Moran Wealth Management LLC Cuts Stock Position in Franco-Nevada Co. (NYSE:FNV)

Moran Wealth Management LLC trimmed its holdings in shares of Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) by 6.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,244 shares of the basic materials company’s stock after selling 632 shares during the quarter. Moran Wealth Management LLC’s holdings in Franco-Nevada were worth $1,149,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Mechanics Financial Corp lifted its holdings in Franco-Nevada by 150.0% during the second quarter. Mechanics Financial Corp now owns 250 shares of the basic materials company’s stock valued at $30,000 after purchasing an additional 150 shares in the last quarter. Mather Group LLC. acquired a new stake in Franco-Nevada during the 2nd quarter worth $33,000. Kings Path Partners LLC purchased a new stake in shares of Franco-Nevada during the second quarter worth $36,000. Sunbelt Securities Inc. raised its position in shares of Franco-Nevada by 3,333.3% in the second quarter. Sunbelt Securities Inc. now owns 412 shares of the basic materials company’s stock valued at $49,000 after buying an additional 400 shares during the last quarter. Finally, Ridgewood Investments LLC purchased a new position in shares of Franco-Nevada in the second quarter worth about $68,000. Hedge funds and other institutional investors own 77.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on FNV. StockNews.com upgraded shares of Franco-Nevada from a “sell” rating to a “hold” rating in a report on Thursday, August 22nd. TD Securities upgraded Franco-Nevada from a “hold” rating to a “buy” rating in a research report on Thursday, August 15th. Scotiabank dropped their target price on Franco-Nevada from $142.00 to $141.00 and set a “sector perform” rating for the company in a report on Friday, November 8th. Bank of America cut shares of Franco-Nevada from a “buy” rating to a “neutral” rating and lowered their price target for the company from $142.00 to $139.00 in a research report on Tuesday, October 1st. Finally, HC Wainwright raised their price objective on shares of Franco-Nevada from $185.00 to $200.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Four investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $148.86.

Franco-Nevada Stock Performance

Franco-Nevada stock opened at $123.23 on Friday. The company’s 50 day simple moving average is $126.13 and its 200-day simple moving average is $123.90. Franco-Nevada Co. has a 1 year low of $102.29 and a 1 year high of $137.60. The company has a market capitalization of $23.72 billion, a price-to-earnings ratio of -39.00, a price-to-earnings-growth ratio of 20.46 and a beta of 0.75.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last announced 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 firm had revenue of $275.70 million during the quarter, compared to analysts’ expectations of $279.11 million. During the same period in the previous year, the firm earned $0.91 EPS. The firm’s revenue for the quarter was down 10.9% compared to the same quarter last year. Equities analysts expect that Franco-Nevada Co. will post 3.22 earnings per share for the current year.

Franco-Nevada Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Thursday, December 5th will be issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 1.17%. The ex-dividend date of this dividend is Thursday, December 5th. Franco-Nevada’s dividend payout ratio (DPR) is -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.