Palisade Capital Management LP Buys Shares of 84,187 Franco-Nevada Corporation $FNV

Palisade Capital Management LP bought a new position in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 84,187 shares of the basic materials company’s stock, valued at approximately $17,548,000. Franco-Nevada makes up about 0.8% of Palisade Capital Management LP’s investment portfolio, making the stock its 28th largest position.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Composition Wealth LLC lifted its stake in shares of Franco-Nevada by 0.8% in the fourth quarter. Composition Wealth LLC now owns 6,108 shares of the basic materials company’s stock valued at $1,266,000 after purchasing an additional 49 shares during the period. Clark Capital Management Group Inc. grew its position in Franco-Nevada by 1.0% during the fourth quarter. Clark Capital Management Group Inc. now owns 5,054 shares of the basic materials company’s stock worth $1,048,000 after buying an additional 50 shares during the period. Syon Capital LLC increased its holdings in Franco-Nevada by 2.1% in the fourth quarter. Syon Capital LLC now owns 2,443 shares of the basic materials company’s stock valued at $506,000 after buying an additional 51 shares in the last quarter. PFG Investments LLC increased its holdings in Franco-Nevada by 0.7% in the first quarter. PFG Investments LLC now owns 7,211 shares of the basic materials company’s stock valued at $1,782,000 after buying an additional 52 shares in the last quarter. Finally, Guardian Partners Inc. lifted its position in shares of Franco-Nevada by 3.2% during the 4th quarter. Guardian Partners Inc. now owns 1,692 shares of the basic materials company’s stock valued at $351,000 after acquiring an additional 52 shares during the period. 77.06% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Bank of America decreased their price target on Franco-Nevada from $276.00 to $238.00 and set a “neutral” rating on the stock in a research note on Thursday, July 9th. Royal Bank Of Canada dropped their price objective on Franco-Nevada from $295.00 to $285.00 and set an “outperform” rating for the company in a research note on Thursday, July 9th. Zacks Research raised Franco-Nevada from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 11th. TD Securities upgraded Franco-Nevada from a “hold” rating to a “buy” rating and set a $291.00 target price on the stock in a research report on Wednesday, May 20th. Finally, National Bank Financial raised Franco-Nevada from a “sector perform” rating to an “outperform” rating in a report on Wednesday, May 13th. Eleven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, Franco-Nevada currently has a consensus rating of “Moderate Buy” and a consensus target price of $273.40.

Franco-Nevada Price Performance

FNV stock opened at $271.84 on Wednesday. The company’s 50 day simple moving average is $221.36 and its 200-day simple moving average is $235.52. Franco-Nevada Corporation has a 12 month low of $181.50 and a 12 month high of $285.67. The firm has a market capitalization of $52.43 billion, a PE ratio of 35.53, a P/E/G ratio of 2.49 and a beta of 0.35.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last released its quarterly earnings results on Tuesday, August 11th. The basic materials company reported $1.81 earnings per share for the quarter, missing analysts’ consensus estimates of $1.95 by ($0.14). Franco-Nevada had a return on equity of 18.58% and a net margin of 63.79%.The company had revenue of $580.90 million during the quarter, compared to analyst estimates of $616.66 million. During the same period last year, the firm earned $1.24 earnings per share. The business’s revenue was up 57.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Franco-Nevada Corporation will post 7.54 earnings per share for the current year.

Franco-Nevada Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Investors 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 yield of 0.6%. Franco-Nevada’s payout ratio is presently 23.01%.

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.