Sciencast Management LP Has $471,000 Position in Franco-Nevada Corporation $FNV

Sciencast Management LP lowered its stake in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 61.7% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,261 shares of the basic materials company’s stock after selling 3,648 shares during the period. Sciencast Management LP’s holdings in Franco-Nevada were worth $471,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of FNV. Vanguard Group Inc. raised its holdings in shares of Franco-Nevada by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 8,330,234 shares of the basic materials company’s stock worth $1,726,741,000 after acquiring an additional 113,916 shares in the last quarter. Van ECK Associates Corp boosted its position in Franco-Nevada by 12.8% during the fourth quarter. Van ECK Associates Corp now owns 7,441,133 shares of the basic materials company’s stock valued at $1,542,402,000 after purchasing an additional 842,132 shares during the last quarter. First Eagle Investment Management LLC grew its stake in Franco-Nevada by 26.5% in the fourth quarter. First Eagle Investment Management LLC now owns 5,123,444 shares of the basic materials company’s stock valued at $1,062,037,000 after purchasing an additional 1,074,257 shares in the last quarter. EdgePoint Investment Group Inc. grew its stake in Franco-Nevada by 3.3% in the first quarter. EdgePoint Investment Group Inc. now owns 3,461,224 shares of the basic materials company’s stock valued at $857,196,000 after purchasing an additional 110,222 shares in the last quarter. Finally, Royal Bank of Canada increased its position in Franco-Nevada by 10.2% in the 4th quarter. Royal Bank of Canada now owns 2,808,645 shares of the basic materials company’s stock worth $582,177,000 after purchasing an additional 260,793 shares during the last quarter. 77.06% of the stock is owned by institutional investors and hedge funds.

Franco-Nevada Price Performance

NYSE FNV opened at $231.82 on Friday. Franco-Nevada Corporation has a fifty-two week low of $173.39 and a fifty-two week high of $285.67. The stock’s 50-day moving average is $215.37 and its two-hundred day moving average is $235.32. The firm has a market cap of $44.71 billion, a P/E ratio of 30.30, a price-to-earnings-growth ratio of 1.99 and a beta of 0.35.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last announced 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). The company had revenue of $580.90 million during the quarter, compared to analyst estimates of $616.66 million. Franco-Nevada had a return on equity of 18.98% and a net margin of 63.79%.Franco-Nevada’s quarterly revenue was up 57.3% on a year-over-year basis. During the same period in the prior year, the firm earned $1.24 EPS. On average, equities analysts expect that Franco-Nevada Corporation will post 8.23 EPS for the current year.

Franco-Nevada Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, September 10th will be issued a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 0.8%. The ex-dividend date is Thursday, September 10th. Franco-Nevada’s payout ratio is 23.01%.

Key Franco-Nevada News

Here are the key news stories impacting Franco-Nevada this week:

• Positive Sentiment: Second-quarter revenue increased 57.3% year over year to approximately $580.9 million, supported by higher precious-metals and oil prices. Gold’s continued rally could further benefit Franco-Nevada’s royalty and streaming portfolio. Franco-Nevada Q2 Earnings Miss Estimates, Revenues Soar 57% Y/Y
• Positive Sentiment: MarketBeat noted that rising gold prices, analyst price targets and technical indicators point to potential additional upside for FNV despite the quarterly miss. Franco-Nevada Earnings: Gold Is Rallying, But Does the Stock Even Care?
• Positive Sentiment: Franco-Nevada declared a quarterly dividend of $0.44 per share, payable September 24 to shareholders of record September 10. The dividend provides continued income support, although the indicated yield is approximately 0.7%.
• Neutral Sentiment: Zacks Research upgraded Franco-Nevada’s rating from “strong sell” to “hold,” indicating a less negative view but not an outright bullish recommendation. Zacks.com
• Negative Sentiment: Second-quarter adjusted earnings per share came in at $1.81, below the $1.95 consensus estimate, while revenue also missed expectations of approximately $616.7 million. Contracting margins added to investor concerns despite the sharp year-over-year growth. Franco-Nevada Q2 Earnings Miss Estimates, Revenues Soar 57% Y/Y

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on FNV shares. Jefferies Financial Group cut their price target on Franco-Nevada from $258.00 to $245.00 and set a “hold” rating for the company in a research note on Monday, July 6th. TD Cowen raised Franco-Nevada from a “hold” rating to a “buy” rating and lowered their price target for the company from $292.00 to $291.00 in a research note on Wednesday, May 20th. HC Wainwright restated a “buy” rating and issued a $305.00 price objective on shares of Franco-Nevada in a report on Wednesday, May 13th. Weiss Ratings lowered shares of Franco-Nevada from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, June 8th. Finally, TD Securities upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating and set a $291.00 target price for the company in a research note on Wednesday, May 20th. 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 presently has an average rating of “Moderate Buy” and an average price target of $273.40.

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.