Norges Bank Buys New Position in Franco-Nevada Corporation $FNV

Norges Bank bought a new stake in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 2,791,151 shares of the basic materials company’s stock, valued at approximately $578,577,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. GAMMA Investing LLC boosted its holdings in Franco-Nevada by 112.3% during the 4th quarter. GAMMA Investing LLC now owns 121 shares of the basic materials company’s stock valued at $25,000 after acquiring an additional 64 shares during the period. Burkett Financial Services LLC purchased a new position in Franco-Nevada during the 3rd quarter valued at about $28,000. Private Trust Co. NA purchased a new position in Franco-Nevada during the 4th quarter valued at about $29,000. Smartleaf Asset Management LLC boosted its holdings in Franco-Nevada by 600.0% during the 2nd quarter. Smartleaf Asset Management LLC now owns 196 shares of the basic materials company’s stock valued at $32,000 after acquiring an additional 168 shares during the period. Finally, Navalign LLC purchased a new position in shares of Franco-Nevada in the 4th quarter valued at about $34,000. 77.06% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on FNV. Weiss Ratings upgraded Franco-Nevada from a “hold (c+)” rating to a “buy (b)” rating in a research note on Friday, March 20th. TD upgraded Franco-Nevada from a “hold” rating to a “buy” rating and decreased their price objective for the company from $292.00 to $291.00 in a research note on Wednesday, May 20th. National Bank Financial upgraded Franco-Nevada from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, May 13th. Zacks Research cut Franco-Nevada from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 31st. Finally, TD Securities upgraded Franco-Nevada from a “hold” rating to a “buy” rating and set a $291.00 price objective for the company in a research note on Wednesday, May 20th. Eleven analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $271.00.

Franco-Nevada Stock Up 0.1%

FNV opened at $230.82 on Monday. The firm has a market cap of $44.52 billion, a price-to-earnings ratio of 32.51, a price-to-earnings-growth ratio of 2.01 and a beta of 0.34. Franco-Nevada Corporation has a 52 week low of $152.89 and a 52 week high of $285.67. The business’s 50 day moving average is $239.70 and its two-hundred day moving average is $234.38.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last released its quarterly earnings results on Tuesday, May 12th. The basic materials company reported $2.38 EPS for the quarter, topping the consensus estimate of $2.09 by $0.29. The company had revenue of $650.70 million for the quarter, compared to analyst estimates of $634.43 million. Franco-Nevada had a return on equity of 18.10% and a net margin of 65.12%.The firm’s revenue was up 76.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.07 earnings per share. Equities analysts expect that Franco-Nevada Corporation will post 8.85 EPS for the current fiscal year.

Franco-Nevada Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 25th. Shareholders of record on Thursday, June 11th will be paid a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 0.8%. The ex-dividend date is Thursday, June 11th. Franco-Nevada’s dividend payout ratio (DPR) is 24.79%.

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.