Bank of America Corp DE Lowers Stock Holdings in Franco-Nevada Co. (NYSE:FNV)

Bank of America Corp DE lowered its position in Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) by 58.5% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 791,444 shares of the basic materials company’s stock after selling 1,116,063 shares during the quarter. Bank of America Corp DE’s holdings in Franco-Nevada were worth $93,066,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Van ECK Associates Corp lifted its position in shares of Franco-Nevada by 2.3% in the fourth quarter. Van ECK Associates Corp now owns 8,538,788 shares of the basic materials company’s stock valued at $1,004,046,000 after acquiring an additional 193,968 shares in the last quarter. Capital World Investors grew its position in shares of Franco-Nevada by 9.8% during the fourth quarter. Capital World Investors now owns 7,948,917 shares of the basic materials company’s stock worth $934,106,000 after purchasing an additional 711,591 shares in the last quarter. Vanguard Group Inc. raised its stake in Franco-Nevada by 1.7% during the 4th quarter. Vanguard Group Inc. now owns 7,799,415 shares of the basic materials company’s stock valued at $916,540,000 after purchasing an additional 132,465 shares during the period. Bank of Montreal Can lifted its holdings in Franco-Nevada by 0.3% in the 4th quarter. Bank of Montreal Can now owns 5,300,880 shares of the basic materials company’s stock worth $622,124,000 after purchasing an additional 15,273 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in Franco-Nevada by 10.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 4,286,661 shares of the basic materials company’s stock worth $504,069,000 after purchasing an additional 400,384 shares during the period. Hedge funds and other institutional investors own 77.06% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on FNV shares. HC Wainwright increased their price objective on shares of Franco-Nevada from $165.00 to $180.00 and gave the company a “buy” rating in a report on Wednesday, March 26th. Raymond James raised their target price on shares of Franco-Nevada from $162.00 to $181.00 and gave the company an “outperform” rating in a research note on Friday, April 4th. TD Securities cut shares of Franco-Nevada from a “buy” rating to a “hold” rating and set a $152.00 price target on the stock. in a research note on Tuesday, March 11th. Scotiabank raised their price objective on Franco-Nevada from $150.00 to $165.00 and gave the company a “sector perform” rating in a research report on Monday, April 14th. Finally, Royal Bank of Canada raised their price objective on Franco-Nevada from $145.00 to $155.00 and gave the company a “sector perform” rating in a research report on Tuesday, February 11th. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $162.25.

Franco-Nevada Trading Up 2.1%

Shares of Franco-Nevada stock opened at $168.66 on Monday. The stock has a 50 day moving average of $159.01 and a 200 day moving average of $138.87. Franco-Nevada Co. has a 12 month low of $112.70 and a 12 month high of $178.74. The firm has a market cap of $32.48 billion, a PE ratio of -53.37, a PEG ratio of 9.78 and a beta of 0.45.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last posted its quarterly earnings data on Thursday, May 8th. The basic materials company reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.07. The business had revenue of $368.40 million during the quarter, compared to analyst estimates of $328.79 million. Franco-Nevada had a positive return on equity of 10.55% and a negative net margin of 55.28%. The company’s revenue for the quarter was up 43.5% on a year-over-year basis. During the same period last year, the company earned $0.76 EPS. As a group, equities research analysts forecast that Franco-Nevada Co. will post 3.09 earnings per share for the current fiscal year.

Franco-Nevada Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Thursday, June 12th will be paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 0.90%. The ex-dividend date is Thursday, June 12th. Franco-Nevada’s payout ratio is 47.50%.

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.