RedJay Asset Management Inc. Lowers Holdings in Franco-Nevada Co. (NYSE:FNV)

RedJay Asset Management Inc. lowered its position in Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) by 2.4% in the fourth quarter, Holdings Channel.com reports. The fund owned 90,000 shares of the basic materials company’s stock after selling 2,250 shares during the period. Franco-Nevada makes up 6.4% of RedJay Asset Management Inc.’s investment portfolio, making the stock its 6th largest holding. RedJay Asset Management Inc.’s holdings in Franco-Nevada were worth $10,583,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Charles Schwab Investment Management Inc. grew its stake in shares of Franco-Nevada by 3.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 423,166 shares of the basic materials company’s stock valued at $49,702,000 after purchasing an additional 16,029 shares during the period. JPMorgan Chase & Co. grew its position 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 raised its stake in Franco-Nevada by 113.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 5,109 shares of the basic materials company’s stock worth $601,000 after acquiring an additional 2,710 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Franco-Nevada during the fourth quarter valued at $12,280,000. Finally, Horizon Kinetics Asset Management LLC lifted its holdings in shares of Franco-Nevada by 5.6% during the fourth quarter. Horizon Kinetics Asset Management LLC now owns 988,033 shares of the basic materials company’s stock valued at $116,183,000 after acquiring an additional 52,199 shares during the period. Institutional investors and hedge funds own 77.06% of the company’s stock.

Wall Street Analysts Forecast Growth

FNV has been the subject of a number of recent analyst reports. Wall Street Zen upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating in a research report on Monday, April 7th. TD Securities lowered shares of Franco-Nevada from a “buy” rating to a “hold” rating and set a $152.00 price objective for the company. in a report on Tuesday, March 11th. Royal Bank of Canada boosted their target price on Franco-Nevada from $145.00 to $155.00 and gave the stock a “sector perform” rating in a report on Tuesday, February 11th. BMO Capital Markets initiated coverage on Franco-Nevada in a report on Wednesday, April 16th. They set an “outperform” rating for the company. Finally, UBS Group increased their target price on Franco-Nevada from $170.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, April 11th. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, Franco-Nevada has an average rating of “Moderate Buy” and a consensus target price of $162.75.

Franco-Nevada Stock Up 2.4%

FNV stock opened at $168.00 on Friday. Franco-Nevada Co. has a twelve month low of $112.70 and a twelve month high of $178.74. The company has a market cap of $32.35 billion, a P/E ratio of -53.17, a PEG ratio of 9.78 and a beta of 0.45. The business has a fifty day moving average of $161.70 and a 200-day moving average of $140.73.

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

Franco-Nevada Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 26th. Investors of record on Thursday, June 12th will be paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 0.90%. The ex-dividend date is Thursday, June 12th. Franco-Nevada’s dividend payout ratio (DPR) is 47.50%.

Franco-Nevada Profile

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.