Investors Buy Large Volume of Franco Nevada Put Options (FNV)
Franco Nevada Corp (NYSE:FNV) (TSE:FNV) saw some unusual options trading on Tuesday. Stock investors purchased 8,054 put options on the stock. This is an increase of approximately 3,010% compared to the typical daily volume of 259 put options.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Veritas Investment Management UK Ltd grew its holdings in Franco Nevada by 4.8% during the 2nd quarter. Veritas Investment Management UK Ltd now owns 276,593 shares of the basic materials company’s stock valued at $26,539,000 after buying an additional 12,680 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in shares of Franco Nevada by 6.8% in the 1st quarter. Wells Fargo & Company MN now owns 14,654 shares of the basic materials company’s stock worth $1,002,000 after purchasing an additional 939 shares during the period. Investec Asset Management LTD purchased a new position in shares of Franco Nevada in the 2nd quarter worth approximately $17,440,000. State of Wisconsin Investment Board boosted its holdings in shares of Franco Nevada by 7.1% in the 2nd quarter. State of Wisconsin Investment Board now owns 174,361 shares of the basic materials company’s stock worth $12,718,000 after purchasing an additional 11,600 shares during the period. Finally, Tobam boosted its holdings in shares of Franco Nevada by 6.2% in the 2nd quarter. Tobam now owns 465,577 shares of the basic materials company’s stock worth $33,960,000 after purchasing an additional 27,300 shares during the period. Institutional investors and hedge funds own 63.59% of the company’s stock.
NYSE FNV opened at $58.87 on Wednesday. The company has a market cap of $11.36 billion, a price-to-earnings ratio of 54.51, a PEG ratio of 12.73 and a beta of -0.18. Franco Nevada has a 1-year low of $58.26 and a 1-year high of $86.06.
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 27th. Shareholders of record on Thursday, September 13th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 1.63%. The ex-dividend date of this dividend is Wednesday, September 12th. Franco Nevada’s dividend payout ratio is presently 88.89%.
Several analysts recently issued reports on FNV shares. Macquarie downgraded Franco Nevada from an “outperform” rating to a “neutral” rating in a research note on Tuesday, July 10th. Desjardins raised Franco Nevada from a “sell” rating to a “hold” rating in a research note on Wednesday, July 18th. TD Securities set a $93.00 target price on Franco Nevada and gave the company a “buy” rating in a research note on Tuesday, August 7th. ValuEngine cut Franco Nevada from a “hold” rating to a “sell” rating in a report on Tuesday, September 4th. Finally, Credit Suisse Group restated a “neutral” rating on shares of Franco Nevada in a report on Monday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $93.71.
Franco Nevada Company Profile
Franco-Nevada Corporation operates as a gold-focused royalty and stream company in the United States, Canada, Mexico, Peru, Chile, Australia, and Africa. The company also holds interests in silver, platinum group metals, oil and gas, and other resource assets. As of December 31, 2017, it had a portfolio of 341 assets.
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