The Manufacturers Life Insurance Company Sells 52,532 Shares of Franco-Nevada Co. (NYSE:FNV)

The Manufacturers Life Insurance Company cut its stake in Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) by 2.5% in the third quarter, Holdings Channel reports. The institutional investor owned 2,083,817 shares of the basic materials company’s stock after selling 52,532 shares during the period. The Manufacturers Life Insurance Company’s holdings in Franco-Nevada were worth $258,984,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Massachusetts Financial Services Co. MA lifted its holdings in shares of Franco-Nevada by 0.5% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 12,286,603 shares of the basic materials company’s stock worth $1,456,208,000 after acquiring an additional 64,429 shares during the last quarter. Van ECK Associates Corp lifted its stake in 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 worth $1,022,452,000 after purchasing an additional 151,566 shares during the last quarter. Victory Capital Management Inc. boosted its position in shares of Franco-Nevada by 13.9% during 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 buying an additional 424,810 shares during the period. First Eagle Investment Management LLC grew its stake in shares of 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 valued at $386,597,000 after buying an additional 47,311 shares during the last quarter. Finally, EdgePoint Investment Group Inc. raised its holdings in shares of Franco-Nevada by 0.5% in 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 period. 77.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have commented on FNV shares. Jefferies Financial Group cut their price objective on Franco-Nevada from $137.00 to $136.00 and set a “hold” rating on the stock in a research report on Thursday, October 17th. Canaccord Genuity Group upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating in a report on Monday, November 18th. UBS Group assumed coverage on shares of Franco-Nevada in a research note on Monday, November 18th. They issued a “buy” rating and a $160.00 price target on the stock. Scotiabank lowered their price objective on shares of Franco-Nevada from $142.00 to $141.00 and set a “sector perform” rating for the company in a research report on Friday, November 8th. Finally, Bank of America lowered shares of Franco-Nevada from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $142.00 to $139.00 in a research report on Tuesday, October 1st. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $148.86.

Franco-Nevada Stock Down 2.5 %

Shares of NYSE:FNV opened at $120.57 on Tuesday. The firm has a 50 day moving average of $126.01 and a 200 day moving average of $123.81. The company has a market capitalization of $23.21 billion, a price-to-earnings ratio of -38.15, a price-to-earnings-growth ratio of 20.87 and a beta of 0.75. Franco-Nevada Co. has a 52 week low of $102.29 and a 52 week high of $137.60.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last issued its quarterly earnings data on Wednesday, November 6th. The basic materials company reported $0.80 earnings per share for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.03). Franco-Nevada had a positive return on equity of 10.55% and a negative net margin of 55.28%. The company had revenue of $275.70 million for the quarter, compared to analysts’ expectations of $279.11 million. During the same quarter last year, the company earned $0.91 earnings per share. The company’s revenue for the quarter was down 10.9% compared to the same quarter last year. On average, sell-side analysts expect that Franco-Nevada Co. will post 3.22 EPS for the current year.

Franco-Nevada Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Thursday, December 5th will be paid 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 (DPR) is -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.