Lazard Asset Management LLC Trims Stock Holdings in Franco-Nevada Co. (NYSE:FNV)

Lazard Asset Management LLC trimmed its holdings in Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) by 8.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 92,695 shares of the basic materials company’s stock after selling 8,642 shares during the quarter. Lazard Asset Management LLC’s holdings in Franco-Nevada were worth $11,045,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Scotia Capital Inc. raised its holdings in shares of Franco-Nevada by 27.1% in the fourth quarter. Scotia Capital Inc. now owns 149,153 shares of the basic materials company’s stock worth $16,474,000 after buying an additional 31,796 shares during the period. Allianz Asset Management GmbH increased its holdings in Franco-Nevada by 108.1% during the 4th quarter. Allianz Asset Management GmbH now owns 455,239 shares of the basic materials company’s stock worth $50,671,000 after purchasing an additional 236,503 shares during the period. Alberta Investment Management Corp increased its holdings in Franco-Nevada by 2.3% during the 4th quarter. Alberta Investment Management Corp now owns 447,633 shares of the basic materials company’s stock worth $49,825,000 after purchasing an additional 10,250 shares during the period. Bornite Capital Management LP purchased a new position in Franco-Nevada during the 4th quarter worth $8,167,000. Finally, Mackenzie Financial Corp increased its holdings in Franco-Nevada by 15.6% during the 4th quarter. Mackenzie Financial Corp now owns 1,472,264 shares of the basic materials company’s stock worth $163,156,000 after purchasing an additional 198,144 shares during the period. 77.06% of the stock is currently owned by hedge funds and other institutional investors.

Franco-Nevada Stock Up 0.3 %

Shares of Franco-Nevada stock traded up $0.43 during trading on Friday, reaching $124.64. The company’s stock had a trading volume of 434,973 shares, compared to its average volume of 457,601. Franco-Nevada Co. has a 1-year low of $102.29 and a 1-year high of $147.35. The company has a 50-day simple moving average of $122.17 and a two-hundred day simple moving average of $117.33.

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, topping analysts’ consensus estimates 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 company had revenue of $256.80 million during the quarter, compared to analysts’ expectations of $250.50 million. During the same quarter in the previous year, the firm posted $0.79 EPS. The firm’s revenue was down 7.1% compared to the same quarter last year. Equities research analysts forecast that Franco-Nevada Co. will post 3.27 EPS for the current fiscal year.

Franco-Nevada Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 27th. Shareholders of record on Thursday, June 13th were given a dividend of $0.36 per share. The ex-dividend date of this dividend was Thursday, June 13th. This represents a $1.44 dividend on an annualized basis and a yield of 1.16%. Franco-Nevada’s dividend payout ratio is currently -57.83%.

Wall Street Analyst Weigh In

Several research analysts have commented on FNV shares. Raymond James raised their price objective on Franco-Nevada from $138.00 to $141.00 and gave the stock an “outperform” rating in a report on Thursday, April 11th. HC Wainwright raised their price objective on Franco-Nevada from $175.00 to $185.00 and gave the stock a “buy” rating in a report on Monday, May 6th. Jefferies Financial Group raised their price objective on Franco-Nevada from $129.00 to $133.00 and gave the stock a “hold” rating in a report on Friday, July 12th. Bank of America lifted their price target on Franco-Nevada from $141.00 to $142.00 and gave the company a “buy” rating in a report on Wednesday, June 26th. Finally, Scotiabank lifted their price target on Franco-Nevada from $140.00 to $141.00 and gave the company a “sector perform” rating in a report on Thursday, May 23rd. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $152.33.

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.