Connor Clark & Lunn Investment Management Ltd. Has $248.19 Million Stake in Franco-Nevada Corporation $FNV

Connor Clark & Lunn Investment Management Ltd. trimmed its holdings in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 11.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,510,720 shares of the basic materials company’s stock after selling 194,769 shares during the period. Franco-Nevada accounts for about 0.9% of Connor Clark & Lunn Investment Management Ltd.’s investment portfolio, making the stock its 23rd biggest holding. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.78% of Franco-Nevada worth $248,187,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Massachusetts Financial Services Co. MA lifted its stake in shares of Franco-Nevada by 1.7% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 12,207,413 shares of the basic materials company’s stock valued at $1,923,400,000 after purchasing an additional 207,232 shares during the period. Vanguard Group Inc. lifted its stake in Franco-Nevada by 0.6% in the first quarter. Vanguard Group Inc. now owns 7,845,339 shares of the basic materials company’s stock valued at $1,233,891,000 after buying an additional 45,924 shares during the period. TD Asset Management Inc boosted its holdings in Franco-Nevada by 4.4% during the second quarter. TD Asset Management Inc now owns 2,011,787 shares of the basic materials company’s stock worth $329,626,000 after buying an additional 85,117 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Franco-Nevada by 1.7% during the first quarter. The Manufacturers Life Insurance Company now owns 1,980,772 shares of the basic materials company’s stock worth $313,071,000 after buying an additional 33,044 shares during the last quarter. Finally, Mackenzie Financial Corp grew its position in shares of Franco-Nevada by 16.0% during the 1st quarter. Mackenzie Financial Corp now owns 1,756,344 shares of the basic materials company’s stock worth $276,224,000 after buying an additional 242,196 shares during the period. 77.06% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

FNV has been the topic of several recent analyst reports. Bank of America lifted their price objective on shares of Franco-Nevada from $211.00 to $220.00 and gave the stock a “neutral” rating in a research note on Thursday, October 16th. CIBC reissued an “outperform” rating on shares of Franco-Nevada in a research report on Tuesday, July 15th. Zacks Research upgraded shares of Franco-Nevada from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 17th. Canaccord Genuity Group upgraded Franco-Nevada from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 22nd. Finally, UBS Group boosted their target price on Franco-Nevada from $250.00 to $260.00 and gave the company a “buy” rating in a research note on Thursday, October 16th. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $223.43.

Franco-Nevada Trading Up 2.0%

Shares of NYSE FNV opened at $191.96 on Friday. The company has a fifty day moving average price of $201.91 and a 200 day moving average price of $179.67. The firm has a market cap of $37.01 billion, a PE ratio of 47.16, a PEG ratio of 1.70 and a beta of 0.40. Franco-Nevada Corporation has a 1-year low of $112.70 and a 1-year high of $225.63.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last issued its quarterly earnings results on Monday, November 3rd. The basic materials company reported $1.43 EPS for the quarter, beating analysts’ consensus estimates of $1.37 by $0.06. The company had revenue of $487.70 million for the quarter, compared to analyst estimates of $448.51 million. Franco-Nevada had a return on equity of 12.56% and a net margin of 58.82%.The company’s quarterly revenue was up 76.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.80 earnings per share. Equities research analysts forecast that Franco-Nevada Corporation will post 3.09 EPS for the current year.

Franco-Nevada Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 18th. Shareholders of record on Thursday, December 4th will be paid a $0.38 dividend. The ex-dividend date is Thursday, December 4th. This represents a $1.52 annualized dividend and a yield of 0.8%. Franco-Nevada’s payout ratio is presently 31.87%.

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.