The Manufacturers Life Insurance Company Buys New Holdings in Franco-Nevada Corporation $FNV

The Manufacturers Life Insurance Company purchased a new position in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) during the 2nd quarter, HoldingsChannel reports. The institutional investor purchased 736,359 shares of the basic materials company’s stock, valued at approximately $153,344,000.

A number of other large investors have also bought and sold shares of the stock. Transamerica Financial Advisors LLC purchased a new stake in shares of Franco-Nevada during the fourth quarter valued at approximately $25,000. Ascentis Independent Advisors bought a new position in shares of Franco-Nevada in the first quarter worth approximately $39,000. Navalign LLC purchased a new position in shares of Franco-Nevada in the fourth quarter worth $34,000. Global Retirement Partners LLC purchased a new position in shares of Franco-Nevada in the second quarter worth $35,000. Finally, Dunhill Financial LLC bought a new stake in Franco-Nevada during the 2nd quarter valued at $36,000. 77.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Wall Street Zen cut shares of Franco-Nevada from a “buy” rating to a “hold” rating in a research report on Monday, June 1st. Jefferies Financial Group decreased their price objective on shares of Franco-Nevada from $258.00 to $245.00 and set a “hold” rating on the stock in a research report on Monday, July 6th. Royal Bank Of Canada lowered their price objective on shares of Franco-Nevada from $295.00 to $285.00 and set an “outperform” rating for the company in a research note on Thursday, July 9th. TD Securities upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating and set a $291.00 target price for the company in a report on Wednesday, May 20th. Finally, Canaccord Genuity Group raised Franco-Nevada from a “hold” rating to a “buy” rating in a research note on Wednesday, April 29th. Eleven research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $273.40.

Franco-Nevada Stock Up 1.6%

Shares of Franco-Nevada stock opened at $270.07 on Tuesday. The business has a 50 day moving average of $220.53 and a 200 day moving average of $235.28. Franco-Nevada Corporation has a 52 week low of $181.50 and a 52 week high of $285.67. The company has a market cap of $52.09 billion, a PE ratio of 35.30, a P/E/G ratio of 2.42 and a beta of 0.35.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last released its quarterly earnings results on Tuesday, August 11th. The basic materials company reported $1.81 earnings per share for the quarter, missing the consensus estimate of $1.95 by ($0.14). The company had revenue of $580.90 million during the quarter, compared to the consensus estimate of $616.66 million. Franco-Nevada had a net margin of 63.79% and a return on equity of 18.58%. The business’s revenue was up 57.3% on a year-over-year basis. During the same quarter last year, the firm earned $1.24 EPS. On average, research analysts anticipate that Franco-Nevada Corporation will post 7.62 earnings per share for the current year.

Franco-Nevada Announces Dividend

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

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.