Iron Gate Global Advisors LLC Reduces Stock Position in Franco-Nevada Co. (NYSE:FNV)

Iron Gate Global Advisors LLC decreased its holdings in Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) by 9.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,925 shares of the basic materials company’s stock after selling 203 shares during the quarter. Iron Gate Global Advisors LLC’s holdings in Franco-Nevada were worth $239,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Mechanics Financial Corp grew its holdings in shares of Franco-Nevada by 150.0% during the 2nd quarter. Mechanics Financial Corp now owns 250 shares of the basic materials company’s stock worth $30,000 after purchasing an additional 150 shares during the period. Mather Group LLC. purchased a new stake in shares of Franco-Nevada during the 2nd quarter worth about $33,000. Kings Path Partners LLC purchased a new stake in shares of Franco-Nevada during the 2nd quarter worth about $36,000. Sunbelt Securities Inc. grew its holdings in shares of Franco-Nevada by 3,333.3% during the 2nd quarter. Sunbelt Securities Inc. now owns 412 shares of the basic materials company’s stock worth $49,000 after purchasing an additional 400 shares during the period. Finally, Erste Asset Management GmbH purchased a new stake in shares of Franco-Nevada during the 3rd quarter worth about $55,000. Hedge funds and other institutional investors own 77.06% of the company’s stock.

Franco-Nevada Stock Down 1.0 %

Shares of NYSE FNV opened at $121.37 on Tuesday. The business has a fifty day simple moving average of $125.67 and a 200-day simple moving average of $123.67. The company has a market cap of $23.36 billion, a price-to-earnings ratio of -38.41 and a beta of 0.72. Franco-Nevada Co. has a 12 month low of $102.29 and a 12 month high of $137.60.

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

Franco-Nevada Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Thursday, December 5th will be paid a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 1.19%. The ex-dividend date of this dividend is Thursday, December 5th. Franco-Nevada’s dividend payout ratio is currently -45.57%.

Analysts Set New Price Targets

FNV has been the topic of several recent research reports. UBS Group initiated coverage on Franco-Nevada in a research report on Monday, November 18th. They set a “buy” rating and a $160.00 price target on the stock. Canaccord Genuity Group raised Franco-Nevada from a “hold” rating to a “buy” rating in a research report on Monday, November 18th. Scotiabank cut their target price on Franco-Nevada from $142.00 to $141.00 and set a “sector perform” rating on the stock in a research report on Friday, November 8th. Canaccord Genuity Group upgraded Franco-Nevada from a “hold” rating to a “buy” rating in a report on Monday, November 18th. Finally, TD Securities upgraded Franco-Nevada from a “hold” rating to a “buy” rating in a report on Thursday, August 15th. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $152.83.

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.