Cibc World Market Inc. Purchases 264,913 Shares of Franco-Nevada Corporation $FNV

Cibc World Market Inc. grew its position in Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 24.2% during the fourth quarter, HoldingsChannel reports. The firm owned 1,357,815 shares of the basic materials company’s stock after buying an additional 264,913 shares during the period. Cibc World Market Inc.’s holdings in Franco-Nevada were worth $281,489,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. GAMMA Investing LLC boosted its stake in shares of Franco-Nevada by 112.3% in the 4th quarter. GAMMA Investing LLC now owns 121 shares of the basic materials company’s stock valued at $25,000 after purchasing an additional 64 shares during the last quarter. Burkett Financial Services LLC bought a new stake in shares of Franco-Nevada in the 3rd quarter valued at $28,000. Private Trust Co. NA bought a new stake in shares of Franco-Nevada in the 4th quarter valued at $29,000. Smartleaf Asset Management LLC boosted its stake in shares of Franco-Nevada by 600.0% in the 2nd 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. Finally, Navalign LLC bought a new stake in shares of Franco-Nevada in the 4th quarter valued at $34,000. 77.06% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on FNV shares. TD Cowen raised shares of Franco-Nevada from a “hold” rating to a “buy” rating and reduced their price objective for the company from $292.00 to $291.00 in a research note on Wednesday, May 20th. National Bank Financial raised shares of Franco-Nevada from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, May 13th. TD Securities raised shares of Franco-Nevada from a “hold” rating to a “buy” rating and set a $291.00 price objective on the stock in a research note on Wednesday, May 20th. Scotiabank upped their price objective on shares of Franco-Nevada from $286.00 to $290.00 and gave the company a “sector perform” rating in a research note on Thursday, May 14th. Finally, Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Franco-Nevada in a research note on Wednesday, February 4th. Eleven investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $271.00.

Franco-Nevada Stock Down 2.8%

Shares of NYSE FNV opened at $229.31 on Thursday. The firm has a market cap of $44.23 billion, a PE ratio of 32.30, a P/E/G ratio of 2.05 and a beta of 0.34. Franco-Nevada Corporation has a 12-month low of $152.89 and a 12-month high of $285.67. The company’s fifty day simple moving average is $239.98 and its 200 day simple moving average is $235.11.

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

Franco-Nevada Announces Dividend

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