Ruffer LLP Sells 3,100 Shares of Franco-Nevada Corporation $FNV

Ruffer LLP cut its holdings in Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 33.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,220 shares of the basic materials company’s stock after selling 3,100 shares during the period. Ruffer LLP’s holdings in Franco-Nevada were worth $1,291,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. TD Waterhouse Canada Inc. lifted its stake in Franco-Nevada by 8.1% in the third quarter. TD Waterhouse Canada Inc. now owns 275,747 shares of the basic materials company’s stock worth $59,623,000 after purchasing an additional 20,664 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in Franco-Nevada by 4.5% in the third quarter. Allspring Global Investments Holdings LLC now owns 114,465 shares of the basic materials company’s stock worth $25,515,000 after purchasing an additional 4,900 shares during the last quarter. Osaic Holdings Inc. lifted its stake in Franco-Nevada by 210.4% in the second quarter. Osaic Holdings Inc. now owns 18,235 shares of the basic materials company’s stock worth $2,989,000 after purchasing an additional 12,360 shares during the last quarter. Gruss & Co. LLC bought a new stake in Franco-Nevada in the third quarter worth $557,000. Finally, TD Asset Management Inc lifted its stake in Franco-Nevada by 0.9% in the third quarter. TD Asset Management Inc now owns 2,030,684 shares of the basic materials company’s stock worth $452,095,000 after purchasing an additional 18,897 shares during the last quarter. 77.06% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on FNV. HC Wainwright boosted their price target on shares of Franco-Nevada from $285.00 to $305.00 and gave the stock a “buy” rating in a research note on Thursday, March 12th. Wall Street Zen downgraded shares of Franco-Nevada from a “buy” rating to a “hold” rating in a research note on Saturday, April 18th. Canaccord Genuity Group downgraded shares of Franco-Nevada from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 23rd. Zacks Research cut shares of Franco-Nevada from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 31st. Finally, Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Franco-Nevada in a research report on Wednesday, February 4th. Seven equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat.com, Franco-Nevada has an average rating of “Moderate Buy” and an average price target of $257.25.

Franco-Nevada Trading Down 0.3%

FNV stock opened at $246.84 on Thursday. The firm’s 50-day moving average price is $254.53 and its two-hundred day moving average price is $228.35. Franco-Nevada Corporation has a 12-month low of $152.89 and a 12-month high of $285.67. The stock has a market capitalization of $47.61 billion, a price-to-earnings ratio of 42.85, a PEG ratio of 2.64 and a beta of 0.47.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last released its quarterly earnings data on Tuesday, March 10th. The basic materials company reported $1.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.67 by $0.18. Franco-Nevada had a net margin of 61.01% and a return on equity of 15.62%. The firm had revenue of $597.30 million for the quarter, compared to analysts’ expectations of $542.02 million. During the same quarter in the previous year, the company earned $0.95 earnings per share. The company’s revenue for the quarter was up 86.1% compared to the same quarter last year. Equities analysts predict that Franco-Nevada Corporation will post 7.81 EPS for the current year.

Franco-Nevada Company Profile

Franco-Nevada Corporation is a Toronto-based royalty and streaming company that specializes in securing and managing long-term interests in mining properties. The firm focuses primarily on precious metals, particularly gold, while also holding interests related to silver, copper, platinum-group metals and select base metals. Rather than operating mines directly, Franco-Nevada acquires royalty and streaming agreements that entitle it to a percentage of production or revenue from producing and developing assets in exchange for upfront or staged financing.

The company’s business model centers on providing capital to mining companies in return for a sustained share of production or metal revenue, which can reduce exposure to operating and capital cost risks typical of mine operators.