Mufg Securities Canada LTD. Sells 13,174 Shares of Franco-Nevada Corporation $FNV

Mufg Securities Canada LTD. reduced its stake in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 4.6% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 272,806 shares of the basic materials company’s stock after selling 13,174 shares during the period. Franco-Nevada makes up approximately 1.5% of Mufg Securities Canada LTD.’s holdings, making the stock its 23rd biggest holding. Mufg Securities Canada LTD. owned 0.14% of Franco-Nevada worth $56,832,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank bought a new stake in Franco-Nevada during the 4th quarter worth about $578,577,000. Deutsche Bank AG bought a new stake in shares of Franco-Nevada during the 2nd quarter valued at $372,435,000. Canada Pension Plan Investment Board acquired a new stake in shares of Franco-Nevada in the 2nd quarter valued at $254,515,000. First Eagle Investment Management LLC increased its position in Franco-Nevada by 26.5% during the 4th quarter. First Eagle Investment Management LLC now owns 5,123,444 shares of the basic materials company’s stock worth $1,062,037,000 after purchasing an additional 1,074,257 shares in the last quarter. Finally, Legal & General Group Plc acquired a new stake in shares of Franco-Nevada during the second quarter valued at about $193,879,000. Institutional investors and hedge funds own 77.06% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. UBS Group decreased their price target on shares of Franco-Nevada from $310.00 to $280.00 and set a “buy” rating for the company in a research report on Tuesday, June 30th. Zacks Research raised shares of Franco-Nevada from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 11th. Royal Bank Of Canada decreased their price target on Franco-Nevada from $295.00 to $285.00 and set an “outperform” rating for the company in a research report on Thursday, July 9th. National Bank Financial upgraded shares of Franco-Nevada from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, May 13th. Finally, TD Cowen raised Franco-Nevada from a “hold” rating to a “buy” rating and cut their price objective for the stock from $292.00 to $291.00 in a report on Wednesday, May 20th. Eleven analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $273.40.

Franco-Nevada Stock Down 1.2%

Shares of FNV opened at $263.04 on Tuesday. Franco-Nevada Corporation has a 52 week low of $181.50 and a 52 week high of $285.67. The business’s 50 day moving average price is $224.99 and its 200-day moving average price is $236.28. The stock has a market cap of $50.73 billion, a P/E ratio of 34.38, a P/E/G ratio of 2.46 and a beta of 0.35.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last announced its quarterly earnings results on Tuesday, August 11th. The basic materials company reported $1.81 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.95 by ($0.14). The firm had revenue of $580.90 million during the quarter, compared to the consensus estimate of $616.66 million. Franco-Nevada had a return on equity of 18.58% and a net margin of 63.79%.The business’s revenue for the quarter was up 57.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.24 EPS. On average, equities analysts anticipate that Franco-Nevada Corporation will post 7.54 EPS for the current year.

Franco-Nevada Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, September 10th will be given a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend is Thursday, September 10th. Franco-Nevada’s payout ratio is 23.01%.

About Franco-Nevada

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.