TD Waterhouse Canada Inc. Acquires 39,935 Shares of Franco-Nevada Corporation $FNV

TD Waterhouse Canada Inc. boosted its holdings in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 5.1% in the second quarter, Holdings Channel.com reports. The fund owned 817,307 shares of the basic materials company’s stock after buying an additional 39,935 shares during the quarter. TD Waterhouse Canada Inc.’s holdings in Franco-Nevada were worth $172,066,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in FNV. BlackRock Inc. bought a new position in Franco-Nevada during the second quarter worth about $52,816,000. Crescent Grove Advisors LLC bought a new position in Franco-Nevada during the 4th quarter worth approximately $489,000. Markel Group Inc. grew its holdings in Franco-Nevada by 9.2% during the second quarter. Markel Group Inc. now owns 773,500 shares of the basic materials company’s stock valued at $161,228,000 after purchasing an additional 65,000 shares during the period. Bank of Nova Scotia increased its stake in Franco-Nevada by 5.1% in the first quarter. Bank of Nova Scotia now owns 485,345 shares of the basic materials company’s stock valued at $120,146,000 after purchasing an additional 23,587 shares in the last quarter. Finally, Oxbow Advisors LLC raised its holdings in Franco-Nevada by 76.0% in the fourth quarter. Oxbow Advisors LLC now owns 35,332 shares of the basic materials company’s stock worth $7,324,000 after purchasing an additional 15,260 shares during the period. Institutional investors and hedge funds own 77.06% of the company’s stock.

Franco-Nevada Stock Up 4.5%

Shares of FNV stock opened at $271.32 on Friday. Franco-Nevada Corporation has a 12-month low of $181.50 and a 12-month high of $285.67. The firm has a fifty day moving average of $228.04 and a 200-day moving average of $236.54. The company has a market capitalization of $52.33 billion, a price-to-earnings ratio of 35.47, a P/E/G ratio of 2.40 and a beta of 0.39.

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

Franco-Nevada Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, September 10th will be paid a $0.44 dividend. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $1.76 annualized dividend and a dividend yield of 0.6%. Franco-Nevada’s dividend payout ratio (DPR) is currently 23.01%.

Wall Street Analyst Weigh In

FNV has been the subject of several research analyst reports. HC Wainwright reissued a “buy” rating and issued a $305.00 price target on shares of Franco-Nevada in a report on Wednesday, May 13th. National Bank Financial upgraded Franco-Nevada from a “sector perform” rating to an “outperform” rating in a report on Wednesday, May 13th. Weiss Ratings cut Franco-Nevada from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, June 8th. TD upgraded Franco-Nevada from a “hold” rating to a “buy” rating and lowered their price target for the stock from $292.00 to $291.00 in a report on Wednesday, May 20th. Finally, TD Securities raised Franco-Nevada from a “hold” rating to a “buy” rating and set a $291.00 price target on the stock in a research report on Wednesday, May 20th. Eleven analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, Franco-Nevada currently has a consensus rating of “Moderate Buy” and a consensus price target of $273.40.

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.