Tobam Lowers Stock Position in Franco-Nevada Co. (NYSE:FNV)

Tobam cut its stake in shares of Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) by 92.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 692 shares of the basic materials company’s stock after selling 8,699 shares during the quarter. Tobam’s holdings in Franco-Nevada were worth $109,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. CX Institutional bought a new stake in shares of Franco-Nevada during the 1st quarter worth $30,000. Nexus Investment Management ULC bought a new stake in Franco-Nevada during the first quarter worth about $35,000. Physician Wealth Advisors Inc. purchased a new position in shares of Franco-Nevada in the 4th quarter worth about $49,000. Harbour Investments Inc. increased its position in shares of Franco-Nevada by 25.8% during the 4th quarter. Harbour Investments Inc. now owns 453 shares of the basic materials company’s stock valued at $53,000 after purchasing an additional 93 shares during the last quarter. Finally, Versant Capital Management Inc bought a new position in shares of Franco-Nevada during the 1st quarter valued at about $55,000. Hedge funds and other institutional investors own 77.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on FNV shares. Raymond James set a $186.00 target price on Franco-Nevada and gave the stock an “outperform” rating in a research note on Wednesday, May 28th. Scotiabank upped their price objective on shares of Franco-Nevada from $165.00 to $169.00 and gave the company a “sector perform” rating in a research note on Monday, May 12th. UBS Group increased their target price on shares of Franco-Nevada from $170.00 to $190.00 and gave the company a “buy” rating in a report on Friday, April 11th. BMO Capital Markets reissued an “outperform” rating on shares of Franco-Nevada in a research note on Wednesday, May 28th. Finally, TD Securities cut Franco-Nevada from a “buy” rating to a “hold” rating and set a $152.00 price objective on the stock. in a research note on Tuesday, March 11th. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $169.63.

Franco-Nevada Trading Up 2.4%

NYSE:FNV opened at $171.74 on Friday. Franco-Nevada Co. has a 12-month low of $112.70 and a 12-month high of $179.99. The stock has a 50-day moving average price of $166.56 and a 200 day moving average price of $145.79. The stock has a market capitalization of $33.09 billion, a P/E ratio of -54.35, a P/E/G ratio of 9.78 and a beta of 0.42.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last issued its earnings results on Thursday, May 8th. The basic materials company reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.07. The firm had revenue of $368.40 million for the quarter, compared to analysts’ expectations of $328.79 million. Franco-Nevada had a positive return on equity of 10.55% and a negative net margin of 55.28%. The business’s revenue was up 43.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.76 earnings per share. On average, research analysts predict that Franco-Nevada Co. will post 3.09 earnings per share for the current fiscal year.

Franco-Nevada Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 26th. Shareholders of record on Thursday, June 12th will be paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 0.89%. The ex-dividend date is Thursday, June 12th. Franco-Nevada’s payout ratio is 47.50%.

Franco-Nevada Company 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.