EdgePoint Investment Group Inc. Has $788.69 Million Holdings in Franco-Nevada Corporation $FNV

EdgePoint Investment Group Inc. reduced its stake in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 0.4% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 3,544,113 shares of the basic materials company’s stock after selling 14,348 shares during the period. Franco-Nevada makes up approximately 5.9% of EdgePoint Investment Group Inc.’s holdings, making the stock its 6th biggest holding. EdgePoint Investment Group Inc. owned 1.84% of Franco-Nevada worth $788,687,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the stock. TD Waterhouse Canada Inc. raised its holdings in shares of Franco-Nevada by 8.1% during the third quarter. TD Waterhouse Canada Inc. now owns 275,747 shares of the basic materials company’s stock worth $59,623,000 after acquiring an additional 20,664 shares during the period. Allspring Global Investments Holdings LLC lifted its position in Franco-Nevada by 4.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 114,465 shares of the basic materials company’s stock valued at $25,515,000 after acquiring an additional 4,900 shares in the last quarter. Osaic Holdings Inc. boosted its stake in Franco-Nevada by 210.4% in the 2nd quarter. Osaic Holdings Inc. now owns 18,235 shares of the basic materials company’s stock worth $2,989,000 after purchasing an additional 12,360 shares during the period. Gruss & Co. LLC bought a new position in Franco-Nevada during the 3rd quarter worth about $557,000. Finally, Altfest L J & Co. Inc. increased its holdings in Franco-Nevada by 189.2% during the 3rd quarter. Altfest L J & Co. Inc. now owns 7,556 shares of the basic materials company’s stock worth $1,684,000 after purchasing an additional 4,943 shares in the last quarter. Institutional investors own 77.06% of the company’s stock.

Analysts Set New Price Targets

FNV has been the topic of a number of research reports. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Franco-Nevada in a report on Wednesday, February 4th. Zacks Research raised Franco-Nevada from a “hold” rating to a “strong-buy” rating in a research report on Friday, February 27th. HC Wainwright boosted their target price on Franco-Nevada from $285.00 to $305.00 and gave the company a “buy” rating in a research note on Thursday. Wall Street Zen raised Franco-Nevada from a “hold” rating to a “buy” rating in a research report on Monday, November 24th. Finally, Weiss Ratings cut shares of Franco-Nevada from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, March 6th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Franco-Nevada presently has an average rating of “Moderate Buy” and a consensus target price of $256.88.

Franco-Nevada Trading Down 4.6%

Shares of FNV opened at $251.45 on Friday. The company’s fifty day simple moving average is $250.76 and its 200 day simple moving average is $219.55. Franco-Nevada Corporation has a 1-year low of $140.03 and a 1-year high of $285.67. The company has a market cap of $48.48 billion, a price-to-earnings ratio of 43.65, a PEG ratio of 3.33 and a beta of 0.45.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last announced its quarterly earnings results on Tuesday, March 10th. The basic materials company reported $1.85 EPS for the quarter, beating analysts’ consensus estimates of $1.67 by $0.18. Franco-Nevada had a net margin of 61.01% and a return on equity of 15.62%. The firm had revenue of $597.30 million during the quarter, compared to analysts’ expectations of $542.02 million. During the same quarter last year, the company posted $0.95 earnings per share. The company’s revenue for the quarter was up 86.1% compared to the same quarter last year. As a group, research analysts forecast that Franco-Nevada Corporation will post 3.09 earnings per share for the current year.

Franco-Nevada Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 26th. Investors of record on Thursday, March 12th will be paid a $0.44 dividend. This is an increase from Franco-Nevada’s previous quarterly dividend of $0.38. The ex-dividend date is Thursday, March 12th. This represents a $1.76 annualized dividend and a yield of 0.7%. Franco-Nevada’s dividend payout ratio (DPR) is 30.56%.

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.