Sumitomo Life Insurance Co. Buys New Shares in Franco-Nevada Corporation $FNV

Sumitomo Life Insurance Co. bought a new stake in Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 14,270 shares of the basic materials company’s stock, valued at approximately $2,974,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Transamerica Financial Advisors LLC acquired a new position in Franco-Nevada in the 4th quarter valued at $25,000. Private Trust Co. NA bought a new stake in shares of Franco-Nevada during the fourth quarter worth $29,000. Ascentis Independent Advisors acquired a new position in shares of Franco-Nevada in the first quarter valued at approximately $39,000. Navalign LLC acquired a new stake in Franco-Nevada in the fourth quarter valued at $34,000. Finally, Global Retirement Partners LLC acquired a new stake in Franco-Nevada during the 2nd quarter valued at approximately $35,000. 77.06% of the stock is currently owned by institutional investors and hedge funds.

Franco-Nevada Price Performance

Shares of NYSE:FNV opened at $265.78 on Friday. The company has a market cap of $51.26 billion, a price-to-earnings ratio of 34.74, a PEG ratio of 2.36 and a beta of 0.35. Franco-Nevada Corporation has a one year low of $180.32 and a one year high of $285.67. The firm has a fifty day moving average price of $219.57 and a two-hundred day moving average price of $235.05.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last announced its earnings results on Tuesday, August 11th. The basic materials company reported $1.81 earnings per share for the quarter, missing analysts’ consensus estimates of $1.95 by ($0.14). Franco-Nevada had a return on equity of 18.58% and a net margin of 63.79%.The business had revenue of $580.90 million during the quarter, compared to the consensus estimate of $616.66 million. During the same quarter in the prior year, the company earned $1.24 earnings per share. Franco-Nevada’s revenue was up 57.3% compared to the same quarter last year. Equities research analysts expect that Franco-Nevada Corporation will post 7.6 EPS for the current fiscal year.

Franco-Nevada Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, September 10th will be issued a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend is Thursday, September 10th. Franco-Nevada’s payout ratio is currently 23.01%.

Wall Street Analysts Forecast Growth

FNV has been the subject of a number of research reports. Scotiabank reduced their price target on shares of Franco-Nevada from $290.00 to $274.00 and set a “sector perform” rating for the company in a report on Tuesday, July 14th. Bank of America dropped their price target on shares of Franco-Nevada from $276.00 to $238.00 and set a “neutral” rating on the stock in a research report on Thursday, July 9th. TD Securities upgraded Franco-Nevada from a “hold” rating to a “buy” rating and set a $291.00 price target on the stock in a report on Wednesday, May 20th. TD Cowen upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating and dropped their target price for the company from $292.00 to $291.00 in a research note on Wednesday, May 20th. Finally, Wall Street Zen cut 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 and four have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $273.40.

About Franco-Nevada

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.