Franco-Nevada Co. (NYSE:FNV) Shares Sold by HighTower Advisors LLC

HighTower Advisors LLC decreased its holdings in shares of Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) by 1.2% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 82,070 shares of the basic materials company’s stock after selling 980 shares during the quarter. HighTower Advisors LLC’s holdings in Franco-Nevada were worth $10,166,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of FNV. Massachusetts Financial Services Co. MA grew its stake in Franco-Nevada by 0.5% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 12,286,603 shares of the basic materials company’s stock valued at $1,456,208,000 after acquiring an additional 64,429 shares in the last quarter. Van ECK Associates Corp grew its position in shares of Franco-Nevada by 1.8% in the second quarter. Van ECK Associates Corp now owns 8,626,736 shares of the basic materials company’s stock valued at $1,022,452,000 after purchasing an additional 151,566 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of 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 valued at $433,538,000 after purchasing an additional 424,810 shares during the last quarter. First Eagle Investment Management LLC lifted its position in Franco-Nevada by 1.5% during the second quarter. First Eagle Investment Management LLC now owns 3,260,300 shares of the basic materials company’s stock worth $386,597,000 after buying an additional 47,311 shares in the last quarter. Finally, EdgePoint Investment Group Inc. boosted its stake in Franco-Nevada by 0.5% during the second quarter. EdgePoint Investment Group Inc. now owns 2,772,446 shares of the basic materials company’s stock worth $328,751,000 after buying an additional 12,769 shares during the last quarter. 77.06% of the stock is currently owned by institutional investors and hedge funds.

Franco-Nevada Stock Down 2.3 %

FNV opened at $120.65 on Monday. The firm has a market cap of $23.22 billion, a P/E ratio of -38.18 and a beta of 0.72. Franco-Nevada Co. has a 52 week low of $102.29 and a 52 week high of $137.60. The business has a fifty day simple moving average of $125.21 and a 200-day simple moving average of $123.52.

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

Franco-Nevada Announces Dividend

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

Analysts Set New Price Targets

Several research analysts have recently commented on FNV shares. TD Securities upgraded Franco-Nevada from a “hold” rating to a “buy” rating in a report on Thursday, August 15th. Bank of America lowered shares of Franco-Nevada from a “buy” rating to a “neutral” rating and decreased their target price for the company from $142.00 to $139.00 in a report on Tuesday, October 1st. TD Cowen upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating in a report on Thursday, August 15th. Canaccord Genuity Group upgraded Franco-Nevada from a “hold” rating to a “buy” rating in a report on Monday, November 18th. Finally, HC Wainwright raised their target price on Franco-Nevada from $185.00 to $200.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $152.83.

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.