Van ECK Associates Corp lifted its position in shares of Franco-Nevada Corporation (NYSE:FNV – Free Report) (TSE:FNV) by 12.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,441,133 shares of the basic materials company’s stock after purchasing an additional 842,132 shares during the period. Franco-Nevada comprises 1.3% of Van ECK Associates Corp’s portfolio, making the stock its 22nd largest position. Van ECK Associates Corp owned 3.86% of Franco-Nevada worth $1,542,402,000 at the end of the most recent reporting period.
Other institutional investors have also made changes to their positions in the company. Royal London Asset Management Ltd. raised its holdings in Franco-Nevada by 4.6% in the fourth quarter. Royal London Asset Management Ltd. now owns 9,304 shares of the basic materials company’s stock valued at $1,929,000 after acquiring an additional 405 shares in the last quarter. Ieq Capital LLC raised its holdings in Franco-Nevada by 64.3% in the fourth quarter. Ieq Capital LLC now owns 7,301 shares of the basic materials company’s stock valued at $1,513,000 after acquiring an additional 2,857 shares in the last quarter. Storgate LLC acquired a new stake in Franco-Nevada in the fourth quarter valued at $391,000. Sumitomo Life Insurance Co. acquired a new stake in Franco-Nevada in the fourth quarter valued at $2,385,000. Finally, Allianz SE raised its holdings in Franco-Nevada by 17.5% in the fourth quarter. Allianz SE now owns 21,392 shares of the basic materials company’s stock valued at $4,440,000 after acquiring an additional 3,189 shares in the last quarter. 77.06% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several research firms recently issued reports on FNV. Scotiabank upped their price target on shares of Franco-Nevada from $286.00 to $290.00 and gave the company a “sector perform” rating in a report on Thursday, May 14th. Wall Street Zen cut shares of Franco-Nevada from a “buy” rating to a “hold” rating in a report on Monday, June 1st. Zacks Research cut shares of Franco-Nevada from a “strong-buy” rating to a “hold” rating in a report on Tuesday, March 31st. Canaccord Genuity Group raised shares of Franco-Nevada from a “hold” rating to a “buy” rating in a report on Wednesday, April 29th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $305.00 price target on shares of Franco-Nevada in a report on Wednesday, May 13th. 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 has an average rating of “Moderate Buy” and a consensus target price of $271.00.
Franco-Nevada Price Performance
FNV stock opened at $209.68 on Friday. Franco-Nevada Corporation has a 1-year low of $152.89 and a 1-year high of $285.67. The firm has a fifty day moving average price of $236.90 and a two-hundred day moving average price of $235.86. The firm has a market cap of $40.44 billion, a price-to-earnings ratio of 29.53, a PEG ratio of 1.81 and a beta of 0.34.
Franco-Nevada (NYSE:FNV – Get Free Report) (TSE:FNV) last released its earnings results 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. Franco-Nevada had a net margin of 65.12% and a return on equity of 18.10%. The firm had revenue of $650.70 million during the quarter, compared to analyst estimates of $634.43 million. During the same quarter in the previous year, the firm earned $1.07 earnings per share. The firm’s revenue for the quarter was up 76.6% compared to the same quarter last year. As a group, analysts expect that Franco-Nevada Corporation will post 8.85 EPS for the current fiscal year.
Franco-Nevada Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 25th. Shareholders of record on Thursday, June 11th will be paid a dividend of $0.44 per share. The ex-dividend date is Thursday, June 11th. This represents a $1.76 annualized dividend and a yield of 0.8%. Franco-Nevada’s 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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