68,600 Shares in Franco-Nevada Corporation $FNV Bought by Varma Mutual Pension Insurance Co

Varma Mutual Pension Insurance Co bought a new position in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) during the 4th quarter, according to its most recent 13F filing with the SEC. The fund bought 68,600 shares of the basic materials company’s stock, valued at approximately $14,238,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in Franco-Nevada by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 8,330,234 shares of the basic materials company’s stock valued at $1,726,741,000 after purchasing an additional 113,916 shares during the last quarter. Bank of Montreal Can grew its stake in Franco-Nevada by 8.9% during the 3rd quarter. Bank of Montreal Can now owns 5,560,980 shares of the basic materials company’s stock valued at $1,237,510,000 after purchasing an additional 454,175 shares during the last quarter. First Eagle Investment Management LLC grew its stake in Franco-Nevada by 26.4% during the 3rd quarter. First Eagle Investment Management LLC now owns 4,049,187 shares of the basic materials company’s stock valued at $901,092,000 after purchasing an additional 846,950 shares during the last quarter. Mackenzie Financial Corp grew its stake in Franco-Nevada by 76.0% during the 3rd quarter. Mackenzie Financial Corp now owns 2,363,324 shares of the basic materials company’s stock valued at $525,925,000 after purchasing an additional 1,020,509 shares during the last quarter. Finally, TD Asset Management Inc grew its stake in Franco-Nevada by 0.9% during the 3rd quarter. TD Asset Management Inc now owns 2,030,684 shares of the basic materials company’s stock valued at $452,095,000 after purchasing an additional 18,897 shares during the last quarter. 77.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Weiss Ratings upgraded Franco-Nevada from a “hold (c+)” rating to a “buy (b)” rating in a research note on Friday, March 20th. Scotiabank boosted their price target on Franco-Nevada from $283.00 to $286.00 and gave the company a “sector perform” rating in a research note on Monday, March 16th. HC Wainwright boosted their price target on Franco-Nevada from $285.00 to $305.00 and gave the company a “buy” rating in a research note on Thursday, March 12th. Canaccord Genuity Group upgraded Franco-Nevada from a “hold” rating to a “buy” rating in a research note on Wednesday, April 29th. Finally, Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Franco-Nevada in a research note on Wednesday, February 4th. Eight analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, Franco-Nevada presently has a consensus rating of “Moderate Buy” and a consensus price target of $257.25.

Franco-Nevada Stock Down 1.1%

Shares of FNV stock opened at $223.88 on Tuesday. The stock has a market cap of $43.18 billion, a PE ratio of 38.87, a price-to-earnings-growth ratio of 2.18 and a beta of 0.34. The business has a 50-day simple moving average of $252.85 and a 200-day simple moving average of $229.51. Franco-Nevada Corporation has a 52-week low of $152.89 and a 52-week high of $285.67.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last issued its quarterly earnings data on Tuesday, March 10th. The basic materials company reported $1.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.67 by $0.18. The business had revenue of $597.30 million during the quarter, compared to analysts’ expectations of $542.02 million. Franco-Nevada had a return on equity of 15.62% and a net margin of 61.01%.The company’s revenue for the quarter was up 86.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.95 EPS. Sell-side analysts anticipate that Franco-Nevada Corporation will post 7.92 earnings per share for the current fiscal year.

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.