Miracle Mile Advisors LLC Takes Position in Franco-Nevada Co. (NYSE:FNV)

Miracle Mile Advisors LLC bought a new stake in Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 5,814 shares of the basic materials company’s stock, valued at approximately $684,000.

Several other large investors have also modified their holdings of the company. Sunbelt Securities Inc. increased its position in Franco-Nevada by 3,333.3% in the 2nd quarter. Sunbelt Securities Inc. now owns 412 shares of the basic materials company’s stock valued at $49,000 after acquiring an additional 400 shares during the period. Point72 DIFC Ltd purchased a new position in shares of Franco-Nevada in the 3rd quarter valued at about $52,000. Erste Asset Management GmbH purchased a new position in Franco-Nevada in the third quarter valued at about $55,000. Birch Capital Management LLC raised its holdings in Franco-Nevada by 37.9% during the fourth quarter. Birch Capital Management LLC now owns 1,085 shares of the basic materials company’s stock worth $128,000 after purchasing an additional 298 shares during the last quarter. Finally, Capital Performance Advisors LLP acquired a new position in shares of Franco-Nevada during the 3rd quarter worth $147,000. 77.06% of the stock is owned by institutional investors and hedge funds.

Franco-Nevada Trading Up 0.4 %

FNV stock opened at $127.11 on Thursday. The stock’s 50 day simple moving average is $120.94 and its 200 day simple moving average is $123.72. Franco-Nevada Co. has a 12-month low of $103.64 and a 12-month high of $137.60. The firm has a market cap of $24.47 billion, a P/E ratio of -40.22 and a beta of 0.72.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last announced its quarterly earnings results on Wednesday, November 6th. The basic materials company reported $0.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.83 by ($0.03). Franco-Nevada had a positive return on equity of 10.55% and a negative net margin of 55.28%. The company had revenue of $275.70 million during the quarter, compared to the consensus estimate of $279.11 million. During the same period last year, the business posted $0.91 EPS. The company’s revenue for the quarter was down 10.9% on a year-over-year basis. On average, research analysts forecast that Franco-Nevada Co. will post 3.22 EPS for the current fiscal year.

Franco-Nevada Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 19th. Shareholders of record on Thursday, December 5th were paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 1.13%. The ex-dividend date of this dividend was Thursday, December 5th. Franco-Nevada’s payout ratio is currently -45.57%.

Analyst Ratings Changes

Several research analysts recently issued reports on FNV shares. Canaccord Genuity Group upgraded Franco-Nevada from a “hold” rating to a “buy” rating in a research report on Monday, November 18th. Bank of America downgraded shares of Franco-Nevada from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $142.00 to $139.00 in a research note on Tuesday, October 1st. Jefferies Financial Group cut their target price on Franco-Nevada from $137.00 to $136.00 and set a “hold” rating on the stock in a research report on Thursday, October 17th. HC Wainwright cut their target price on shares of Franco-Nevada from $200.00 to $155.00 and set a “buy” rating on the stock in a research note on Friday, December 20th. Finally, Canaccord Genuity Group upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating in a report on Monday, November 18th. Four analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $145.33.

Franco-Nevada Company Profile

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.