Franco-Nevada Corporation (FNV) Holdings Raised by Capital World Investors
Capital World Investors boosted its stake in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 7.1% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,034,978 shares of the basic materials company’s stock after purchasing an additional 135,299 shares during the quarter. Capital World Investors owned about 1.12% of Franco-Nevada Corporation worth $146,833,000 at the end of the most recent quarter.
Other institutional investors also recently made changes to their positions in the company. Wells Fargo & Company MN boosted its position in Franco-Nevada Corporation by 7.1% during the first quarter. Wells Fargo & Company MN now owns 40,245 shares of the basic materials company’s stock worth $2,636,000 after purchasing an additional 2,652 shares during the period. CGOV Asset Management boosted its position in Franco-Nevada Corporation by 4.0% during the first quarter. CGOV Asset Management now owns 41,400 shares of the basic materials company’s stock worth $3,613,000 after purchasing an additional 1,600 shares during the period. AQR Capital Management LLC boosted its position in Franco-Nevada Corporation by 1.5% during the first quarter. AQR Capital Management LLC now owns 504,685 shares of the basic materials company’s stock worth $32,968,000 after purchasing an additional 7,472 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in Franco-Nevada Corporation by 3.0% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 27,900 shares of the basic materials company’s stock worth $1,550,000 after purchasing an additional 800 shares during the period. Finally, Sentry Investments Corp. bought a new stake in Franco-Nevada Corporation during the second quarter worth approximately $6,803,000. 60.24% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have issued reports on FNV. Scotiabank upped their target price on Franco-Nevada Corporation from $78.00 to $79.50 and gave the stock a “sector perform” rating in a research report on Thursday, August 10th. TD Securities upped their target price on Franco-Nevada Corporation from $83.00 to $88.00 and gave the stock a “buy” rating in a research report on Thursday, August 10th. BidaskClub raised Franco-Nevada Corporation from a “hold” rating to a “buy” rating in a research report on Saturday, August 5th. Zacks Investment Research raised Franco-Nevada Corporation from a “hold” rating to a “buy” rating and set a $80.00 target price for the company in a research report on Wednesday, July 12th. Finally, Raymond James Financial, Inc. reaffirmed an “outperform” rating and set a $85.00 target price on shares of Franco-Nevada Corporation in a research report on Thursday, June 15th. Eight equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $80.83.
Shares of Franco-Nevada Corporation (NYSE:FNV) opened at 78.30 on Friday. The company has a market capitalization of $14.52 billion, a PE ratio of 98.74 and a beta of -0.12. Franco-Nevada Corporation has a 52-week low of $53.31 and a 52-week high of $85.03. The stock has a 50 day moving average price of $80.28 and a 200 day moving average price of $73.30.
Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) last issued its earnings results on Tuesday, August 8th. The basic materials company reported $0.25 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.25. Franco-Nevada Corporation had a return on equity of 4.39% and a net margin of 21.26%. The company had revenue of $163.60 million during the quarter, compared to the consensus estimate of $164.62 million. During the same period in the previous year, the company posted $0.22 EPS. The firm’s revenue for the quarter was up 8.8% compared to the same quarter last year. On average, analysts predict that Franco-Nevada Corporation will post $1.00 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 28th. Stockholders of record on Thursday, September 14th were paid a dividend of $0.23 per share. The ex-dividend date was Wednesday, September 13th. This represents a $0.92 annualized dividend and a dividend yield of 1.17%. Franco-Nevada Corporation’s dividend payout ratio is currently 119.48%.
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About Franco-Nevada Corporation
Franco-Nevada Corporation (Franco-Nevada) is a gold-focused royalty and stream company. The Company has interests in silver, platinum group metals, oil and gas and other resource assets. The Company is engaged in resource sector royalty/stream acquisitions and management activities. It has a portfolio of properties in the United States, Canada, Mexico, Peru, Chile and Africa.
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