Wellington Management Group LLP Cuts Stock Position in Franco-Nevada Co. (NYSE:FNV)

Wellington Management Group LLP decreased its holdings in shares of Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) by 28.5% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 77,926 shares of the basic materials company’s stock after selling 31,014 shares during the period. Wellington Management Group LLP’s holdings in Franco-Nevada were worth $9,689,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Graham Capital Wealth Management LLC lifted its stake in shares of Franco-Nevada by 0.4% during the second quarter. Graham Capital Wealth Management LLC now owns 21,183 shares of the basic materials company’s stock worth $2,511,000 after purchasing an additional 86 shares in the last quarter. Meixler Investment Management Ltd. raised its holdings in shares of Franco-Nevada by 0.5% during the 2nd quarter. Meixler Investment Management Ltd. now owns 21,460 shares of the basic materials company’s stock valued at $2,543,000 after buying an additional 101 shares during the period. Natixis Advisors LLC lifted its position in Franco-Nevada by 0.5% during the 2nd quarter. Natixis Advisors LLC now owns 19,167 shares of the basic materials company’s stock worth $2,272,000 after acquiring an additional 101 shares in the last quarter. Huntington National Bank boosted its holdings in Franco-Nevada by 7.4% in the 3rd quarter. Huntington National Bank now owns 1,486 shares of the basic materials company’s stock worth $185,000 after acquiring an additional 102 shares during the period. Finally, Primoris Wealth Advisors LLC grew its position in Franco-Nevada by 4.7% in the second quarter. Primoris Wealth Advisors LLC now owns 2,475 shares of the basic materials company’s stock valued at $293,000 after acquiring an additional 112 shares in the last quarter. 77.06% of the stock is owned by hedge funds and other institutional investors.

Franco-Nevada Trading Down 1.8 %

Shares of FNV opened at $119.46 on Monday. Franco-Nevada Co. has a 52 week low of $103.64 and a 52 week high of $137.60. The firm has a market cap of $23.00 billion, a price-to-earnings ratio of -37.80 and a beta of 0.72. The stock has a 50 day moving average of $125.07 and a 200-day moving average of $123.50.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last released its quarterly earnings data on Wednesday, November 6th. The basic materials company reported $0.80 EPS for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.03). The business had revenue of $275.70 million during the quarter, compared to analyst estimates 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 earned $0.91 EPS. On average, sell-side analysts predict 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 given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.21%. The ex-dividend date of this dividend is Thursday, December 5th. Franco-Nevada’s dividend payout ratio is presently -45.57%.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Jefferies Financial Group decreased their target price on shares of Franco-Nevada from $137.00 to $136.00 and set a “hold” rating for the company in a research note on Thursday, October 17th. Canaccord Genuity Group upgraded Franco-Nevada from a “hold” rating to a “buy” rating in a research note on Monday, November 18th. StockNews.com upgraded Franco-Nevada from a “sell” rating to a “hold” rating in a research note on Thursday, August 22nd. HC Wainwright raised their price objective on Franco-Nevada from $185.00 to $200.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Finally, Scotiabank cut their target price on Franco-Nevada from $142.00 to $141.00 and set a “sector perform” rating on the stock in a research report on Friday, November 8th. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $152.83.

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.