Maryland State Retirement & Pension System Purchases 2,224 Shares of Franco-Nevada Corporation $FNV

Maryland State Retirement & Pension System increased its position in Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 12.4% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 20,123 shares of the basic materials company’s stock after purchasing an additional 2,224 shares during the period. Maryland State Retirement & Pension System’s holdings in Franco-Nevada were worth $4,478,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the business. Evergreen Capital Management LLC raised its holdings in Franco-Nevada by 6.4% during the third quarter. Evergreen Capital Management LLC now owns 1,602 shares of the basic materials company’s stock worth $357,000 after buying an additional 96 shares during the last quarter. Campbell & CO Investment Adviser LLC increased its position in shares of Franco-Nevada by 24.8% during the third quarter. Campbell & CO Investment Adviser LLC now owns 7,333 shares of the basic materials company’s stock worth $1,635,000 after acquiring an additional 1,456 shares in the last quarter. Elevate Capital Advisors LLC increased its position in shares of Franco-Nevada by 2.3% during the third quarter. Elevate Capital Advisors LLC now owns 15,737 shares of the basic materials company’s stock worth $3,508,000 after acquiring an additional 361 shares in the last quarter. Versant Capital Management Inc raised its holdings in shares of Franco-Nevada by 19.6% in the 3rd quarter. Versant Capital Management Inc now owns 433 shares of the basic materials company’s stock worth $97,000 after acquiring an additional 71 shares during the last quarter. Finally, Stephens Inc. AR bought a new position in Franco-Nevada in the 3rd quarter valued at about $236,000. Institutional investors and hedge funds own 77.06% of the company’s stock.

Franco-Nevada Trading Up 1.4%

Shares of Franco-Nevada stock opened at $243.77 on Monday. The business’s fifty day simple moving average is $209.93 and its 200 day simple moving average is $194.87. Franco-Nevada Corporation has a 12 month low of $123.66 and a 12 month high of $243.83. The firm has a market capitalization of $47.00 billion, a P/E ratio of 51.10, a price-to-earnings-growth ratio of 1.47 and a beta of 0.48.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last announced its earnings results on Monday, November 3rd. The basic materials company reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.37 by $0.06. The firm had revenue of $487.70 million during the quarter, compared to analyst estimates of $448.51 million. Franco-Nevada had a return on equity of 13.94% and a net margin of 59.48%.The business’s revenue was up 76.9% compared to the same quarter last year. During the same period last year, the firm posted $0.80 EPS. Analysts predict that Franco-Nevada Corporation will post 3.09 EPS for the current fiscal year.

Franco-Nevada Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 18th. Shareholders of record on Thursday, December 4th were given a $0.38 dividend. The ex-dividend date of this dividend was Thursday, December 4th. This represents a $1.52 annualized dividend and a yield of 0.6%. Franco-Nevada’s payout ratio is currently 31.87%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. HC Wainwright boosted their price objective on Franco-Nevada from $200.00 to $210.00 and gave the stock a “buy” rating in a report on Tuesday, November 4th. TD Securities decreased their price target on Franco-Nevada from $247.00 to $225.00 and set a “hold” rating for the company in a report on Wednesday, November 5th. Bank of America increased their price target on Franco-Nevada from $211.00 to $220.00 and gave the company a “neutral” rating in a research report on Thursday, October 16th. Jefferies Financial Group reaffirmed a “hold” rating and set a $228.00 price objective on shares of Franco-Nevada in a report on Sunday, December 7th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Franco-Nevada in a research note on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $232.75.

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.