Principal Financial Group Inc. Sells 44,432 Shares of Franco-Nevada Co. (NYSE:FNV)

Principal Financial Group Inc. decreased its stake in shares of Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) by 77.2% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 13,123 shares of the basic materials company’s stock after selling 44,432 shares during the quarter. Principal Financial Group Inc.’s holdings in Franco-Nevada were worth $1,632,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the stock. Mechanics Financial Corp grew its position in Franco-Nevada by 150.0% during the second quarter. Mechanics Financial Corp now owns 250 shares of the basic materials company’s stock worth $30,000 after buying an additional 150 shares in the last quarter. Mather Group LLC. bought a new stake in shares of Franco-Nevada in the 2nd quarter worth approximately $33,000. Kings Path Partners LLC bought a new stake in shares of Franco-Nevada in the 2nd quarter worth approximately $36,000. Sunbelt Securities Inc. raised its stake 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 purchasing an additional 400 shares in the last quarter. Finally, Ridgewood Investments LLC acquired a new stake in Franco-Nevada during the second quarter worth $68,000. Institutional investors and hedge funds own 77.06% of the company’s stock.

Franco-Nevada Price Performance

FNV stock opened at $123.63 on Friday. The business has a fifty day moving average price of $126.13 and a 200 day moving average price of $123.90. The stock has a market capitalization of $23.80 billion, a price-to-earnings ratio of -39.14, a P/E/G ratio of 20.46 and a beta of 0.75. Franco-Nevada Co. has a fifty-two week low of $102.29 and a fifty-two week high of $137.60.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last announced its quarterly earnings data on Wednesday, November 6th. The basic materials company reported $0.80 earnings per share for the quarter, missing the consensus estimate of $0.83 by ($0.03). The firm had revenue of $275.70 million for the quarter, compared to the consensus estimate of $279.11 million. Franco-Nevada had a positive return on equity of 10.55% and a negative net margin of 55.28%. The business’s revenue for the quarter was down 10.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.91 earnings per share. On average, equities analysts expect that Franco-Nevada Co. will post 3.22 earnings per share for the current fiscal year.

Franco-Nevada Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Thursday, December 5th will be issued a $0.36 dividend. The ex-dividend date is Thursday, December 5th. This represents a $1.44 annualized dividend and a yield of 1.16%. Franco-Nevada’s dividend payout ratio is currently -45.57%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on FNV shares. Canaccord Genuity Group upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating in a research note on Monday, November 18th. TD Securities raised shares of Franco-Nevada from a “hold” rating to a “buy” rating in a research report on Thursday, August 15th. Scotiabank decreased their price objective on Franco-Nevada from $142.00 to $141.00 and set a “sector perform” rating on the stock in a report on Friday, November 8th. UBS Group started coverage on Franco-Nevada in a report on Monday, November 18th. They issued a “buy” rating and a $160.00 target price for the company. Finally, HC Wainwright raised their target price on Franco-Nevada from $185.00 to $200.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Four research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $148.86.

Franco-Nevada Company 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.