Chevy Chase Trust Holdings LLC Sells 35,984 Shares of Franco-Nevada Co. (NYSE:FNV)

Chevy Chase Trust Holdings LLC cut its stake in shares of Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) by 5.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 590,769 shares of the basic materials company’s stock after selling 35,984 shares during the period. Chevy Chase Trust Holdings LLC owned about 0.31% of Franco-Nevada worth $73,403,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC purchased a new stake in Franco-Nevada in the 2nd quarter valued at about $276,446,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in shares of Franco-Nevada by 3,404.9% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 727,681 shares of the basic materials company’s stock valued at $86,287,000 after acquiring an additional 706,919 shares in the last quarter. Victory Capital Management Inc. increased 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 acquiring an additional 424,810 shares during the last quarter. National Bank of Canada FI lifted its holdings in Franco-Nevada by 25.4% during the second quarter. National Bank of Canada FI now owns 1,351,218 shares of the basic materials company’s stock worth $159,178,000 after acquiring an additional 274,069 shares during the period. Finally, Clearbridge Investments LLC boosted its position in Franco-Nevada by 4,361.2% in the second quarter. Clearbridge Investments LLC now owns 275,571 shares of the basic materials company’s stock worth $32,659,000 after purchasing an additional 269,394 shares during the last quarter. 77.06% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently issued reports on FNV shares. Bank of America downgraded shares of Franco-Nevada from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $142.00 to $139.00 in a report on Tuesday, October 1st. Jefferies Financial Group lowered their target price on Franco-Nevada from $137.00 to $136.00 and set a “hold” rating on the stock in a research note on Thursday, October 17th. Canaccord Genuity Group upgraded Franco-Nevada from a “hold” rating to a “buy” rating in a research note on Monday, November 18th. Scotiabank lowered their price objective on Franco-Nevada from $142.00 to $141.00 and set a “sector perform” rating on the stock in a research note on Friday, November 8th. Finally, UBS Group began coverage on shares of Franco-Nevada in a report on Monday, November 18th. They set a “buy” rating and a $160.00 price objective on the stock. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $152.83.

Franco-Nevada Stock Down 0.5 %

Shares of FNV opened at $122.00 on Monday. The business’s 50-day moving average price is $125.77 and its 200-day moving average price is $123.71. Franco-Nevada Co. has a twelve month low of $102.29 and a twelve month high of $137.60. The stock has a market cap of $23.48 billion, a PE ratio of -38.80, a P/E/G ratio of 20.72 and a beta of 0.75.

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

Franco-Nevada Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Thursday, December 5th will be given a dividend of $0.36 per share. The ex-dividend date is Thursday, December 5th. This represents a $1.44 annualized dividend and a yield of 1.18%. Franco-Nevada’s payout ratio is presently -45.57%.

Franco-Nevada Company Profile

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.