Ruffer LLP Trims Stake in Franco-Nevada Corporation $FNV

Ruffer LLP lowered its stake in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 33.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,220 shares of the basic materials company’s stock after selling 3,100 shares during the quarter. Ruffer LLP’s holdings in Franco-Nevada were worth $1,291,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Franco-Nevada by 1.6% during the third quarter. Vanguard Group Inc. now owns 8,216,318 shares of the basic materials company’s stock valued at $1,828,821,000 after buying an additional 129,898 shares during the period. Bank of Montreal Can increased its position in shares of Franco-Nevada by 8.9% during the third quarter. Bank of Montreal Can now owns 5,560,980 shares of the basic materials company’s stock valued at $1,237,510,000 after buying an additional 454,175 shares during the period. First Eagle Investment Management LLC increased its position in shares of Franco-Nevada by 26.4% during the third quarter. First Eagle Investment Management LLC now owns 4,049,187 shares of the basic materials company’s stock valued at $901,092,000 after buying an additional 846,950 shares during the period. Mackenzie Financial Corp increased its position in shares of Franco-Nevada by 76.0% during the third quarter. Mackenzie Financial Corp now owns 2,363,324 shares of the basic materials company’s stock valued at $525,925,000 after buying an additional 1,020,509 shares during the period. Finally, TD Asset Management Inc increased its position in shares of Franco-Nevada by 0.9% during the third quarter. TD Asset Management Inc now owns 2,030,684 shares of the basic materials company’s stock valued at $452,095,000 after buying an additional 18,897 shares during the period. Hedge funds and other institutional investors own 77.06% of the company’s stock.

Franco-Nevada Price Performance

NYSE:FNV opened at $246.84 on Thursday. Franco-Nevada Corporation has a one year low of $152.89 and a one year high of $285.67. The company’s 50-day simple moving average is $254.53 and its 200 day simple moving average is $228.35. The firm has a market capitalization of $47.61 billion, a P/E ratio of 42.85, a PEG ratio of 2.64 and a beta of 0.47.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last posted its quarterly earnings data on Tuesday, March 10th. The basic materials company reported $1.85 EPS for the quarter, topping the consensus estimate of $1.67 by $0.18. Franco-Nevada had a net margin of 61.01% and a return on equity of 15.62%. The business had revenue of $597.30 million for the quarter, compared to analyst estimates of $542.02 million. During the same quarter in the previous year, the firm posted $0.95 earnings per share. Franco-Nevada’s quarterly revenue was up 86.1% on a year-over-year basis. On average, equities research analysts expect that Franco-Nevada Corporation will post 7.81 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on FNV shares. Wall Street Zen cut shares of Franco-Nevada from a “buy” rating to a “hold” rating in a research report on Saturday, April 18th. Scotiabank boosted their price target on shares of Franco-Nevada from $283.00 to $286.00 and gave the company a “sector perform” rating in a research report on Monday, March 16th. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Franco-Nevada in a research report on Wednesday, February 4th. UBS Group reiterated a “buy” rating and set a $310.00 price target on shares of Franco-Nevada in a research report on Friday, January 30th. Finally, Zacks Research cut shares of Franco-Nevada from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 31st. Seven analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $257.25.

Franco-Nevada Company Profile

Franco-Nevada Corporation is a Toronto-based royalty and streaming company that specializes in securing and managing long-term interests in mining properties. The firm focuses primarily on precious metals, particularly gold, while also holding interests related to silver, copper, platinum-group metals and select base metals. Rather than operating mines directly, Franco-Nevada acquires royalty and streaming agreements that entitle it to a percentage of production or revenue from producing and developing assets in exchange for upfront or staged financing.

The company’s business model centers on providing capital to mining companies in return for a sustained share of production or metal revenue, which can reduce exposure to operating and capital cost risks typical of mine operators.