The Manufacturers Life Insurance Company Decreases Holdings in Franco-Nevada Co. (NYSE:FNV)

The Manufacturers Life Insurance Company cut its holdings in Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) by 2.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,083,817 shares of the basic materials company’s stock after selling 52,532 shares during the period. The Manufacturers Life Insurance Company owned approximately 1.08% of Franco-Nevada worth $258,984,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. M&G PLC boosted its holdings in shares of Franco-Nevada by 3.2% during the third quarter. M&G PLC now owns 1,679,858 shares of the basic materials company’s stock worth $208,645,000 after purchasing an additional 51,996 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in shares of Franco-Nevada by 3,404.9% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 727,681 shares of the basic materials company’s stock valued at $86,287,000 after buying an additional 706,919 shares during the period. Victory Capital Management Inc. raised its stake in Franco-Nevada by 13.9% in the third quarter. Victory Capital Management Inc. now owns 3,489,240 shares of the basic materials company’s stock worth $433,538,000 after buying an additional 424,810 shares in the last quarter. Telemark Asset Management LLC lifted its holdings in Franco-Nevada by 66.7% in the third quarter. Telemark Asset Management LLC now owns 50,000 shares of the basic materials company’s stock worth $6,212,000 after buying an additional 20,000 shares during the period. Finally, Janus Henderson Group PLC boosted its position in shares of Franco-Nevada by 44.4% during the first quarter. Janus Henderson Group PLC now owns 63,540 shares of the basic materials company’s stock valued at $7,576,000 after purchasing an additional 19,551 shares in the last quarter. 77.06% of the stock is currently owned by institutional investors.

Franco-Nevada Price Performance

Shares of NYSE:FNV opened at $120.57 on Tuesday. The company has a market capitalization of $23.21 billion, a P/E ratio of -38.15, a P/E/G ratio of 20.87 and a beta of 0.75. The firm’s 50 day simple moving average is $126.01 and its two-hundred day simple moving average is $123.81. Franco-Nevada Co. has a 1-year low of $102.29 and a 1-year high of $137.60.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last issued its earnings results on Wednesday, November 6th. The basic materials company reported $0.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.83 by ($0.03). Franco-Nevada had a positive return on equity of 10.55% and a negative net margin of 55.28%. The firm had revenue of $275.70 million during the quarter, compared to the consensus estimate of $279.11 million. During the same period last year, the firm posted $0.91 earnings per share. The company’s revenue for the quarter was down 10.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Franco-Nevada Co. will post 3.22 earnings per share for the current fiscal year.

Franco-Nevada Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Thursday, December 5th will be paid a $0.36 dividend. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.19%. Franco-Nevada’s payout ratio is currently -45.57%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. HC Wainwright lifted their price objective on Franco-Nevada from $185.00 to $200.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Canaccord Genuity Group upgraded Franco-Nevada from a “hold” rating to a “buy” rating in a research note on Monday, November 18th. Scotiabank decreased their target price on Franco-Nevada from $142.00 to $141.00 and set a “sector perform” rating for the company in a research report on Friday, November 8th. StockNews.com upgraded shares of Franco-Nevada from a “sell” rating to a “hold” rating in a research note on Thursday, August 22nd. Finally, Jefferies Financial Group dropped their target price on shares of Franco-Nevada from $137.00 to $136.00 and set a “hold” rating on the stock in a report on Thursday, October 17th. Four equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $148.86.

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.