Geode Capital Management LLC Buys 252,540 Shares of Franco-Nevada Corporation $FNV

Geode Capital Management LLC boosted its stake in Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 20.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,500,290 shares of the basic materials company’s stock after purchasing an additional 252,540 shares during the quarter. Geode Capital Management LLC’s holdings in Franco-Nevada were worth $247,051,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Cullen Frost Bankers Inc. bought a new position in shares of Franco-Nevada in the 1st quarter worth $32,000. Golden State Wealth Management LLC grew its position in Franco-Nevada by 78.3% in the second quarter. Golden State Wealth Management LLC now owns 205 shares of the basic materials company’s stock worth $34,000 after acquiring an additional 90 shares in the last quarter. CENTRAL TRUST Co increased its stake in Franco-Nevada by 590.9% in the second quarter. CENTRAL TRUST Co now owns 228 shares of the basic materials company’s stock valued at $37,000 after acquiring an additional 195 shares during the last quarter. Opal Wealth Advisors LLC bought a new position in Franco-Nevada in the second quarter valued at $57,000. Finally, Kiker Wealth Management LLC raised its position in Franco-Nevada by 20.5% during the second quarter. Kiker Wealth Management LLC now owns 471 shares of the basic materials company’s stock valued at $77,000 after purchasing an additional 80 shares in the last quarter. Hedge funds and other institutional investors own 77.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on FNV. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Franco-Nevada in a research note on Thursday. TD Securities decreased their price objective on Franco-Nevada from $247.00 to $225.00 and set a “hold” rating on the stock in a report on Wednesday, November 5th. Scotiabank boosted their target price on Franco-Nevada from $184.00 to $225.00 and gave the stock a “sector perform” rating in a research report on Thursday, October 23rd. Canaccord Genuity Group raised Franco-Nevada from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 22nd. Finally, Zacks Research raised shares of Franco-Nevada from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 17th. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Franco-Nevada currently has an average rating of “Moderate Buy” and a consensus target price of $223.43.

Franco-Nevada Trading Up 0.0%

NYSE FNV opened at $197.14 on Monday. The firm has a market cap of $38.00 billion, a PE ratio of 48.44, a price-to-earnings-growth ratio of 1.70 and a beta of 0.40. Franco-Nevada Corporation has a 1-year low of $113.54 and a 1-year high of $225.63. The stock has a 50-day moving average of $202.51 and a 200-day moving average of $180.65.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last posted its quarterly earnings results on Monday, November 3rd. The basic materials company reported $1.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.37 by $0.06. Franco-Nevada had a return on equity of 12.56% and a net margin of 58.82%.The business had revenue of $487.70 million for the quarter, compared to analyst estimates of $448.51 million. During the same period last year, the company earned $0.80 EPS. Franco-Nevada’s revenue for the quarter was up 76.9% compared to the same quarter last year. As a group, equities research analysts forecast that Franco-Nevada Corporation will post 3.09 earnings per share for the current fiscal year.

Franco-Nevada Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 18th. Investors of record on Thursday, December 4th will be paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend is Thursday, December 4th. Franco-Nevada’s payout ratio is presently 31.87%.

About Franco-Nevada

Franco-Nevada Corporation operates as a gold-focused royalty and streaming company in South America, Central America, Mexico, the United States, Canada, and internationally. It operates through Mining and Energy segments. The company manages its portfolio with a focus on precious metals, such as gold, silver, and platinum group metals; and engages in the sale of crude oil, natural gas, and natural gas liquids through a third-party marketing agent.