Northwestern Mutual Wealth Management Co. grew its stake in Franco-Nevada Corporation (NYSE:FNV – Free Report) (TSE:FNV) by 1,735.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 31,119 shares of the basic materials company’s stock after buying an additional 29,424 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in Franco-Nevada were worth $6,450,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds also recently made changes to their positions in FNV. AQR Capital Management LLC acquired a new stake in shares of Franco-Nevada in the first quarter valued at about $241,000. NewEdge Advisors LLC increased its stake in shares of Franco-Nevada by 16.7% in the first quarter. NewEdge Advisors LLC now owns 6,585 shares of the basic materials company’s stock valued at $1,038,000 after buying an additional 943 shares during the period. Intech Investment Management LLC increased its stake in shares of Franco-Nevada by 118.3% in the first quarter. Intech Investment Management LLC now owns 9,286 shares of the basic materials company’s stock valued at $1,460,000 after buying an additional 5,032 shares during the period. Acadian Asset Management LLC grew its stake in Franco-Nevada by 800.0% during the first quarter. Acadian Asset Management LLC now owns 2,700 shares of the basic materials company’s stock worth $424,000 after purchasing an additional 2,400 shares during the period. Finally, Marshall Wace LLP acquired a new stake in Franco-Nevada during the second quarter worth approximately $1,477,000. Institutional investors and hedge funds own 77.06% of the company’s stock.
Wall Street Analysts Forecast Growth
FNV has been the subject of several recent analyst reports. TD Securities raised Franco-Nevada from a “hold” rating to a “buy” rating and set a $291.00 target price for the company in a research note on Wednesday. TD Cowen raised Franco-Nevada from a “hold” rating to a “buy” rating and decreased their target price for the stock from $292.00 to $291.00 in a research note on Wednesday. Scotiabank raised their target price on Franco-Nevada from $286.00 to $290.00 and gave the stock a “sector perform” rating in a research note on Thursday, May 14th. UBS Group reaffirmed a “buy” rating and set a $310.00 target price on shares of Franco-Nevada in a research note on Friday, January 30th. Finally, TD raised Franco-Nevada from a “hold” rating to a “buy” rating and decreased their target price for the stock from $292.00 to $291.00 in a research note on Wednesday. Twelve equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $271.00.
Franco-Nevada Stock Performance
Shares of NYSE:FNV opened at $225.75 on Friday. The business’s 50 day simple moving average is $242.33 and its two-hundred day simple moving average is $232.75. The firm has a market cap of $43.54 billion, a P/E ratio of 31.80, a PEG ratio of 1.95 and a beta of 0.34. Franco-Nevada Corporation has a 52-week low of $152.89 and a 52-week high of $285.67.
Franco-Nevada (NYSE:FNV – Get Free Report) (TSE:FNV) last announced its quarterly earnings results on Tuesday, May 12th. The basic materials company reported $2.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.09 by $0.29. The business had revenue of $650.70 million for the quarter, compared to analyst estimates of $634.43 million. Franco-Nevada had a return on equity of 18.10% and a net margin of 65.12%.The company’s quarterly revenue was up 76.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.07 earnings per share. On average, equities analysts forecast that Franco-Nevada Corporation will post 8.84 earnings per share for the current fiscal year.
Franco-Nevada Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Thursday, June 25th. Shareholders of record on Thursday, June 11th will be issued a $0.44 dividend. The ex-dividend date is Thursday, June 11th. This represents a $1.76 annualized dividend and a yield of 0.8%. Franco-Nevada’s dividend payout ratio is presently 24.79%.
Franco-Nevada Profile
Franco-Nevada Corporation is a Toronto-based royalty and streaming company that specializes in securing and managing long-term interests in mining properties. The firm focuses primarily on precious metals, particularly gold, while also holding interests related to silver, copper, platinum-group metals and select base metals. Rather than operating mines directly, Franco-Nevada acquires royalty and streaming agreements that entitle it to a percentage of production or revenue from producing and developing assets in exchange for upfront or staged financing.
The company’s business model centers on providing capital to mining companies in return for a sustained share of production or metal revenue, which can reduce exposure to operating and capital cost risks typical of mine operators.
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