Mirae Asset Global Investments Co. Ltd. Invests $2.19 Million in Franco-Nevada Corporation $FNV

Mirae Asset Global Investments Co. Ltd. bought a new stake in Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) in the 3rd quarter, HoldingsChannel.com reports. The institutional investor bought 9,800 shares of the basic materials company’s stock, valued at approximately $2,185,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Norges Bank bought a new stake in Franco-Nevada in the 2nd quarter worth about $460,218,000. Arrowstreet Capital Limited Partnership grew its holdings in shares of Franco-Nevada by 35.2% in the second quarter. Arrowstreet Capital Limited Partnership now owns 3,220,029 shares of the basic materials company’s stock valued at $528,289,000 after acquiring an additional 838,853 shares in the last quarter. Picton Mahoney Asset Management purchased a new stake in shares of Franco-Nevada during the second quarter valued at approximately $80,621,000. Invesco Ltd. increased its position in shares of Franco-Nevada by 110.6% during the second quarter. Invesco Ltd. now owns 902,017 shares of the basic materials company’s stock valued at $147,859,000 after acquiring an additional 473,697 shares during the last quarter. Finally, Gilder Gagnon Howe & Co. LLC lifted its holdings in Franco-Nevada by 1,084.0% during the second quarter. Gilder Gagnon Howe & Co. LLC now owns 350,236 shares of the basic materials company’s stock worth $57,411,000 after acquiring an additional 320,656 shares during the period. 77.06% of the stock is currently owned by hedge funds and other institutional investors.

Franco-Nevada Stock Up 2.5%

FNV opened at $238.84 on Wednesday. The firm has a 50-day moving average price of $223.31 and a 200-day moving average price of $202.67. Franco-Nevada Corporation has a twelve month low of $137.05 and a twelve month high of $273.55. The company has a market capitalization of $46.05 billion, a price-to-earnings ratio of 50.07, a PEG ratio of 1.25 and a beta of 0.47.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last released its quarterly earnings data on Monday, November 3rd. The basic materials company reported $1.43 EPS for the quarter, topping the consensus estimate of $1.37 by $0.06. Franco-Nevada had a net margin of 59.48% and a return on equity of 13.94%. The company had revenue of $487.70 million during the quarter, compared to the consensus estimate of $448.51 million. During the same period last year, the firm earned $0.80 EPS. Franco-Nevada’s revenue for the quarter was up 76.9% on a year-over-year basis. On average, sell-side analysts expect that Franco-Nevada Corporation will post 3.09 earnings per share for the current fiscal year.

Franco-Nevada Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 26th. Shareholders of record on Thursday, March 12th will be given a dividend of $0.44 per share. This is an increase from Franco-Nevada’s previous quarterly dividend of $0.38. This represents a $1.76 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Thursday, March 12th. Franco-Nevada’s dividend payout ratio (DPR) is currently 31.87%.

Analysts Set New Price Targets

A number of research analysts have issued reports on FNV shares. Zacks Research downgraded Franco-Nevada from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 8th. UBS Group reissued a “buy” rating and issued a $310.00 price target on shares of Franco-Nevada in a report on Friday. TD Securities decreased their price objective on shares of Franco-Nevada from $247.00 to $225.00 and set a “hold” rating for the company in a report on Wednesday, November 5th. Jefferies Financial Group reiterated a “hold” rating and issued a $228.00 target price on shares of Franco-Nevada in a research note on Sunday, December 7th. Finally, Wall Street Zen raised shares of Franco-Nevada from a “hold” rating to a “buy” rating in a research report on Monday, November 24th. Six equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $245.00.

Franco-Nevada Profile

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.