Franco-Nevada Corporation $FNV Stake Boosted by EdgePoint Investment Group Inc.

EdgePoint Investment Group Inc. increased its holdings in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 3.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,461,224 shares of the basic materials company’s stock after acquiring an additional 110,222 shares during the quarter. Franco-Nevada comprises 6.9% of EdgePoint Investment Group Inc.’s investment portfolio, making the stock its 4th biggest position. EdgePoint Investment Group Inc.’s holdings in Franco-Nevada were worth $857,196,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of FNV. Norges Bank acquired a new position in shares of Franco-Nevada during the 4th quarter worth approximately $578,577,000. First Eagle Investment Management LLC lifted its position in 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 in the last quarter. Van ECK Associates Corp lifted its position in Franco-Nevada by 12.8% during the fourth quarter. Van ECK Associates Corp now owns 7,441,133 shares of the basic materials company’s stock worth $1,542,402,000 after buying an additional 842,132 shares in the last quarter. Capital Research Global Investors boosted its stake in Franco-Nevada by 100.2% during the fourth quarter. Capital Research Global Investors now owns 1,277,889 shares of the basic materials company’s stock worth $264,882,000 after buying an additional 639,493 shares during the last quarter. Finally, Deutsche Bank AG boosted its stake in Franco-Nevada by 30.7% during the fourth quarter. Deutsche Bank AG now owns 1,889,414 shares of the basic materials company’s stock worth $391,638,000 after buying an additional 443,839 shares during the last quarter. Hedge funds and other institutional investors own 77.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Weiss Ratings cut shares of Franco-Nevada from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, June 8th. HC Wainwright reiterated a “buy” rating and set a $305.00 price target on shares of Franco-Nevada in a research report on Wednesday, May 13th. TD Securities raised shares of Franco-Nevada from a “hold” rating to a “buy” rating and set a $291.00 price target on the stock in a research note on Wednesday, May 20th. Zacks Research lowered shares of Franco-Nevada from a “hold” rating to a “strong sell” rating in a report on Monday, July 13th. Finally, Jefferies Financial Group lowered their price objective on shares of Franco-Nevada from $258.00 to $245.00 and set a “hold” rating for the company in a research report on Monday, July 6th. Eleven investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $273.40.

Franco-Nevada Stock Performance

Shares of FNV opened at $214.25 on Tuesday. The company’s 50-day simple moving average is $215.85 and its 200-day simple moving average is $236.63. Franco-Nevada Corporation has a 1 year low of $157.18 and a 1 year high of $285.67. The stock has a market capitalization of $41.32 billion, a PE ratio of 30.18, a P/E/G ratio of 1.81 and a beta of 0.36.

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

Franco-Nevada Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 25th. Shareholders of record on Thursday, June 11th were paid a $0.44 dividend. The ex-dividend date was Thursday, June 11th. This represents a $1.76 annualized dividend and a dividend yield of 0.8%. Franco-Nevada’s 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.