Marnell Management LLC purchased a new position in Franco-Nevada Corporation (NYSE:FNV – Free Report) (TSE:FNV) during the fourth quarter, HoldingsChannel reports. The institutional investor purchased 2,400 shares of the basic materials company’s stock, valued at approximately $497,000.
Other hedge funds have also recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its stake in Franco-Nevada by 112.3% in the 4th quarter. GAMMA Investing LLC now owns 121 shares of the basic materials company’s stock worth $25,000 after buying an additional 64 shares during the last quarter. Transamerica Financial Advisors LLC acquired a new stake in Franco-Nevada in the 4th quarter worth about $25,000. Burkett Financial Services LLC acquired a new stake in Franco-Nevada in the 3rd quarter worth about $28,000. Private Trust Co. NA acquired a new stake in Franco-Nevada in the 4th quarter worth about $29,000. Finally, Smartleaf Asset Management LLC boosted its stake in Franco-Nevada by 600.0% in the 2nd quarter. Smartleaf Asset Management LLC now owns 196 shares of the basic materials company’s stock worth $32,000 after buying an additional 168 shares during the last quarter. 77.06% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of analysts have issued reports on the company. Wall Street Zen lowered Franco-Nevada from a “buy” rating to a “hold” rating in a research note on Monday, June 1st. Weiss Ratings lowered Franco-Nevada from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, June 8th. Scotiabank raised their price target 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. HC Wainwright reissued a “buy” rating and issued a $305.00 price target on shares of Franco-Nevada in a research note on Wednesday, May 13th. Finally, Canaccord Genuity Group raised Franco-Nevada from a “hold” rating to a “buy” rating in a research note on Wednesday, April 29th. Eleven investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, Franco-Nevada currently has an average rating of “Moderate Buy” and a consensus target price of $271.00.
Franco-Nevada Price Performance
NYSE FNV opened at $209.68 on Monday. The firm has a market capitalization of $40.44 billion, a P/E ratio of 29.53, a P/E/G ratio of 1.82 and a beta of 0.34. Franco-Nevada Corporation has a 1-year low of $152.89 and a 1-year high of $285.67. The business’s 50-day simple moving average is $236.90 and its 200-day simple moving average is $236.11.
Franco-Nevada (NYSE:FNV – Get Free Report) (TSE:FNV) last released its quarterly earnings data on Tuesday, May 12th. The basic materials company reported $2.38 earnings per share for the quarter, beating 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 revenue was up 76.6% compared to the same quarter last year. During the same period in the previous year, the company posted $1.07 EPS. On average, equities research analysts expect that Franco-Nevada Corporation will post 8.85 EPS for the current fiscal year.
Franco-Nevada Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 25th. Stockholders of record on Thursday, June 11th will be paid a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend is Thursday, June 11th. Franco-Nevada’s payout ratio is currently 24.79%.
Franco-Nevada Company 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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