Varma Mutual Pension Insurance Co Purchases Shares of 69,900 Franco-Nevada Corporation $FNV

Varma Mutual Pension Insurance Co acquired a new position in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor acquired 69,900 shares of the basic materials company’s stock, valued at approximately $14,580,000.

A number of other large investors have also recently made changes to their positions in FNV. Transamerica Financial Advisors LLC acquired a new position in shares of Franco-Nevada during the fourth quarter valued at about $25,000. Smartleaf Asset Management LLC increased its position in shares of Franco-Nevada by 600.0% during the second quarter. Smartleaf Asset Management LLC now owns 196 shares of the basic materials company’s stock worth $32,000 after acquiring an additional 168 shares in the last quarter. Navalign LLC acquired a new stake in shares of Franco-Nevada in the 4th quarter worth about $34,000. Global Retirement Partners LLC bought a new position in Franco-Nevada in the 2nd quarter valued at about $35,000. Finally, Dunhill Financial LLC acquired a new position in Franco-Nevada during the 2nd quarter valued at about $36,000. 77.06% of the stock is owned by institutional investors.

Franco-Nevada Price Performance

Shares of NYSE:FNV opened at $265.78 on Monday. Franco-Nevada Corporation has a 1 year low of $180.32 and a 1 year high of $285.67. The company has a market capitalization of $51.26 billion, a PE ratio of 34.74, a price-to-earnings-growth ratio of 2.42 and a beta of 0.35. The business has a fifty day moving average price of $219.57 and a two-hundred day moving average price of $235.06.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last released its earnings results on Tuesday, August 11th. The basic materials company reported $1.81 EPS for the quarter, missing analysts’ consensus estimates of $1.95 by ($0.14). The business had revenue of $580.90 million for the quarter, compared to the consensus estimate of $616.66 million. Franco-Nevada had a return on equity of 18.58% and a net margin of 63.79%.The company’s revenue for the quarter was up 57.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.24 earnings per share. Sell-side analysts anticipate that Franco-Nevada Corporation will post 7.62 earnings per share for the current year.

Franco-Nevada Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, September 10th will be issued a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date is Thursday, September 10th. Franco-Nevada’s dividend payout ratio (DPR) is 23.01%.

Wall Street Analyst Weigh In

Several analysts have recently commented on FNV shares. Bank of America lowered their price objective on Franco-Nevada from $276.00 to $238.00 and set a “neutral” rating for the company in a research note on Thursday, July 9th. TD 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 report on Wednesday, May 20th. 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 report on Wednesday, May 20th. Wall Street Zen lowered shares of Franco-Nevada from a “buy” rating to a “hold” rating in a research note on Monday, June 1st. Finally, Scotiabank dropped their price target on shares of Franco-Nevada from $290.00 to $274.00 and set a “sector perform” rating on the stock in a research report on Tuesday, July 14th. Eleven research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Franco-Nevada has a consensus rating of “Moderate Buy” and a consensus price target of $273.40.

Franco-Nevada 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.