Norges Bank Takes $460.22 Million Position in Franco-Nevada Corporation $FNV

Norges Bank purchased a new position in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,801,365 shares of the basic materials company’s stock, valued at approximately $460,218,000.

Other hedge funds have also recently added to or reduced their stakes in the company. MTM Investment Management LLC purchased a new stake in Franco-Nevada in the 2nd quarter valued at approximately $32,000. Golden State Wealth Management LLC raised its stake in shares of Franco-Nevada by 78.3% during the 2nd quarter. Golden State Wealth Management LLC now owns 205 shares of the basic materials company’s stock worth $34,000 after buying an additional 90 shares in the last quarter. CENTRAL TRUST Co lifted its holdings in shares of Franco-Nevada by 590.9% in the 2nd quarter. CENTRAL TRUST Co now owns 228 shares of the basic materials company’s stock valued at $37,000 after buying an additional 195 shares during the period. Opal Wealth Advisors LLC purchased a new stake in shares of Franco-Nevada in the second quarter valued at approximately $57,000. Finally, Kiker Wealth Management LLC boosted its stake in shares of Franco-Nevada by 20.5% in the second quarter. Kiker Wealth Management LLC now owns 471 shares of the basic materials company’s stock valued at $77,000 after buying an additional 80 shares in the last quarter. Institutional investors and hedge funds own 77.06% of the company’s stock.

Franco-Nevada Stock Up 0.9%

Shares of FNV stock opened at $209.27 on Friday. The stock has a market cap of $40.34 billion, a P/E ratio of 51.42, a P/E/G ratio of 1.70 and a beta of 0.40. Franco-Nevada Corporation has a fifty-two week low of $114.81 and a fifty-two week high of $225.63. The business has a fifty day simple moving average of $202.01 and a 200-day simple moving average of $182.90.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last released its quarterly earnings data on Monday, November 3rd. The basic materials company reported $1.43 EPS for the quarter, topping the consensus estimate of $1.37 by $0.06. Franco-Nevada had a net margin of 58.82% and a return on equity of 12.56%. The business had revenue of $487.70 million for the quarter, compared to analyst estimates of $448.51 million. During the same period in the previous year, the firm earned $0.80 EPS. The business’s revenue for the quarter was up 76.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Franco-Nevada Corporation will post 3.09 earnings per share for the current year.

Franco-Nevada Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 18th. Stockholders of record on Thursday, December 4th will be given a $0.38 dividend. The ex-dividend date is Thursday, December 4th. This represents a $1.52 annualized dividend and a dividend yield of 0.7%. Franco-Nevada’s dividend payout ratio is currently 31.87%.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Scotiabank increased their price objective on Franco-Nevada from $184.00 to $225.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 23rd. Weiss Ratings reiterated a “buy (b)” rating on shares of Franco-Nevada in a report on Tuesday. UBS Group raised their price objective on shares of Franco-Nevada from $250.00 to $260.00 and gave the company a “buy” rating in a research note on Thursday, October 16th. Canaccord Genuity Group raised shares of Franco-Nevada from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 22nd. Finally, Wall Street Zen upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating in a research report on Monday, November 24th. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $223.43.

About Franco-Nevada

Franco-Nevada Corporation operates as a gold-focused royalty and streaming company in South America, Central America, Mexico, the United States, Canada, and internationally. It operates through Mining and Energy segments. The company manages its portfolio with a focus on precious metals, such as gold, silver, and platinum group metals; and engages in the sale of crude oil, natural gas, and natural gas liquids through a third-party marketing agent.