Mufg Securities Canada LTD. Lowers Stock Position in Franco-Nevada Corporation $FNV

Mufg Securities Canada LTD. cut its stake in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 4.6% in the second quarter, HoldingsChannel reports. The fund 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 largest holding. Mufg Securities Canada LTD.’s holdings in Franco-Nevada were worth $56,832,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Transamerica Financial Advisors LLC purchased a new position in shares of Franco-Nevada during the 4th quarter valued at $25,000. Ascentis Independent Advisors bought a new stake in shares of Franco-Nevada during the first quarter valued at approximately $39,000. Navalign LLC bought a new position in shares of Franco-Nevada during the fourth quarter worth $34,000. Global Retirement Partners LLC purchased a new stake in Franco-Nevada in the 2nd quarter worth $35,000. Finally, Dunhill Financial LLC purchased a new stake in Franco-Nevada in the 2nd quarter worth $36,000. Hedge funds and other institutional investors own 77.06% of the company’s stock.

Franco-Nevada Price Performance

Franco-Nevada stock opened at $263.04 on Tuesday. The stock has a market cap of $50.73 billion, a price-to-earnings ratio of 34.38, a price-to-earnings-growth ratio of 2.46 and a beta of 0.35. The firm has a 50-day moving average of $224.99 and a two-hundred day moving average of $236.28. Franco-Nevada Corporation has a 1 year low of $181.50 and a 1 year high of $285.67.

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

Franco-Nevada Announces Dividend

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 issued a dividend of $0.44 per share. The ex-dividend date is Thursday, September 10th. This represents a $1.76 dividend on an annualized basis and a yield of 0.7%. Franco-Nevada’s dividend payout ratio is currently 23.01%.

Wall Street Analysts Forecast Growth

FNV has been the topic of a number of research analyst reports. HC Wainwright reiterated a “buy” rating and issued a $305.00 target price on shares of Franco-Nevada in a research report on Wednesday, May 13th. TD upgraded Franco-Nevada from a “hold” rating to a “buy” rating and lowered their target price for the company from $292.00 to $291.00 in a research report on Wednesday, May 20th. Royal Bank Of Canada reduced their price target on shares of Franco-Nevada from $295.00 to $285.00 and set an “outperform” rating on the stock in a research report on Thursday, July 9th. Jefferies Financial Group reduced their target price on shares of Franco-Nevada from $258.00 to $245.00 and set a “hold” rating on the stock in a report on Monday, July 6th. Finally, Bank of America lowered their price target on shares of Franco-Nevada from $276.00 to $238.00 and set a “neutral” rating for the company in a report on Thursday, July 9th. Eleven analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $273.40.

Franco-Nevada Profile

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.