Twin Tree Management LP acquired a new position in Franco-Nevada Corporation (NYSE:FNV – Free Report) (TSE:FNV) in the second quarter, HoldingsChannel reports. The firm acquired 4,701 shares of the basic materials company’s stock, valued at approximately $980,000.
A number of other institutional investors also recently made changes to their positions in the business. AQR Capital Management LLC bought a new position in shares of Franco-Nevada during the 1st quarter valued at $241,000. NewEdge Advisors LLC lifted its stake in Franco-Nevada by 16.7% in the first quarter. NewEdge Advisors LLC now owns 6,585 shares of the basic materials company’s stock worth $1,038,000 after purchasing an additional 943 shares during the last quarter. Intech Investment Management LLC lifted its stake in 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 worth $1,460,000 after purchasing an additional 5,032 shares during the last quarter. Acadian Asset Management LLC boosted its position 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 valued at $424,000 after buying an additional 2,400 shares during the period. Finally, Marshall Wace LLP purchased a new stake in Franco-Nevada during the second quarter valued at about $1,477,000. Hedge funds and other institutional investors own 77.06% of the company’s stock.
Wall Street Analyst Weigh In
Several research firms have recently commented on FNV. UBS Group decreased their price objective on Franco-Nevada from $310.00 to $280.00 and set a “buy” rating on the stock in a report on Tuesday, June 30th. TD Securities upgraded Franco-Nevada from a “hold” rating to a “buy” rating and set a $291.00 price target on the stock in a research report on Wednesday, May 20th. TD Cowen raised Franco-Nevada from a “hold” rating to a “buy” rating and decreased their price target for the stock from $292.00 to $291.00 in a research note on Wednesday, May 20th. Bank of America dropped their price objective on Franco-Nevada from $276.00 to $238.00 and set a “neutral” rating for the company in a research note on Thursday, July 9th. Finally, National Bank Financial raised shares of Franco-Nevada from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, May 13th. Eleven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $273.40.
Franco-Nevada Stock Up 3.0%
NYSE:FNV opened at $265.78 on Friday. The firm’s fifty day simple moving average is $219.57 and its 200 day simple moving average is $235.05. The stock has a market cap of $51.26 billion, a P/E ratio of 34.74, a price-to-earnings-growth ratio of 2.43 and a beta of 0.35. Franco-Nevada Corporation has a twelve month low of $180.32 and a twelve month high of $285.67.
Franco-Nevada (NYSE:FNV – Get Free Report) (TSE:FNV) last issued its quarterly earnings data on Tuesday, August 11th. The basic materials company reported $1.81 EPS for the quarter, missing the consensus estimate of $1.95 by ($0.14). Franco-Nevada had a return on equity of 18.58% and a net margin of 63.79%.The company had revenue of $580.90 million during the quarter, compared to the consensus estimate of $616.66 million. During the same quarter last year, the company posted $1.24 earnings per share. The firm’s revenue for the quarter was up 57.3% compared to the same quarter last year. On average, analysts expect that Franco-Nevada Corporation will post 7.62 EPS for the current fiscal year.
Franco-Nevada Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, September 10th will be given a dividend of $0.44 per share. The ex-dividend date is Thursday, September 10th. This represents a $1.76 annualized dividend and a dividend yield of 0.7%. Franco-Nevada’s payout ratio is currently 23.01%.
About Franco-Nevada
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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