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Bank of Nova Scotia cuts stakes in Franco-Nevada Co. (NYSE:FNV)

Bank of Nova Scotia has sold its interest in shares of Franco-Nevada Co. reduced. (NYSE:FNV – Free Report) TSE: FNV by 17.2% in the fourth quarter, according to the most recent Form 13F filing with the SEC. The fund owned 1,379,887 shares of the basic materials company, after selling 286,757 shares during the period. Bank of Nova Scotia owned about 0.72% of Franco-Nevada worth $152,850,000, according to its most recent SEC filing.

Other major investors have also increased or decreased their stakes in the company. NBC Securities Inc. bought a new position in Franco-Nevada stock in the third quarter worth approximately $285,000. Cidel Asset Management Inc. increased its stake in Franco-Nevada shares by 5.3% in the third quarter. Cidel Asset Management Inc. now owns 257,535 shares of the basic materials company worth $34,540,000, after purchasing an additional 12,855 shares in the last quarter. Moors & Cabot Inc. increased its stake in Franco-Nevada shares by 0.4% in the third quarter. Moors & Cabot Inc. now owns 45,442 shares of the basic materials company worth $6,066,000, after purchasing an additional 167 shares in the last quarter. EagleClaw Capital Managment LLC increased its holdings in shares of Franco-Nevada by 1.5% in the third quarter. EagleClaw Capital Managment LLC now owns 44,895 shares of the basic materials company’s stock worth $5,993,000 after purchasing an additional 645 shares in the last quarter. Finally, JP Morgan Private Wealth Advisors LLC increased its holdings in shares of Franco-Nevada by 6.2% in the third quarter. JP Morgan Private Wealth Advisors LLC now owns 1,770 shares of the basic materials company’s stock worth $236,000 after purchasing an additional 104 shares in the last quarter. Hedge funds and other institutional investors own 77.06% of the company’s shares.

Franco-Nevada stock performance

Shares of Franco-Nevada fell $0.46 in afternoon trading Friday, reaching $123.80. There were 666,832 shares of the company traded, compared to the average volume of 500,856. Franco Nevada Co. has a one-year low of $102.29 and a one-year high of $151.63. The stock has a market cap of $23.81 billion, a price-to-earnings ratio of -49.73, a price-to-earnings growth ratio of 28.11 and a beta of 0.71. The stock has a fifty-day moving average of $121.94 and a 200-day moving average of $114.71.

Franco-Nevada (NYSE:FNV – Get Free Report) TSE: FNV last announced its quarterly earnings data on Wednesday, May 1. The basic materials company reported $0.76 earnings per share for the quarter, beating analysts’ consensus estimates of $0.68 by $0.08. Franco-Nevada had a negative net margin of 39.88% and a positive return on equity of 10.81%. The company had revenue of $256.80 million during the quarter, compared to analyst expectations of $250.50 million. During the same quarter of the previous year, the company earned earnings per share of $0.79. The company’s revenue fell 7.1% year over year. Sell-side analysts predict that Franco-Nevada Co. will post earnings per share of 3.18 for the current year.

Franco-Nevada announces dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 27. Shareholders of record on Thursday, June 13 will receive a dividend of $0.36. The ex-dividend date of this dividend is Thursday, June 13. This represents a dividend of $1.44 annually and a dividend yield of 1.16%. Franco-Nevada’s dividend payout ratio (DPR) is -57.83%.

Analyst upgrades and downgrades

Several stock analysts have recently determined their position on the FNV share. TheStreet downgraded shares of Franco-Nevada from a “c+” rating to a “d+” rating in a research note on Tuesday, March 5. Raymond James lifted their price objective on shares of Franco-Nevada from $138.00 to $141.00 and gave the company an “outperform” rating in a research report on Thursday, April 11. Scotiabank lifted their price objective on shares of Franco-Nevada from $140.00 to $141.00 and gave the company a “sector perform” rating in a research report on Thursday, May 23. Bank of America lowered their price objective on shares of Franco-Nevada from $138.00 to $136.00 and set a “buy” rating on the company in a research report on Monday, March 18. Finally, HC Wainwright raised their price objective on shares of Franco-Nevada from $175.00 to $185.00 and gave the company a “buy” rating in a research report on Monday, May 6. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $148.70.

Check out our latest stock analysis on Franco-Nevada

French Nevada Profile

(Free report)

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 the 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.

Featured Stories

Would you like to see what other hedge funds own FNV? Visit HoldingsChannel.com for the latest 13F filings and insider transactions for Franco-Nevada Co. (NYSE:FNV – Free Report) TSE: FNV.

Quarterly Institutional Ownership for Franco-Nevada (NYSE:FNV)

This instant news alert was generated by narrative science technology and financial data from MarketBeat to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat editorial staff before publication. Send any questions or comments about this story to [email protected].

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