PNC Financial Services Group Inc. Sells 3,148 Shares of Franco-Nevada Co. (NYSE:FNV)

PNC Financial Services Group Inc. lessened its stake in Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) by 31.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,748 shares of the basic materials company’s stock after selling 3,148 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Franco-Nevada were worth $748,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Scotia Capital Inc. increased its holdings in Franco-Nevada by 27.1% in the fourth quarter. Scotia Capital Inc. now owns 149,153 shares of the basic materials company’s stock valued at $16,474,000 after purchasing an additional 31,796 shares during the last quarter. Allianz Asset Management GmbH increased its holdings in Franco-Nevada by 108.1% in the fourth quarter. Allianz Asset Management GmbH now owns 455,239 shares of the basic materials company’s stock valued at $50,671,000 after purchasing an additional 236,503 shares during the last quarter. Alberta Investment Management Corp increased its holdings in Franco-Nevada by 2.3% in the fourth quarter. Alberta Investment Management Corp now owns 447,633 shares of the basic materials company’s stock valued at $49,825,000 after purchasing an additional 10,250 shares during the last quarter. Bornite Capital Management LP bought a new stake in Franco-Nevada in the fourth quarter valued at about $8,167,000. Finally, Mackenzie Financial Corp grew its stake in Franco-Nevada by 15.6% in the fourth quarter. Mackenzie Financial Corp now owns 1,472,264 shares of the basic materials company’s stock valued at $163,156,000 after acquiring an additional 198,144 shares during the period. Institutional investors own 77.06% of the company’s stock.

Franco-Nevada Stock Performance

Shares of NYSE FNV opened at $117.95 on Wednesday. The stock has a 50 day moving average price of $121.95 and a 200 day moving average price of $115.16. Franco-Nevada Co. has a 52 week low of $102.29 and a 52 week high of $149.06. The stock has a market capitalization of $22.68 billion, a PE ratio of -47.37, a price-to-earnings-growth ratio of 26.31 and a beta of 0.77.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last issued its quarterly earnings results on Wednesday, May 1st. The basic materials company reported $0.76 EPS for the quarter, beating the consensus estimate of $0.68 by $0.08. Franco-Nevada had a positive return on equity of 10.81% and a negative net margin of 39.88%. The firm had revenue of $256.80 million during the quarter, compared to analysts’ expectations of $250.50 million. During the same period in the prior year, the firm posted $0.79 earnings per share. The business’s quarterly revenue was down 7.1% compared to the same quarter last year. As a group, research analysts forecast that Franco-Nevada Co. will post 3.19 EPS for the current year.

Franco-Nevada Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Thursday, June 13th will be given a dividend of $0.36 per share. The ex-dividend date is Thursday, June 13th. This represents a $1.44 annualized dividend and a yield of 1.22%. Franco-Nevada’s dividend payout ratio (DPR) is presently -57.83%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on FNV shares. Bank of America decreased their target price on Franco-Nevada from $138.00 to $136.00 and set a “buy” rating for the company in a research note on Monday, March 18th. HC Wainwright boosted their target price on Franco-Nevada from $175.00 to $185.00 and gave the company a “buy” rating in a research note on Monday, May 6th. TheStreet cut Franco-Nevada from a “c+” rating to a “d+” rating in a research note on Tuesday, March 5th. Scotiabank boosted their target price on Franco-Nevada from $140.00 to $141.00 and gave the company a “sector perform” rating in a research note on Thursday, May 23rd. Finally, Raymond James boosted their target price on Franco-Nevada from $138.00 to $141.00 and gave the company an “outperform” rating in a research note on Thursday, April 11th. Six analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $148.70.

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.