EFG International AG Makes New Investment in Franco-Nevada Corporation $FNV

EFG International AG purchased a new position in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 11,024 shares of the basic materials company’s stock, valued at approximately $2,298,000.

Other hedge funds have also recently added to or reduced their stakes in the company. AQR Capital Management LLC bought a new position in shares of Franco-Nevada in the 1st quarter valued at $241,000. NewEdge Advisors LLC lifted its position in shares of Franco-Nevada by 16.7% during the 1st quarter. NewEdge Advisors LLC now owns 6,585 shares of the basic materials company’s stock worth $1,038,000 after buying an additional 943 shares during the last quarter. Intech Investment Management LLC boosted its stake in Franco-Nevada by 118.3% in the first quarter. Intech Investment Management LLC now owns 9,286 shares of the basic materials company’s stock valued at $1,460,000 after buying an additional 5,032 shares in the last quarter. Acadian Asset Management LLC boosted its stake in Franco-Nevada by 800.0% in the first quarter. Acadian Asset Management LLC now owns 2,700 shares of the basic materials company’s stock valued at $424,000 after buying an additional 2,400 shares in the last quarter. Finally, Marshall Wace LLP bought a new position in Franco-Nevada in the second quarter valued at about $1,477,000. Institutional investors own 77.06% of the company’s stock.

Franco-Nevada Trading Down 1.7%

Shares of FNV opened at $267.28 on Thursday. The firm’s fifty day simple moving average is $222.16 and its two-hundred day simple moving average is $235.82. Franco-Nevada Corporation has a 12 month low of $181.50 and a 12 month high of $285.67. The stock has a market capitalization of $51.55 billion, a P/E ratio of 34.94, a price-to-earnings-growth ratio of 2.51 and a beta of 0.35.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last posted its quarterly earnings data on Tuesday, August 11th. The basic materials company reported $1.81 earnings per share for the quarter, missing the consensus estimate of $1.95 by ($0.14). Franco-Nevada had a return on equity of 18.58% and a net margin of 63.79%.The business had revenue of $580.90 million during the quarter, compared to the consensus estimate of $616.66 million. During the same period last year, the business posted $1.24 earnings per share. The business’s revenue was up 57.3% on a year-over-year basis. As a group, research analysts predict that Franco-Nevada Corporation will post 7.54 EPS for the current fiscal year.

Franco-Nevada Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, September 10th will be given a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend is Thursday, September 10th. Franco-Nevada’s dividend payout ratio is presently 23.01%.

Analysts Set New Price Targets

A number of research analysts have recently commented on FNV shares. TD Cowen upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating and reduced their price target for the company from $292.00 to $291.00 in a research note 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 for the company in a research note on Wednesday, May 20th. Bank of America cut their target price on shares of Franco-Nevada from $276.00 to $238.00 and set a “neutral” rating on the stock in a research report on Thursday, July 9th. Wall Street Zen cut shares of Franco-Nevada from a “buy” rating to a “hold” rating in a research note on Monday, June 1st. Finally, Zacks Research upgraded shares of Franco-Nevada from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 11th. Eleven investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average 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.