus rating of “Hold” and a consensus price target of $80.71.
Franco Nevada (NYSE:FNV) (TSE:FNV) last released its quarterly earnings data on Monday, November 5th. The basic materials company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.03. The business had revenue of $170.60 million during the quarter, compared to the consensus estimate of $158.85 million. Franco Nevada had a return on equity of 4.76% and a net margin of 31.81%. The business’s revenue for the quarter was down .5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.30 EPS. On average, analysts forecast that Franco Nevada Corp will post 1.17 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 20th. Stockholders of record on Thursday, December 6th will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Wednesday, December 5th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.38%. Franco Nevada’s payout ratio is 88.89%.
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Franco Nevada Profile
Franco-Nevada Corporation operates as a gold-focused royalty and stream company in the United States, Canada, Mexico, Peru, Chile, Australia, and Africa. The company also holds interests in silver, platinum group metals, oil and gas, and other resource assets. As of December 31, 2017, it had a portfolio of 341 assets.
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