The Manufacturers Life Insurance Company Sells 80,246 Shares of Franco-Nevada Corporation $FNV

by · The Cerbat Gem

The Manufacturers Life Insurance Company cut its stake in Franco-Nevada Corporation (NYSE:FNV – Free Report) (TSE:FNV) by 4.1% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,900,526 shares of the basic materials company’s stock after selling 80,246 shares during the period. The Manufacturers Life Insurance Company’s holdings in Franco-Nevada were worth $310,559,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. boosted its holdings in shares of Franco-Nevada by 1.0% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 427,565 shares of the basic materials company’s stock worth $67,237,000 after purchasing an additional 4,399 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Franco-Nevada by 4.9% in the 1st quarter. JPMorgan Chase & Co. now owns 1,009,769 shares of the basic materials company’s stock worth $159,099,000 after buying an additional 47,098 shares during the last quarter. King Luther Capital Management Corp bought a new stake in Franco-Nevada in the 1st quarter worth approximately $236,000. Aigen Investment Management LP purchased a new stake in Franco-Nevada in the first quarter worth approximately $333,000. Finally, Nuveen LLC bought a new position in Franco-Nevada during the first quarter valued at approximately $31,852,000. Hedge funds and other institutional investors own 77.06% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on FNV. Royal Bank Of Canada raised shares of Franco-Nevada from a “sector perform” rating to an “outperform” rating and lifted their price target for the stock from $225.00 to $250.00 in a research note on Wednesday. UBS Group increased their target price on shares of Franco-Nevada from $260.00 to $270.00 and gave the company a “buy” rating in a report on Monday, December 1st. Canaccord Genuity Group raised shares of Franco-Nevada from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 22nd. Scotiabank upped their price target on shares of Franco-Nevada from $184.00 to $225.00 and gave the company a “sector perform” rating in a research report on Thursday, October 23rd. Finally, Zacks Research cut Franco-Nevada from a “strong-buy” rating to a “hold” rating in a research note on Monday. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $232.75.

View Our Latest Research Report on Franco-Nevada

Franco-Nevada Stock Up 2.6%

NYSE:FNV opened at $208.13 on Thursday. The firm has a market capitalization of $40.12 billion, a P/E ratio of 43.63, a P/E/G ratio of 1.57 and a beta of 0.46. The company has a fifty day moving average of $199.93 and a 200 day moving average of $185.22. Franco-Nevada Corporation has a 52 week low of $114.81 and a 52 week high of $225.63.

Franco-Nevada (NYSE:FNV – Get Free Report) (TSE:FNV) last announced its quarterly earnings results on Monday, November 3rd. The basic materials company reported $1.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.37 by $0.06. Franco-Nevada had a net margin of 59.48% and a return on equity of 13.94%. The business had revenue of $487.70 million for the quarter, compared to analyst estimates of $448.51 million. During the same quarter last year, the firm earned $0.80 EPS. The company’s revenue was up 76.9% on a year-over-year basis. As a group, analysts anticipate that Franco-Nevada Corporation will post 3.09 EPS for the current year.

Franco-Nevada Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 18th. Investors of record on Thursday, December 4th will be issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date is Thursday, December 4th. Franco-Nevada’s payout ratio is currently 31.87%.

About Franco-Nevada

(Free Report)

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.

See Also

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