Public Employees Retirement System of Ohio Has $27.48 Million Stock Position in Franco-Nevada Corporation $FNV

Public Employees Retirement System of Ohio increased its stake in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 12.2% during the first quarter, HoldingsChannel reports. The fund owned 111,326 shares of the basic materials company’s stock after acquiring an additional 12,137 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Franco-Nevada were worth $27,477,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Addenda Capital Inc. lifted its stake in shares of Franco-Nevada by 88.1% in the fourth quarter. Addenda Capital Inc. now owns 203,643 shares of the basic materials company’s stock valued at $42,211,000 after buying an additional 95,405 shares during the period. Crescent Grove Advisors LLC acquired a new stake in Franco-Nevada during the fourth quarter worth about $489,000. Scharf Investments LLC increased its stake in Franco-Nevada by 15.8% during the fourth quarter. Scharf Investments LLC now owns 692,209 shares of the basic materials company’s stock valued at $143,484,000 after acquiring an additional 94,465 shares during the period. PKO Investment Management Joint Stock Co increased its stake in Franco-Nevada by 11.4% during the fourth quarter. PKO Investment Management Joint Stock Co now owns 69,914 shares of the basic materials company’s stock valued at $14,519,000 after acquiring an additional 7,150 shares during the period. Finally, Annex Advisory Services LLC raised its holdings in Franco-Nevada by 4.9% in the 4th quarter. Annex Advisory Services LLC now owns 199,972 shares of the basic materials company’s stock valued at $41,450,000 after acquiring an additional 9,336 shares in the last quarter. 77.06% of the stock is currently owned by institutional investors and hedge funds.

Franco-Nevada Stock Up 0.4%

NYSE FNV opened at $215.06 on Friday. The stock has a market cap of $41.48 billion, a P/E ratio of 30.29, a PEG ratio of 1.81 and a beta of 0.36. The company’s 50-day simple moving average is $216.08 and its 200 day simple moving average is $236.49. Franco-Nevada Corporation has a twelve month low of $157.18 and a twelve month high of $285.67.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last posted its quarterly earnings results on Tuesday, May 12th. The basic materials company reported $2.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.09 by $0.29. The firm had revenue of $650.70 million during the quarter, compared to analyst estimates of $634.43 million. Franco-Nevada had a net margin of 65.12% and a return on equity of 18.10%. The company’s quarterly revenue was up 76.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.07 earnings per share. Research analysts anticipate that Franco-Nevada Corporation will post 8.23 earnings per share for the current year.

Franco-Nevada Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 25th. Stockholders of record on Thursday, June 11th were paid a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 0.8%. The ex-dividend date was Thursday, June 11th. Franco-Nevada’s dividend payout ratio is currently 24.79%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. TD upgraded Franco-Nevada from a “hold” rating to a “buy” rating and reduced their price objective for the stock from $292.00 to $291.00 in a research report on Wednesday, May 20th. Wall Street Zen cut Franco-Nevada from a “buy” rating to a “hold” rating in a research report on Monday, June 1st. TD Cowen upgraded Franco-Nevada from a “hold” rating to a “buy” rating and lowered their price objective for the company from $292.00 to $291.00 in a research report on Wednesday, May 20th. Canaccord Genuity Group upgraded Franco-Nevada from a “hold” rating to a “buy” rating in a research note on Wednesday, April 29th. Finally, Royal Bank Of Canada reduced their target price on Franco-Nevada from $295.00 to $285.00 and set an “outperform” rating for the company in a research report on Thursday, July 9th. Eleven research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Franco-Nevada presently has a consensus rating of “Moderate Buy” and a consensus target price of $273.40.

Franco-Nevada Company 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.