Crescent Grove Advisors LLC Buys 8,876 Shares of Franco-Nevada Corporation $FNV

Crescent Grove Advisors LLC raised its stake in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 376.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,233 shares of the basic materials company’s stock after buying an additional 8,876 shares during the quarter. Crescent Grove Advisors LLC’s holdings in Franco-Nevada were worth $2,775,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. AQR Capital Management LLC acquired a new position in Franco-Nevada during the first quarter valued at approximately $241,000. NewEdge Advisors LLC raised its holdings in Franco-Nevada by 16.7% in the first quarter. NewEdge Advisors LLC now owns 6,585 shares of the basic materials company’s stock worth $1,038,000 after purchasing an additional 943 shares during the period. Intech Investment Management LLC raised its holdings 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 worth $1,460,000 after purchasing an additional 5,032 shares during the period. Acadian Asset Management LLC boosted its position in shares of Franco-Nevada by 800.0% during the first quarter. Acadian Asset Management LLC now owns 2,700 shares of the basic materials company’s stock worth $424,000 after purchasing an additional 2,400 shares in the last quarter. Finally, Marshall Wace LLP bought a new position in shares of Franco-Nevada during the second quarter worth $1,477,000. 77.06% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

FNV has been the subject of a number of recent analyst reports. Zacks Research cut shares of Franco-Nevada from a “hold” rating to a “strong sell” rating in a research report on Monday, July 13th. Weiss Ratings lowered Franco-Nevada from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, June 8th. Canaccord Genuity Group raised Franco-Nevada from a “hold” rating to a “buy” rating in a research note on Wednesday, April 29th. Royal Bank Of Canada lowered their price target on Franco-Nevada from $295.00 to $285.00 and set an “outperform” rating for the company in a report on Thursday, July 9th. Finally, Wall Street Zen lowered Franco-Nevada from a “buy” rating to a “hold” rating in a research report on Monday, June 1st. Eleven research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $273.40.

Franco-Nevada Stock Performance

Shares of FNV opened at $200.81 on Friday. The firm has a market cap of $38.73 billion, a P/E ratio of 28.28, a PEG ratio of 1.70 and a beta of 0.36. Franco-Nevada Corporation has a twelve month low of $154.11 and a twelve month high of $285.67. The firm’s 50 day moving average price is $218.63 and its two-hundred day moving average price is $236.41.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last issued its quarterly earnings data on Tuesday, May 12th. The basic materials company reported $2.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.09 by $0.29. Franco-Nevada had a net margin of 65.12% and a return on equity of 18.10%. The company had revenue of $650.70 million during the quarter, compared to the consensus estimate of $634.43 million. During the same quarter in the prior year, the firm earned $1.07 earnings per share. The firm’s revenue was up 76.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Franco-Nevada Corporation will post 8.23 earnings per share for the current fiscal year.

Franco-Nevada Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 25th. Shareholders of record on Thursday, June 11th were issued a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date was Thursday, June 11th. Franco-Nevada’s dividend payout ratio is 24.79%.

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.