Russell Investments Group Ltd. Has $9.95 Million Stock Holdings in Franco-Nevada Co. (NYSE:FNV)

Posted by on May 13th, 2023

Russell Investments Group Ltd. cut its position in shares of Franco-Nevada Co. (NYSE:FNV – Get Rating) (TSE:FNV) by 19.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 73,071 shares of the basic materials company’s stock after selling 17,176 shares during the quarter. Russell Investments Group Ltd.’s holdings in Franco-Nevada were worth $9,954,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in FNV. Horizon Kinetics Asset Management LLC boosted its holdings in Franco-Nevada by 13,486.3% during the fourth quarter. Horizon Kinetics Asset Management LLC now owns 146,537,059 shares of the basic materials company’s stock valued at $1,074,000 after purchasing an additional 145,458,494 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in Franco-Nevada by 3.2% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 10,019,338 shares of the basic materials company’s stock worth $1,196,471,000 after purchasing an additional 308,992 shares during the last quarter. Vanguard Group Inc. raised its position in Franco-Nevada by 3.0% in the 3rd quarter. Vanguard Group Inc. now owns 6,670,398 shares of the basic materials company’s stock worth $796,979,000 after purchasing an additional 192,144 shares during the last quarter. Jarislowsky Fraser Ltd raised its position in Franco-Nevada by 5.1% in the 3rd quarter. Jarislowsky Fraser Ltd now owns 3,032,258 shares of the basic materials company’s stock worth $364,122,000 after purchasing an additional 148,488 shares during the last quarter. Finally, Troy Asset Management Ltd raised its position in Franco-Nevada by 0.6% in the 3rd quarter. Troy Asset Management Ltd now owns 2,392,225 shares of the basic materials company’s stock worth $285,823,000 after purchasing an additional 14,220 shares during the last quarter. 66.69% of the stock is owned by institutional investors and hedge funds.

Franco-Nevada Stock Up 1.3 %

FNV stock opened at $156.72 on Friday. The firm has a market cap of $30.07 billion, a price-to-earnings ratio of 44.65, a PEG ratio of 11.31 and a beta of 0.71. Franco-Nevada Co. has a 12-month low of $109.70 and a 12-month high of $161.25. The company’s fifty day simple moving average is $148.72 and its 200 day simple moving average is $141.58.

Franco-Nevada (NYSE:FNV – Get Rating) (TSE:FNV) last posted its earnings results on Tuesday, May 2nd. The basic materials company reported $0.79 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.02. Franco-Nevada had a net margin of 53.87% and a return on equity of 10.58%. The company had revenue of $276.30 million for the quarter, compared to analyst estimates of $302.62 million. During the same quarter in the prior year, the business posted $0.93 EPS. The firm’s revenue was down 18.4% compared to the same quarter last year. Research analysts expect that Franco-Nevada Co. will post 3.51 earnings per share for the current year.

Franco-Nevada Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 29th. Investors of record on Thursday, June 15th will be issued a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 0.87%. The ex-dividend date of this dividend is Wednesday, June 14th. Franco-Nevada’s dividend payout ratio (DPR) is presently 38.75%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. CIBC boosted their price objective on shares of Franco-Nevada from C$230.00 to C$240.00 in a research report on Tuesday, February 7th. Barclays upped their target price on shares of Franco-Nevada from $115.00 to $127.00 and gave the company an “underweight” rating in a research report on Friday, April 21st. National Bank Financial upped their target price on shares of Franco-Nevada from C$190.00 to C$200.00 in a research report on Friday, January 13th. HC Wainwright upped their target price on shares of Franco-Nevada from $145.00 to $180.00 in a research report on Thursday, May 4th. Finally, Raymond James upped their price objective on shares of Franco-Nevada from $163.00 to $165.00 and gave the company an “outperform” rating in a research report on Wednesday, May 3rd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Franco-Nevada presently has an average rating of “Hold” and an average price target of $174.29.

About Franco-Nevada

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Franco-Nevada Corp. engages in the management of gold-focused royalties and streams portfolio. It provides investors with gold price and exploration optionality while limiting exposure to many of the risks of operating companies. The company was founded in 1983 and is headquartered in Toronto, Canada.

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Institutional Ownership by Quarter for Franco-Nevada (NYSE:FNV)

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