Hexavest Inc. Cuts Holdings in Franco Nevada Corp (FNV)
Hexavest Inc. reduced its position in shares of Franco Nevada Corp (NYSE:FNV) (TSE:FNV) by 25.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,942 shares of the basic materials company’s stock after selling 2,081 shares during the period. Hexavest Inc.’s holdings in Franco Nevada were worth $372,000 at the end of the most recent quarter.
A number of other large investors have also recently bought and sold shares of FNV. BNP Paribas Arbitrage SA boosted its holdings in shares of Franco Nevada by 128.6% during the 1st quarter. BNP Paribas Arbitrage SA now owns 1,600 shares of the basic materials company’s stock worth $109,000 after purchasing an additional 900 shares during the last quarter. Tuttle Tactical Management acquired a new position in shares of Franco Nevada during the 2nd quarter worth approximately $111,000. Cerebellum GP LLC boosted its holdings in shares of Franco Nevada by 2,358.0% during the 2nd quarter. Cerebellum GP LLC now owns 2,458 shares of the basic materials company’s stock worth $179,000 after purchasing an additional 2,358 shares during the last quarter. Verition Fund Management LLC acquired a new position in shares of Franco Nevada during the 1st quarter worth approximately $201,000. Finally, Janney Montgomery Scott LLC acquired a new position in shares of Franco Nevada during the 2nd quarter worth approximately $218,000. Institutional investors own 63.46% of the company’s stock.
FNV has been the topic of several recent research reports. Barclays initiated coverage on Franco Nevada in a report on Wednesday. They set an “overweight” rating and a $70.00 target price on the stock. ValuEngine upgraded Franco Nevada from a “sell” rating to a “hold” rating in a report on Tuesday, September 18th. Credit Suisse Group restated a “neutral” rating on shares of Franco Nevada in a report on Monday, September 10th. Desjardins upgraded Franco Nevada from a “sell” rating to a “hold” rating in a report on Wednesday, July 18th. Finally, Zacks Investment Research cut Franco Nevada from a “hold” rating to a “strong sell” rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $88.89.
Franco Nevada (NYSE:FNV) (TSE:FNV) last released its quarterly earnings data on Wednesday, August 8th. The basic materials company reported $0.29 EPS for the quarter, meeting analysts’ consensus estimates of $0.29. Franco Nevada had a return on equity of 4.80% and a net margin of 32.94%. The firm had revenue of $161.30 million for the quarter, compared to analysts’ expectations of $169.46 million. During the same period in the prior year, the firm posted $0.25 earnings per share. The firm’s quarterly revenue was down 1.4% on a year-over-year basis. Equities analysts anticipate that Franco Nevada Corp will post 1.19 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 27th. Investors of record on Thursday, September 13th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 1.45%. The ex-dividend date of this dividend was Wednesday, September 12th. Franco Nevada’s dividend payout ratio is presently 88.89%.
Franco Nevada Company Profile
Franco-Nevada Corporation operates as a gold-focused royalty and stream company in the United States, Canada, Mexico, Peru, Chile, Australia, and Africa. The company also holds interests in silver, platinum group metals, oil and gas, and other resource assets. As of December 31, 2017, it had a portfolio of 341 assets.
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