Cidel Asset Management Inc. Grows Holdings in Franco-Nevada Corporation $FNV

Cidel Asset Management Inc. increased its holdings in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 3,028.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 78,265 shares of the basic materials company’s stock after purchasing an additional 75,763 shares during the period. Cidel Asset Management Inc.’s holdings in Franco-Nevada were worth $16,325,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Norges Bank acquired a new position in Franco-Nevada in the fourth quarter valued at $578,577,000. Deutsche Bank AG acquired a new stake in shares of Franco-Nevada during the second quarter worth about $372,435,000. Canada Pension Plan Investment Board acquired a new stake in shares of Franco-Nevada during the second quarter worth about $254,515,000. First Eagle Investment Management LLC grew its holdings in shares of Franco-Nevada by 26.5% during the fourth quarter. First Eagle Investment Management LLC now owns 5,123,444 shares of the basic materials company’s stock worth $1,062,037,000 after buying an additional 1,074,257 shares during the last quarter. Finally, Legal & General Group Plc purchased a new position in shares of Franco-Nevada during the second quarter worth about $193,879,000. 77.06% of the stock is owned by hedge funds and other institutional investors.

Franco-Nevada Trading Down 0.9%

Shares of FNV opened at $263.85 on Wednesday. Franco-Nevada Corporation has a twelve month low of $181.50 and a twelve month high of $285.67. The stock’s 50 day moving average is $231.36 and its two-hundred day moving average is $236.82. The firm has a market capitalization of $50.89 billion, a PE ratio of 34.49, a P/E/G ratio of 2.46 and a beta of 0.39.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last issued its earnings results on Tuesday, August 11th. The basic materials company reported $1.81 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $616.66 million. During the same period last year, the company posted $1.24 earnings per share. The business’s quarterly revenue was up 57.3% on a year-over-year basis. On average, sell-side analysts predict that Franco-Nevada Corporation will post 7.54 EPS for the current year.

Franco-Nevada Announces Dividend

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

Wall Street Analyst Weigh In

Several analysts have commented on FNV shares. Scotiabank reduced their price objective on Franco-Nevada from $290.00 to $274.00 and set a “sector perform” rating for the company in a research note on Tuesday, July 14th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Franco-Nevada in a research note on Friday. HC Wainwright reissued a “buy” rating and issued a $305.00 target price on shares of Franco-Nevada in a report on Wednesday, May 13th. TD raised Franco-Nevada from a “hold” rating to a “buy” rating and dropped their target price for the company from $292.00 to $291.00 in a report on Wednesday, May 20th. Finally, 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. Eleven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $273.40.

Franco-Nevada Profile

Franco-Nevada Corporation is a royalty and streaming company focused primarily on precious metals. Rather than operating mines directly, the company provides upfront financing to mining and natural resource companies in exchange for the right to receive a portion of future production or revenue. Its portfolio is anchored by gold assets and also includes interests linked to silver, platinum group metals, iron ore and other commodities.

The company’s business model provides exposure to resource production without the direct operating, capital and exploration responsibilities associated with mine ownership.