Norges Bank Acquires New Stake in Franco-Nevada Corporation $FNV

Norges Bank acquired a new stake in Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 2,791,151 shares of the basic materials company’s stock, valued at approximately $578,577,000. Norges Bank owned about 1.45% of Franco-Nevada as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its stake in Franco-Nevada by 112.3% in the 4th quarter. GAMMA Investing LLC now owns 121 shares of the basic materials company’s stock valued at $25,000 after purchasing an additional 64 shares during the last quarter. Burkett Financial Services LLC acquired a new position in Franco-Nevada in the 3rd quarter valued at $28,000. Private Trust Co. NA acquired a new position in Franco-Nevada in the 4th quarter valued at $29,000. Smartleaf Asset Management LLC raised its stake in Franco-Nevada by 600.0% in the 2nd quarter. Smartleaf Asset Management LLC now owns 196 shares of the basic materials company’s stock valued at $32,000 after purchasing an additional 168 shares during the last quarter. Finally, Navalign LLC acquired a new position in Franco-Nevada in the 4th quarter valued at $34,000. 77.06% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

FNV has been the subject of several recent research reports. HC Wainwright reissued a “buy” rating and issued a $305.00 price objective on shares of Franco-Nevada in a research note on Wednesday, May 13th. TD Securities raised Franco-Nevada from a “hold” rating to a “buy” rating and set a $291.00 target price for the company in a research note on Wednesday, May 20th. Zacks Research downgraded Franco-Nevada from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 31st. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of Franco-Nevada in a research note on Wednesday, February 4th. Finally, National Bank Financial raised Franco-Nevada from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, May 13th. Eleven investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $271.00.

Franco-Nevada Stock Up 0.1%

Shares of FNV opened at $230.82 on Monday. Franco-Nevada Corporation has a 52-week low of $152.89 and a 52-week high of $285.67. The company has a market capitalization of $44.52 billion, a PE ratio of 32.51, a price-to-earnings-growth ratio of 2.01 and a beta of 0.34. The stock has a fifty day simple moving average of $239.70 and a two-hundred day simple moving average of $234.38.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last issued its earnings results on Tuesday, May 12th. The basic materials company reported $2.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.09 by $0.29. The business had revenue of $650.70 million during the quarter, compared to the consensus estimate of $634.43 million. Franco-Nevada had a return on equity of 18.10% and a net margin of 65.12%.The company’s revenue for the quarter was up 76.6% on a year-over-year basis. During the same period last year, the company earned $1.07 EPS. As a group, equities analysts anticipate that Franco-Nevada Corporation will post 8.85 earnings per share for the current fiscal year.

Franco-Nevada Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 25th. Stockholders of record on Thursday, June 11th will be issued a dividend of $0.44 per share. The ex-dividend date is Thursday, June 11th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 0.8%. Franco-Nevada’s dividend payout ratio is currently 24.79%.

Franco-Nevada 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.