Cortland Associates Inc. MO Reduces Stock Position in Franco-Nevada Co. (NYSE:FNV)

Cortland Associates Inc. MO reduced its position in shares of Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) by 8.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,946 shares of the basic materials company’s stock after selling 370 shares during the period. Cortland Associates Inc. MO’s holdings in Franco-Nevada were worth $622,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Charles Schwab Investment Management Inc. lifted its holdings in Franco-Nevada by 3.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 423,166 shares of the basic materials company’s stock worth $49,702,000 after buying an additional 16,029 shares during the period. JPMorgan Chase & Co. lifted its holdings in Franco-Nevada by 5.0% in the fourth quarter. JPMorgan Chase & Co. now owns 962,671 shares of the basic materials company’s stock worth $113,200,000 after buying an additional 45,495 shares during the period. Steward Partners Investment Advisory LLC lifted its holdings in Franco-Nevada by 113.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 5,109 shares of the basic materials company’s stock worth $601,000 after buying an additional 2,710 shares during the period. Raymond James Financial Inc. purchased a new stake in Franco-Nevada in the fourth quarter worth about $12,280,000. Finally, Annex Advisory Services LLC lifted its holdings in Franco-Nevada by 14.9% in the first quarter. Annex Advisory Services LLC now owns 183,106 shares of the basic materials company’s stock worth $28,850,000 after buying an additional 23,702 shares during the period. 77.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on FNV shares. National Bankshares restated a “sector perform” rating on shares of Franco-Nevada in a report on Wednesday, April 23rd. Wall Street Zen upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating in a report on Monday, April 7th. TD Securities lowered shares of 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. HC Wainwright reiterated a “buy” rating and set a $195.00 target price (up from $180.00) on shares of Franco-Nevada in a report on Wednesday, May 28th. Finally, BMO Capital Markets reiterated an “outperform” rating on shares of Franco-Nevada in a report on Wednesday, May 28th. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, Franco-Nevada has a consensus rating of “Moderate Buy” and a consensus target price of $169.63.

Franco-Nevada Stock Up 2.4%

Shares of FNV opened at $171.74 on Friday. The company has a market capitalization of $33.09 billion, a P/E ratio of -54.35, a price-to-earnings-growth ratio of 9.78 and a beta of 0.42. The firm has a 50 day moving average of $166.56 and a 200 day moving average of $145.79. Franco-Nevada Co. has a twelve month low of $112.70 and a twelve month high of $179.99.

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

Franco-Nevada Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 26th. Investors of record on Thursday, June 12th will be given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 0.89%. The ex-dividend date is Thursday, June 12th. Franco-Nevada’s dividend payout ratio (DPR) is currently 47.50%.

Franco-Nevada 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.