Millennium Management LLC Has $9.38 Million Position in Franco-Nevada Co. (NYSE:FNV)

Millennium Management LLC trimmed its stake in Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) by 71.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 79,122 shares of the basic materials company’s stock after selling 193,515 shares during the quarter. Millennium Management LLC’s holdings in Franco-Nevada were worth $9,377,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Nebula Research & Development LLC acquired a new stake in shares of Franco-Nevada in the 4th quarter valued at about $1,342,000. Bridgefront Capital LLC bought a new stake in shares of Franco-Nevada during the fourth quarter valued at approximately $379,000. Bornite Capital Management LP acquired a new position in shares of Franco-Nevada during the fourth quarter worth approximately $8,167,000. Grayhawk Investment Strategies Inc. acquired a new position in shares of Franco-Nevada during the fourth quarter worth approximately $438,000. Finally, FIL Ltd grew its position in Franco-Nevada by 7.8% in the 4th quarter. FIL Ltd now owns 9,079,951 shares of the basic materials company’s stock valued at $1,005,852,000 after purchasing an additional 659,324 shares during the period. 77.06% of the stock is owned by institutional investors.

Franco-Nevada Trading Up 0.1 %

Shares of FNV opened at $120.56 on Wednesday. The stock has a 50 day moving average of $123.15 and a 200 day moving average of $122.42. The company has a market capitalization of $23.20 billion, a price-to-earnings ratio of -48.42, a PEG ratio of 21.28 and a beta of 0.76. Franco-Nevada Co. has a 12 month low of $102.29 and a 12 month high of $142.60.

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 (EPS) for the quarter, missing the consensus estimate of $0.78 by ($0.03). The business had revenue of $260.10 million for the quarter, compared to analysts’ expectations of $277.44 million. Franco-Nevada had a negative net margin of 51.64% and a positive return on equity of 10.56%. The company’s revenue for the quarter was down 21.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.95 earnings per share. As a group, equities research analysts predict that Franco-Nevada Co. will post 3.23 earnings per share for the current year.

Franco-Nevada Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 26th. Shareholders of record on Thursday, September 12th were paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 1.19%. The ex-dividend date was Thursday, September 12th. Franco-Nevada’s payout ratio is -57.83%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. TD Cowen upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating in a report on Thursday, August 15th. Jefferies Financial Group raised their price target on shares of Franco-Nevada from $133.00 to $137.00 and gave the company a “hold” rating in a research report on Friday, October 4th. TD Securities upgraded Franco-Nevada from a “hold” rating to a “buy” rating in a research note on Thursday, August 15th. HC Wainwright reissued a “buy” rating and issued a $185.00 price objective on shares of Franco-Nevada in a research note on Friday, August 16th. Finally, StockNews.com raised Franco-Nevada from a “sell” rating to a “hold” rating in a research report on Thursday, August 22nd. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $152.88.

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.