Marathon Asset Management Ltd Trims Stake in Franco-Nevada Corporation (NYSE:FNV)

Marathon Asset Management Ltd reduced its holdings in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 2.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 351,677 shares of the basic materials company’s stock after selling 8,881 shares during the period. Franco-Nevada comprises 1.7% of Marathon Asset Management Ltd’s portfolio, making the stock its 18th largest holding. Marathon Asset Management Ltd owned 0.18% of Franco-Nevada worth $55,307,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. CX Institutional purchased a new stake in Franco-Nevada during the first quarter valued at approximately $30,000. Nexus Investment Management ULC purchased a new stake in Franco-Nevada during the first quarter valued at approximately $35,000. Golden State Wealth Management LLC increased its stake in shares of Franco-Nevada by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 230 shares of the basic materials company’s stock worth $36,000 after purchasing an additional 115 shares in the last quarter. Physician Wealth Advisors Inc. purchased a new stake in shares of Franco-Nevada in the fourth quarter worth $49,000. Finally, Harbour Investments Inc. increased its stake in shares of Franco-Nevada by 25.8% in the fourth quarter. Harbour Investments Inc. now owns 453 shares of the basic materials company’s stock worth $53,000 after purchasing an additional 93 shares in the last quarter. 77.06% of the stock is owned by hedge funds and other institutional investors.

Franco-Nevada Stock Performance

FNV opened at $161.27 on Friday. The stock has a market capitalization of $31.07 billion, a price-to-earnings ratio of 50.40, a PEG ratio of 2.29 and a beta of 0.42. The company has a fifty day moving average of $167.44 and a 200 day moving average of $148.83. Franco-Nevada Corporation has a fifty-two week low of $112.70 and a fifty-two week high of $179.99.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last posted its earnings results on Thursday, May 8th. The basic materials company reported $1.07 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.07. The company had revenue of $368.40 million during the quarter, compared to analysts’ expectations of $328.79 million. Franco-Nevada had a net margin of 50.39% and a return on equity of 11.40%. Franco-Nevada’s quarterly revenue was up 43.5% on a year-over-year basis. During the same period last year, the company posted $0.76 earnings per share. On average, equities research analysts forecast that Franco-Nevada Corporation will post 3.09 earnings per share for the current year.

Franco-Nevada Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 26th. Shareholders of record on Thursday, June 12th were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, June 12th. This represents a $1.52 annualized dividend and a yield of 0.94%. Franco-Nevada’s dividend payout ratio (DPR) is currently 47.50%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on FNV. BMO Capital Markets reissued an “outperform” rating on shares of Franco-Nevada in a research note on Wednesday, May 28th. Royal Bank Of Canada increased their price objective on shares of Franco-Nevada from $160.00 to $190.00 and gave the stock a “sector perform” rating in a research note on Wednesday, June 4th. Raymond James Financial set a $186.00 price objective on shares of Franco-Nevada and gave the stock an “outperform” rating in a research note on Wednesday, May 28th. HC Wainwright reissued a “buy” rating and issued a $195.00 price objective (up from $180.00) on shares of Franco-Nevada in a research note on Wednesday, May 28th. Finally, Scotiabank increased their price objective on shares of Franco-Nevada from $165.00 to $169.00 and gave the stock a “sector perform” rating in a research note on Monday, May 12th. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $169.63.

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.