Clearbridge Investments LLC Buys 182,826 Shares of Franco-Nevada Co. (NYSE:FNV)

Clearbridge Investments LLC lifted its stake in Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) by 31.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 756,117 shares of the basic materials company’s stock after buying an additional 182,826 shares during the period. Clearbridge Investments LLC’s holdings in Franco-Nevada were worth $88,912,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Laurel Wealth Advisors LLC bought a new stake in Franco-Nevada in the fourth quarter valued at $47,000. Physician Wealth Advisors Inc. acquired a new stake in shares of Franco-Nevada in the 4th quarter valued at $49,000. Point72 DIFC Ltd bought a new stake in shares of Franco-Nevada in the 3rd quarter worth about $52,000. Harbour Investments Inc. increased its position in shares of Franco-Nevada by 25.8% during the 4th quarter. Harbour Investments Inc. now owns 453 shares of the basic materials company’s stock worth $53,000 after purchasing an additional 93 shares in the last quarter. Finally, Erste Asset Management GmbH acquired a new stake in shares of Franco-Nevada during the 3rd quarter worth about $55,000. Institutional investors own 77.06% of the company’s stock.

Franco-Nevada Stock Up 1.3 %

Shares of FNV opened at $157.50 on Tuesday. The stock’s fifty day simple moving average is $143.23 and its 200-day simple moving average is $130.83. The firm has a market capitalization of $30.33 billion, a PE ratio of -49.84, a price-to-earnings-growth ratio of 9.78 and a beta of 0.73. Franco-Nevada Co. has a 12-month low of $112.70 and a 12-month high of $159.38.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last released its earnings results on Monday, March 10th. The basic materials company reported $0.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.05. Franco-Nevada had a negative net margin of 55.28% and a positive return on equity of 10.55%. The company had revenue of $321.00 million for the quarter, compared to the consensus estimate of $304.33 million. During the same period in the prior year, the company posted $0.90 EPS. The company’s revenue was up 5.8% compared to the same quarter last year. Analysts anticipate that Franco-Nevada Co. will post 3.09 EPS for the current year.

Franco-Nevada Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 27th. Shareholders of record on Thursday, March 13th were issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 0.97%. The ex-dividend date was Thursday, March 13th. This is a positive change from Franco-Nevada’s previous quarterly dividend of $0.36. Franco-Nevada’s payout ratio is currently 53.15%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on FNV shares. TD Securities lowered shares of Franco-Nevada from a “buy” rating to a “hold” rating and set a $152.00 price target on the stock. in a research report on Tuesday, March 11th. Royal Bank of Canada boosted their target price on Franco-Nevada from $145.00 to $155.00 and gave the stock a “sector perform” rating in a report on Tuesday, February 11th. Raymond James raised their price target on Franco-Nevada from $160.00 to $162.00 and gave the company an “outperform” rating in a report on Tuesday, March 11th. Scotiabank boosted their price objective on Franco-Nevada from $145.00 to $150.00 and gave the stock a “sector perform” rating in a research note on Tuesday, March 11th. Finally, StockNews.com upgraded Franco-Nevada from a “hold” rating to a “buy” rating in a research note on Wednesday, March 19th. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $155.50.

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.