Veritas Asset Management LLP Has $9.73 Million Position in Franco-Nevada Co. (NYSE:FNV)

Veritas Asset Management LLP cut its stake in Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) by 13.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 78,269 shares of the basic materials company’s stock after selling 12,272 shares during the quarter. Franco-Nevada accounts for 0.1% of Veritas Asset Management LLP’s holdings, making the stock its 26th biggest position. Veritas Asset Management LLP’s holdings in Franco-Nevada were worth $9,725,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Mechanics Financial Corp increased its stake in Franco-Nevada by 150.0% in 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. bought a new stake in Franco-Nevada during the 2nd quarter worth approximately $33,000. Kings Path Partners LLC acquired a new stake in Franco-Nevada during the 2nd quarter worth approximately $36,000. Sunbelt Securities Inc. lifted its stake in 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 in the last quarter. Finally, Hillsdale Investment Management Inc. boosted its holdings in shares of Franco-Nevada by 33.3% in the first quarter. Hillsdale Investment Management Inc. now owns 440 shares of the basic materials company’s stock valued at $52,000 after buying an additional 110 shares during the period. 77.06% of the stock is currently owned by institutional investors and hedge funds.

Franco-Nevada Stock Performance

Shares of FNV stock traded down $0.95 during midday trading on Friday, hitting $131.71. 509,794 shares of the company were exchanged, compared to its average volume of 643,483. The firm’s 50 day moving average price is $126.03 and its two-hundred day moving average price is $123.85. The firm has a market capitalization of $25.35 billion, a P/E ratio of -43.33, a PEG ratio of 22.19 and a beta of 0.75. Franco-Nevada Co. has a 52 week low of $102.29 and a 52 week high of $137.60.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last announced its earnings results on Tuesday, August 13th. The basic materials company reported $0.75 earnings per share for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.03). The firm had revenue of $260.10 million for the quarter, compared to the consensus estimate of $277.44 million. Franco-Nevada had a positive return on equity of 10.56% and a negative net margin of 51.64%. Franco-Nevada’s revenue for the quarter was down 21.2% on a year-over-year basis. During the same quarter last year, the business posted $0.95 EPS. Analysts expect that Franco-Nevada Co. will post 3.25 EPS for the current year.

Franco-Nevada Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 26th. Stockholders of record on Thursday, September 12th were issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.09%. The ex-dividend date of this dividend was Thursday, September 12th. Franco-Nevada’s dividend payout ratio is currently -47.37%.

Analyst Ratings Changes

Several research firms recently commented on FNV. Bank of America cut shares of Franco-Nevada from a “buy” rating to a “neutral” rating and cut their price objective for the company from $142.00 to $139.00 in a research report on Tuesday, October 1st. TD Cowen upgraded Franco-Nevada from a “hold” rating to a “buy” rating in a report on Thursday, August 15th. Scotiabank boosted their target price on shares of Franco-Nevada from $141.00 to $142.00 and gave the stock a “sector perform” rating in a report on Monday, August 19th. TD Securities raised shares of Franco-Nevada from a “hold” rating to a “buy” rating in a research report on Thursday, August 15th. Finally, StockNews.com upgraded shares of Franco-Nevada from a “sell” rating to a “hold” rating in a research note on Thursday, August 22nd. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $154.57.

About Franco-Nevada

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.