Korea Investment CORP Lowers Stake in Franco Nevada Corp (FNV)

Korea Investment CORP reduced its stake in shares of Franco Nevada Corp (NYSE:FNV) (TSE:FNV) by 46.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 12,190 shares of the basic materials company’s stock after selling 10,451 shares during the period. Korea Investment CORP’s holdings in Franco Nevada were worth $762,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp lifted its stake in shares of Franco Nevada by 13.7% during the second quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 543,547 shares of the basic materials company’s stock worth $52,153,000 after buying an additional 65,500 shares during the period. Millennium Management LLC lifted its stake in shares of Franco Nevada by 133.7% during the second quarter. Millennium Management LLC now owns 77,571 shares of the basic materials company’s stock worth $5,664,000 after buying an additional 44,385 shares during the period. Gabelli Funds LLC lifted its stake in shares of Franco Nevada by 8.8% during the third quarter. Gabelli Funds LLC now owns 551,400 shares of the basic materials company’s stock worth $34,490,000 after buying an additional 44,400 shares during the period. Renaissance Technologies LLC lifted its stake in shares of Franco Nevada by 12.6% during the second quarter. Renaissance Technologies LLC now owns 2,458,200 shares of the basic materials company’s stock worth $179,498,000 after buying an additional 274,300 shares during the period. Finally, Investec Asset Management LTD acquired a new stake in shares of Franco Nevada during the second quarter worth $17,440,000. Institutional investors and hedge funds own 65.52% of the company’s stock.

Shares of Franco Nevada stock opened at $72.21 on Friday. Franco Nevada Corp has a 1 year low of $58.26 and a 1 year high of $80.79. The firm has a market cap of $13.12 billion, a P/E ratio of 58.67, a price-to-earnings-growth ratio of 15.02 and a beta of -0.06.

Franco Nevada (NYSE:FNV) (TSE:FNV) last issued its earnings results on Monday, November 5th. The basic materials company reported $0.29 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.26 by $0.03. Franco Nevada had a net margin of 31.81% and a return on equity of 4.76%. The firm had revenue of $170.60 million during the quarter, compared to analysts’ expectations of $158.85 million. During the same quarter last year, the company posted $0.30 earnings per share. The firm’s revenue was down .5% compared to the same quarter last year. As a group, analysts forecast that Franco Nevada Corp will post 1.17 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 20th. Investors of record on Thursday, December 6th will be issued a dividend of $0.24 per share. The ex-dividend date is Wednesday, December 5th. This represents a $0.96 annualized dividend and a dividend yield of 1.33%. Franco Nevada’s dividend payout ratio (DPR) is presently 88.89%.

Several equities research analysts have recently commented on FNV shares. ValuEngine downgraded shares of Franco Nevada from a “hold” rating to a “sell” rating in a research note on Tuesday, September 4th. Credit Suisse Group reiterated a “neutral” rating on shares of Franco Nevada in a research note on Monday, September 10th. Deutsche Bank set a $74.00 price objective on shares of Franco Nevada and gave the stock a “hold” rating in a research note on Tuesday, October 2nd. Desjardins upgraded shares of Franco Nevada from a “sell” rating to a “hold” rating in a research note on Saturday, October 6th. Finally, Barclays started coverage on shares of Franco Nevada in a research note on Wednesday, October 10th. They set an “overweight” rating and a $70.00 price objective for the company. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $80.71.

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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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Institutional Ownership by Quarter for Franco Nevada (NYSE:FNV)

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