Cidel Asset Management Inc. Increases Holdings in Franco-Nevada Corporation $FNV

Cidel Asset Management Inc. increased its position in Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 3,028.1% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 78,265 shares of the basic materials company’s stock after acquiring an additional 75,763 shares during the period. Cidel Asset Management Inc.’s holdings in Franco-Nevada were worth $16,325,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Transamerica Financial Advisors LLC acquired a new position in Franco-Nevada during the fourth quarter worth $25,000. Smartleaf Asset Management LLC grew its holdings in Franco-Nevada by 600.0% in the second quarter. Smartleaf Asset Management LLC now owns 196 shares of the basic materials company’s stock valued at $32,000 after purchasing an additional 168 shares during the last quarter. Navalign LLC acquired a new stake in Franco-Nevada in the fourth quarter valued at $34,000. Global Retirement Partners LLC purchased a new position in shares of Franco-Nevada in the second quarter valued at $35,000. Finally, Dunhill Financial LLC purchased a new position in shares of Franco-Nevada in the second quarter valued at $36,000. 77.06% of the stock is owned by hedge funds and other institutional investors.

Franco-Nevada Price Performance

Shares of NYSE FNV opened at $263.85 on Wednesday. The company has a 50-day simple moving average of $231.36 and a 200-day simple moving average of $236.82. The company has a market cap of $50.89 billion, a PE ratio of 34.49, a price-to-earnings-growth ratio of 2.46 and a beta of 0.39. Franco-Nevada Corporation has a 12 month low of $181.50 and a 12 month high of $285.67.

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

Franco-Nevada Announces Dividend

The firm 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. This represents a $1.76 annualized dividend and a yield of 0.7%. The ex-dividend date is Thursday, September 10th. Franco-Nevada’s dividend payout ratio is presently 23.01%.

Analyst Ratings Changes

Several research firms recently commented on FNV. Zacks Research upgraded shares of Franco-Nevada from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 11th. TD upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating and dropped their target price for the company from $292.00 to $291.00 in a report on Wednesday, May 20th. Bank of America cut their target price on shares of Franco-Nevada from $276.00 to $238.00 and set a “neutral” rating for the company in a research report on Thursday, July 9th. HC Wainwright reaffirmed a “buy” rating and issued a $305.00 price target on shares of Franco-Nevada in a report on Wednesday, May 13th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Franco-Nevada in a report on Friday. Eleven analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $273.40.

About Franco-Nevada

Franco-Nevada Corporation is a royalty and streaming company focused primarily on precious metals. Rather than operating mines directly, the company provides upfront financing to mining and natural resource companies in exchange for the right to receive a portion of future production or revenue. Its portfolio is anchored by gold assets and also includes interests linked to silver, platinum group metals, iron ore and other commodities.

The company’s business model provides exposure to resource production without the direct operating, capital and exploration responsibilities associated with mine ownership.