Gabelli Funds LLC Cuts Holdings in Franco-Nevada Co. (NYSE:FNV)

Gabelli Funds LLC cut its position in shares of Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) by 10.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 390,260 shares of the basic materials company’s stock after selling 46,800 shares during the quarter. Gabelli Funds LLC owned approximately 0.20% of Franco-Nevada worth $46,254,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC bought a new stake in Franco-Nevada in the second quarter worth about $276,446,000. M&G Plc bought a new stake in Franco-Nevada in the first quarter worth about $219,971,000. Capital World Investors raised its position in Franco-Nevada by 45.8% in the fourth quarter. Capital World Investors now owns 4,477,105 shares of the basic materials company’s stock worth $495,909,000 after acquiring an additional 1,405,731 shares during the period. EdgePoint Investment Group Inc. raised its position in Franco-Nevada by 68.1% in the first quarter. EdgePoint Investment Group Inc. now owns 2,759,677 shares of the basic materials company’s stock worth $328,972,000 after acquiring an additional 1,117,523 shares during the period. Finally, FIL Ltd raised its position in Franco-Nevada by 7.8% in the fourth quarter. FIL Ltd now owns 9,079,951 shares of the basic materials company’s stock worth $1,005,852,000 after acquiring an additional 659,324 shares during the period. 77.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FNV has been the topic of several research reports. Scotiabank lifted their price objective on shares of Franco-Nevada from $141.00 to $142.00 and gave the stock a “sector perform” rating in a research report on Monday, August 19th. StockNews.com raised shares of Franco-Nevada from a “sell” rating to a “hold” rating in a research report on Thursday, August 22nd. TD Cowen raised shares of Franco-Nevada from a “hold” rating to a “buy” rating in a research report on Thursday, August 15th. TD Securities raised shares of Franco-Nevada from a “hold” rating to a “buy” rating in a research report on Thursday, August 15th. Finally, Bank of America boosted their price target on shares of Franco-Nevada from $141.00 to $142.00 and gave the company a “buy” rating in a research report on Wednesday, June 26th. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, Franco-Nevada presently has an average rating of “Moderate Buy” and an average price target of $152.75.

Franco-Nevada Trading Up 1.7 %

Franco-Nevada stock opened at $128.36 on Friday. The firm’s 50 day simple moving average is $123.49 and its 200 day simple moving average is $121.50. The firm has a market capitalization of $24.70 billion, a PE ratio of -51.55, a price-to-earnings-growth ratio of 20.59 and a beta of 0.76. Franco-Nevada Co. has a 1-year low of $102.29 and a 1-year high of $143.02.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last posted its earnings results on Tuesday, August 13th. The basic materials company reported $0.75 earnings per share for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.03). The firm had revenue of $260.10 million for the quarter, compared to the consensus estimate of $277.44 million. Franco-Nevada had a positive return on equity of 10.56% and a negative net margin of 51.64%. The business’s revenue was down 21.2% on a year-over-year basis. During the same period last year, the company posted $0.95 EPS. Research analysts forecast that Franco-Nevada Co. will post 3.2 earnings per share for the current year.

Franco-Nevada Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 26th. Shareholders of record on Thursday, September 12th will be paid a $0.36 dividend. The ex-dividend date of this dividend is Thursday, September 12th. This represents a $1.44 dividend on an annualized basis and a yield of 1.12%. Franco-Nevada’s dividend payout ratio is presently -57.83%.

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.