Man Group plc Acquires Shares of 30,146 Franco-Nevada Corporation $FNV

Man Group plc purchased a new position in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) during the second quarter, Holdings Channel reports. The institutional investor purchased 30,146 shares of the basic materials company’s stock, valued at approximately $6,288,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Composition Wealth LLC grew its holdings in Franco-Nevada by 0.8% during the fourth quarter. Composition Wealth LLC now owns 6,108 shares of the basic materials company’s stock valued at $1,266,000 after purchasing an additional 49 shares during the period. Clark Capital Management Group Inc. lifted its position in shares of Franco-Nevada by 1.0% during the 4th quarter. Clark Capital Management Group Inc. now owns 5,054 shares of the basic materials company’s stock valued at $1,048,000 after buying an additional 50 shares during the last quarter. Syon Capital LLC grew its stake in shares of Franco-Nevada by 2.1% during the 4th quarter. Syon Capital LLC now owns 2,443 shares of the basic materials company’s stock worth $506,000 after acquiring an additional 51 shares during the period. PFG Investments LLC grew its stake in shares of Franco-Nevada by 0.7% during the 1st quarter. PFG Investments LLC now owns 7,211 shares of the basic materials company’s stock worth $1,782,000 after acquiring an additional 52 shares during the period. Finally, Guardian Partners Inc. increased its holdings in Franco-Nevada by 3.2% in the 4th quarter. Guardian Partners Inc. now owns 1,692 shares of the basic materials company’s stock worth $351,000 after acquiring an additional 52 shares during the last quarter. Hedge funds and other institutional investors own 77.06% of the company’s stock.

Franco-Nevada Stock Down 1.8%

Shares of Franco-Nevada stock opened at $266.33 on Friday. The company’s fifty day simple moving average is $224.15 and its two-hundred day simple moving average is $236.31. The firm has a market cap of $51.37 billion, a PE ratio of 34.81, a price-to-earnings-growth ratio of 2.46 and a beta of 0.35. Franco-Nevada Corporation has a 12-month low of $181.50 and a 12-month high of $285.67.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last announced its earnings results on Tuesday, August 11th. The basic materials company reported $1.81 earnings per share for the quarter, missing analysts’ consensus estimates of $1.95 by ($0.14). Franco-Nevada had a net margin of 63.79% and a return on equity of 18.58%. The company had revenue of $580.90 million for the quarter, compared to the consensus estimate of $616.66 million. During the same period in the previous year, the firm posted $1.24 EPS. The company’s revenue for the quarter was up 57.3% on a year-over-year basis. As a group, sell-side analysts expect that Franco-Nevada Corporation will post 7.54 earnings per share for the current fiscal year.

Franco-Nevada Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, September 10th will be paid a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 0.7%. The ex-dividend date is Thursday, September 10th. Franco-Nevada’s dividend payout ratio (DPR) is currently 23.01%.

Analysts Set New Price Targets

Several research firms have recently weighed in on FNV. Bank of America reduced their target price on shares of Franco-Nevada from $276.00 to $238.00 and set a “neutral” rating for the company in a research note on Thursday, July 9th. Scotiabank lowered their target price on shares of Franco-Nevada from $290.00 to $274.00 and set a “sector perform” rating on the stock in a report on Tuesday, July 14th. HC Wainwright reaffirmed a “buy” rating and issued a $305.00 price target on shares of Franco-Nevada in a report on Wednesday, May 13th. TD Cowen upgraded Franco-Nevada from a “hold” rating to a “buy” rating and decreased their price objective for the company from $292.00 to $291.00 in a research note on Wednesday, May 20th. Finally, UBS Group cut their target price on Franco-Nevada from $310.00 to $280.00 and set a “buy” rating for the company in a research note on Tuesday, June 30th. Eleven analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $273.40.

About Franco-Nevada

Franco-Nevada Corporation is a Toronto-based royalty and streaming company that specializes in securing and managing long-term interests in mining properties. The firm focuses primarily on precious metals, particularly gold, while also holding interests related to silver, copper, platinum-group metals and select base metals. Rather than operating mines directly, Franco-Nevada acquires royalty and streaming agreements that entitle it to a percentage of production or revenue from producing and developing assets in exchange for upfront or staged financing.

The company’s business model centers on providing capital to mining companies in return for a sustained share of production or metal revenue, which can reduce exposure to operating and capital cost risks typical of mine operators.