Franco-Nevada Co. (NYSE:FNV) Stake Lessened by Principal Financial Group Inc.

Principal Financial Group Inc. decreased its holdings in shares of Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) by 77.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor 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 Securities and Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Mechanics Financial Corp grew its stake in Franco-Nevada by 150.0% during the 2nd quarter. Mechanics Financial Corp now owns 250 shares of the basic materials company’s stock valued at $30,000 after acquiring an additional 150 shares in the last quarter. Mather Group LLC. purchased a new position in Franco-Nevada during the second quarter valued at approximately $33,000. Kings Path Partners LLC acquired a new position in Franco-Nevada in the 2nd quarter valued at approximately $36,000. Sunbelt Securities Inc. increased its stake in Franco-Nevada by 3,333.3% in the 2nd quarter. Sunbelt Securities Inc. now owns 412 shares of the basic materials company’s stock valued at $49,000 after buying an additional 400 shares during the period. Finally, Ridgewood Investments LLC acquired a new stake in shares of Franco-Nevada during the 2nd quarter valued at $68,000. 77.06% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on FNV shares. HC Wainwright upped their price target on shares of Franco-Nevada from $185.00 to $200.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Scotiabank cut their price target on Franco-Nevada from $142.00 to $141.00 and set a “sector perform” rating for the company in a research note on Friday, November 8th. Canaccord Genuity Group upgraded Franco-Nevada from a “hold” rating to a “buy” rating in a report on Monday, November 18th. Jefferies Financial Group reduced 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. Finally, Bank of America lowered shares of Franco-Nevada from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $142.00 to $139.00 in a research note on Tuesday, October 1st. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $148.86.

Franco-Nevada Trading Up 0.3 %

Shares of Franco-Nevada stock opened at $123.63 on Friday. The firm has a fifty day simple moving average of $126.13 and a 200-day simple moving average of $123.90. The stock has a market capitalization of $23.80 billion, a price-to-earnings ratio of -39.14, a PEG ratio of 20.46 and a beta of 0.75. Franco-Nevada Co. has a 1-year low of $102.29 and a 1-year high of $137.60.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last released its earnings results on Wednesday, November 6th. The basic materials company reported $0.80 earnings per share for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.03). The firm had revenue of $275.70 million for 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 firm’s revenue was down 10.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.91 EPS. As a group, research analysts predict that Franco-Nevada Co. will post 3.22 earnings per share for the current year.

Franco-Nevada Announces Dividend

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

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.