1832 Asset Management L.P. Acquires 53,149 Shares of Franco-Nevada Co. (NYSE:FNV)

1832 Asset Management L.P. increased its holdings in shares of Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) by 5.4% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,030,575 shares of the basic materials company’s stock after purchasing an additional 53,149 shares during the period. 1832 Asset Management L.P. owned 0.54% of Franco-Nevada worth $122,144,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Mechanics Financial Corp increased its holdings in Franco-Nevada by 150.0% during the second quarter. Mechanics Financial Corp now owns 250 shares of the basic materials company’s stock valued at $30,000 after buying an additional 150 shares during the period. Mather Group LLC. purchased a new position in Franco-Nevada during the second quarter valued at approximately $33,000. Kings Path Partners LLC purchased a new position in Franco-Nevada during the second quarter valued at approximately $36,000. Fortis Group Advisors LLC increased its holdings in Franco-Nevada by 100.0% during the fourth quarter. Fortis Group Advisors LLC now owns 352 shares of the basic materials company’s stock valued at $39,000 after buying an additional 176 shares during the period. Finally, Massmutual Trust Co. FSB ADV increased its holdings in Franco-Nevada by 37.1% during the first quarter. Massmutual Trust Co. FSB ADV now owns 440 shares of the basic materials company’s stock valued at $52,000 after buying an additional 119 shares during the period. 77.06% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

FNV has been the topic of several research reports. Bank of America lifted their price objective on shares of Franco-Nevada from $141.00 to $142.00 and gave the company a “buy” rating in a report on Wednesday, June 26th. HC Wainwright reaffirmed a “buy” rating and set a $185.00 target price on shares of Franco-Nevada in a research report on Friday, August 16th. TD Cowen raised Franco-Nevada from a “hold” rating to a “buy” rating in a report on Thursday, August 15th. Scotiabank increased their price objective on Franco-Nevada from $141.00 to $142.00 and gave the company a “sector perform” rating in a report on Monday, August 19th. Finally, StockNews.com raised Franco-Nevada from a “sell” rating to a “hold” rating in a report on Thursday, August 22nd. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $152.75.

Franco-Nevada Stock Up 1.7 %

Franco-Nevada stock opened at $128.36 on Friday. The firm has a market cap of $24.70 billion, a price-to-earnings ratio of -51.55, a price-to-earnings-growth ratio of 20.59 and a beta of 0.76. Franco-Nevada Co. has a 52 week low of $102.29 and a 52 week high of $143.02. The business’s 50-day moving average price is $123.49 and its 200 day moving average price is $121.50.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last issued its quarterly earnings results on Tuesday, August 13th. The basic materials company reported $0.75 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.03). The business had revenue of $260.10 million for the quarter, compared to analysts’ expectations of $277.44 million. Franco-Nevada had a positive return on equity of 10.56% and a negative net margin of 51.64%. The business’s revenue for the quarter was down 21.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.95 EPS. Equities analysts expect that Franco-Nevada Co. will post 3.2 EPS for the current year.

Franco-Nevada Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 26th. Shareholders of record on Thursday, September 12th will be given a dividend of $0.36 per share. The ex-dividend date is Thursday, September 12th. This represents a $1.44 dividend on an annualized basis and a yield of 1.12%. Franco-Nevada’s dividend payout ratio is currently -57.83%.

About Franco-Nevada

Franco-Nevada Corporation operates as a gold-focused royalty and streaming company in South America, Central America, Mexico, the United States, Canada, and internationally. It operates through Mining and Energy segments. The company manages its portfolio with a focus on precious metals, such as gold, silver, and platinum group metals; and engages in the sale of crude oil, natural gas, and natural gas liquids through a third-party marketing agent.