Wellington Management Group LLP Decreases Holdings in Franco-Nevada Co. (NYSE:FNV)

Wellington Management Group LLP reduced its position in Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) by 28.5% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 77,926 shares of the basic materials company’s stock after selling 31,014 shares during the period. Wellington Management Group LLP’s holdings in Franco-Nevada were worth $9,689,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Mechanics Financial Corp raised its stake in shares of Franco-Nevada by 150.0% during the 2nd quarter. Mechanics Financial Corp now owns 250 shares of the basic materials company’s stock worth $30,000 after buying an additional 150 shares during the last quarter. Kings Path Partners LLC acquired a new position in Franco-Nevada during the second quarter worth about $36,000. Sunbelt Securities Inc. lifted its holdings in shares of Franco-Nevada by 3,333.3% in the second quarter. Sunbelt Securities Inc. now owns 412 shares of the basic materials company’s stock valued at $49,000 after purchasing an additional 400 shares in the last quarter. Point72 DIFC Ltd acquired a new stake in shares of Franco-Nevada in the third quarter valued at approximately $52,000. Finally, Erste Asset Management GmbH purchased a new position in shares of Franco-Nevada during the 3rd quarter worth approximately $55,000. 77.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Canaccord Genuity Group raised Franco-Nevada from a “hold” rating to a “buy” rating in a research note on Monday, November 18th. Canaccord Genuity Group raised Franco-Nevada from a “hold” rating to a “buy” rating in a research note on Monday, November 18th. Jefferies Financial Group cut their target price on shares of Franco-Nevada from $137.00 to $136.00 and set a “hold” rating for the company in a research note on Thursday, October 17th. Bank of America cut shares of Franco-Nevada from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $142.00 to $139.00 in a research note on Tuesday, October 1st. Finally, UBS Group assumed coverage on shares of Franco-Nevada in a research report on Monday, November 18th. They issued a “buy” rating and a $160.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $152.83.

Franco-Nevada Stock Performance

Franco-Nevada stock opened at $119.46 on Monday. The company has a market cap of $23.00 billion, a price-to-earnings ratio of -37.80 and a beta of 0.72. Franco-Nevada Co. has a 1 year low of $103.64 and a 1 year high of $137.60. The firm has a 50 day moving average price of $125.07 and a 200 day moving average price of $123.50.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last announced its quarterly earnings data 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). The company had revenue of $275.70 million for the quarter, compared to analysts’ expectations of $279.11 million. Franco-Nevada had a negative net margin of 55.28% and a positive return on equity of 10.55%. The firm’s quarterly revenue was down 10.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.91 earnings per share. Sell-side analysts predict that Franco-Nevada Co. will post 3.22 EPS for the current year.

Franco-Nevada Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Thursday, December 5th will be paid a dividend of $0.36 per share. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $1.44 annualized dividend and a yield of 1.21%. Franco-Nevada’s dividend payout ratio is presently -45.57%.

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.