Telemark Asset Management LLC reduced its position in shares of Franco-Nevada Corporation (NYSE:FNV – Free Report) (TSE:FNV) by 33.3% during the fourth quarter, HoldingsChannel reports. The firm owned 100,000 shares of the basic materials company’s stock after selling 50,000 shares during the quarter. Franco-Nevada comprises about 2.1% of Telemark Asset Management LLC’s holdings, making the stock its 13th largest holding. Telemark Asset Management LLC’s holdings in Franco-Nevada were worth $20,728,000 at the end of the most recent reporting period.
Other institutional investors have also made changes to their positions in the company. GAMMA Investing LLC lifted its position in shares of Franco-Nevada by 112.3% during the fourth quarter. GAMMA Investing LLC now owns 121 shares of the basic materials company’s stock worth $25,000 after purchasing an additional 64 shares in the last quarter. Burkett Financial Services LLC acquired a new position in shares of Franco-Nevada during the third quarter worth $28,000. Private Trust Co. NA acquired a new position in shares of Franco-Nevada during the fourth quarter worth $29,000. Navalign LLC acquired a new position in shares of Franco-Nevada during the fourth quarter worth $34,000. Finally, Stephens Consulting LLC acquired a new position in shares of Franco-Nevada during the fourth quarter worth $36,000. 77.06% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of research analysts have recently commented on FNV shares. Scotiabank boosted their target price on shares of Franco-Nevada from $286.00 to $290.00 and gave the stock a “sector perform” rating in a research report on Thursday, May 14th. TD Cowen raised shares of Franco-Nevada from a “hold” rating to a “buy” rating and reduced their target price for the stock from $292.00 to $291.00 in a research report on Wednesday, May 20th. Weiss Ratings raised shares of Franco-Nevada from a “hold (c+)” rating to a “buy (b)” rating in a research report on Friday, March 20th. Canaccord Genuity Group raised shares of Franco-Nevada from a “hold” rating to a “buy” rating in a research report on Wednesday, April 29th. Finally, TD upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating and dropped their price target for the stock from $292.00 to $291.00 in a research note on Wednesday, May 20th. Eleven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $271.00.
Franco-Nevada Trading Down 7.4%
Shares of NYSE:FNV opened at $218.43 on Friday. The company has a fifty day simple moving average of $239.79 and a 200 day simple moving average of $235.26. The firm has a market cap of $42.13 billion, a PE ratio of 30.76, a price-to-earnings-growth ratio of 1.91 and a beta of 0.34. Franco-Nevada Corporation has a 12-month low of $152.89 and a 12-month high of $285.67.
Franco-Nevada (NYSE:FNV – Get Free Report) (TSE:FNV) last issued its quarterly earnings results on Tuesday, May 12th. The basic materials company reported $2.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.09 by $0.29. The business had revenue of $650.70 million during the quarter, compared to analyst estimates of $634.43 million. Franco-Nevada had a net margin of 65.12% and a return on equity of 18.10%. The business’s revenue was up 76.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.07 earnings per share. As a group, equities research analysts forecast that Franco-Nevada Corporation will post 8.85 EPS for the current fiscal year.
Franco-Nevada Dividend Announcement
The firm also recently disclosed 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. This represents a $1.76 dividend on an annualized basis and a 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 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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