Franco-Nevada Co. (NYSE:FNV) Shares Sold by CIBC Asset Management Inc

CIBC Asset Management Inc cut its holdings in Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) by 2.0% in the third quarter, Holdings Channel reports. The institutional investor owned 1,020,389 shares of the basic materials company’s stock after selling 20,313 shares during the quarter. CIBC Asset Management Inc’s holdings in Franco-Nevada were worth $127,036,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Metis Global Partners LLC increased its position in shares of Franco-Nevada by 22.7% during the third quarter. Metis Global Partners LLC now owns 15,153 shares of the basic materials company’s stock worth $1,882,000 after purchasing an additional 2,807 shares in the last quarter. Aubrey Capital Management Ltd lifted its stake in Franco-Nevada by 26.6% in the 3rd quarter. Aubrey Capital Management Ltd now owns 9,253 shares of the basic materials company’s stock worth $1,149,000 after purchasing an additional 1,942 shares in the last quarter. Huntington National Bank boosted its holdings in shares of Franco-Nevada by 7.4% during the 3rd quarter. Huntington National Bank now owns 1,486 shares of the basic materials company’s stock worth $185,000 after purchasing an additional 102 shares during the last quarter. Plato Investment Management Ltd purchased a new stake in shares of Franco-Nevada in the third quarter valued at approximately $1,850,000. Finally, Victory Capital Management Inc. increased its holdings in shares of Franco-Nevada by 13.9% in the third quarter. Victory Capital Management Inc. now owns 3,489,240 shares of the basic materials company’s stock valued at $433,538,000 after purchasing an additional 424,810 shares during the last quarter. 77.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have issued reports on FNV. Bank of America cut Franco-Nevada from a “buy” rating to a “neutral” rating and dropped their target price for the company from $142.00 to $139.00 in a report on Tuesday, October 1st. TD Cowen raised shares of Franco-Nevada from a “hold” rating to a “buy” rating in a report on Thursday, August 15th. HC Wainwright lifted their target price on shares of Franco-Nevada from $185.00 to $200.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. TD Securities raised shares of Franco-Nevada from a “hold” rating to a “buy” rating in a research note on Thursday, August 15th. Finally, StockNews.com raised shares of Franco-Nevada from a “sell” rating to a “hold” rating in a research report on Thursday, August 22nd. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Franco-Nevada presently has an average rating of “Moderate Buy” and an average price target of $156.57.

Franco-Nevada Price Performance

Shares of FNV opened at $115.22 on Friday. Franco-Nevada Co. has a 1 year low of $102.29 and a 1 year high of $137.60. The company’s 50-day simple moving average is $126.29 and its 200-day simple moving average is $123.98.

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

Franco-Nevada Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Thursday, December 5th will be issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 1.25%. The ex-dividend date of this dividend is Thursday, December 5th. Franco-Nevada’s dividend payout ratio (DPR) is presently -45.57%.

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.