Bank of America Corp DE Cuts Position in Franco-Nevada Co. (NYSE:FNV)

Bank of America Corp DE trimmed its holdings in shares of Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) by 58.5% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 791,444 shares of the basic materials company’s stock after selling 1,116,063 shares during the period. Bank of America Corp DE owned approximately 0.41% of Franco-Nevada worth $93,066,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Van ECK Associates Corp increased its position in Franco-Nevada by 2.3% during the 4th quarter. Van ECK Associates Corp now owns 8,538,788 shares of the basic materials company’s stock valued at $1,004,046,000 after buying an additional 193,968 shares in the last quarter. Capital World Investors grew its stake in shares of Franco-Nevada by 9.8% in the fourth quarter. Capital World Investors now owns 7,948,917 shares of the basic materials company’s stock worth $934,106,000 after acquiring an additional 711,591 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Franco-Nevada by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 7,799,415 shares of the basic materials company’s stock valued at $916,540,000 after acquiring an additional 132,465 shares in the last quarter. Bank of Montreal Can raised its position in shares of Franco-Nevada by 0.3% in the 4th quarter. Bank of Montreal Can now owns 5,300,880 shares of the basic materials company’s stock worth $622,124,000 after purchasing an additional 15,273 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in Franco-Nevada by 10.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 4,286,661 shares of the basic materials company’s stock worth $504,069,000 after purchasing an additional 400,384 shares in the last quarter. 77.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on FNV. StockNews.com upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating in a research note on Monday, April 7th. Royal Bank of Canada boosted their price objective on shares of Franco-Nevada from $145.00 to $155.00 and gave the stock a “sector perform” rating in a report on Tuesday, February 11th. Scotiabank upped their price objective on Franco-Nevada from $150.00 to $165.00 and gave the company a “sector perform” rating in a research report on Monday, April 14th. TD Securities lowered Franco-Nevada from a “buy” rating to a “hold” rating and set a $152.00 target price for the company. in a report on Tuesday, March 11th. Finally, UBS Group upped their price target on Franco-Nevada from $170.00 to $190.00 and gave the company a “buy” rating in a report on Friday, April 11th. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $162.25.

Franco-Nevada Price Performance

Shares of FNV opened at $168.66 on Monday. Franco-Nevada Co. has a one year low of $112.70 and a one year high of $178.74. The business has a fifty day moving average of $159.01 and a 200 day moving average of $138.87. The firm has a market capitalization of $32.48 billion, a P/E ratio of -53.37, a PEG ratio of 9.78 and a beta of 0.45.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last released its quarterly earnings results on Thursday, May 8th. The basic materials company reported $1.07 EPS for the quarter, beating the consensus estimate of $1.00 by $0.07. The firm had revenue of $368.40 million during the quarter, compared to analyst estimates of $328.79 million. Franco-Nevada had a negative net margin of 55.28% and a positive return on equity of 10.55%. The business’s revenue for the quarter was up 43.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.76 EPS. Analysts expect that Franco-Nevada Co. will post 3.09 EPS for the current fiscal year.

Franco-Nevada Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 26th. Shareholders of record on Thursday, June 12th will be given a $0.38 dividend. The ex-dividend date is Thursday, June 12th. This represents a $1.52 annualized dividend and a yield of 0.90%. Franco-Nevada’s payout ratio is presently 47.50%.

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.