The Manufacturers Life Insurance Company Has $243.98 Million Position in Franco-Nevada Corporation $FNV

The Manufacturers Life Insurance Company cut its stake in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 6.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 986,236 shares of the basic materials company’s stock after selling 63,923 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.51% of Franco-Nevada worth $243,979,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of Franco-Nevada by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 8,330,234 shares of the basic materials company’s stock valued at $1,726,741,000 after purchasing an additional 113,916 shares during the period. Van ECK Associates Corp raised its stake in Franco-Nevada by 12.8% during the 4th 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 during the period. First Eagle Investment Management LLC raised its stake in Franco-Nevada by 26.5% during the 4th 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 during the period. Royal Bank of Canada boosted its holdings in Franco-Nevada by 10.2% in the fourth quarter. Royal Bank of Canada now owns 2,808,645 shares of the basic materials company’s stock worth $582,177,000 after acquiring an additional 260,793 shares in the last quarter. Finally, Norges Bank bought a new position in Franco-Nevada in the fourth quarter worth approximately $578,577,000. 77.06% of the stock is currently owned by institutional investors and hedge funds.

Franco-Nevada Price Performance

FNV opened at $214.25 on Tuesday. Franco-Nevada Corporation has a 1 year low of $157.18 and a 1 year high of $285.67. The company has a market capitalization of $41.32 billion, a price-to-earnings ratio of 30.18, a P/E/G ratio of 1.81 and a beta of 0.36. The firm’s fifty day moving average price is $215.85 and its two-hundred day moving average price is $236.63.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last announced its earnings results on Tuesday, May 12th. The basic materials company reported $2.38 EPS for the quarter, beating the consensus estimate of $2.09 by $0.29. Franco-Nevada had a net margin of 65.12% and a return on equity of 18.10%. The company had revenue of $650.70 million during the quarter, compared to the consensus estimate of $634.43 million. During the same quarter in the prior year, the company posted $1.07 earnings per share. The firm’s revenue for the quarter was up 76.6% on a year-over-year basis. As a group, equities analysts anticipate that Franco-Nevada Corporation will post 8.23 EPS for the current year.

Franco-Nevada Dividend Announcement

The company also recently disclosed 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 yield of 0.8%. Franco-Nevada’s dividend payout ratio (DPR) is 24.79%.

Wall Street Analysts Forecast Growth

FNV has been the subject of several recent research reports. Bank of America decreased their price objective on Franco-Nevada from $276.00 to $238.00 and set a “neutral” rating for the company in a report on Thursday, July 9th. Royal Bank Of Canada lowered their price objective on shares of Franco-Nevada from $295.00 to $285.00 and set an “outperform” rating on the stock in a report on Thursday, July 9th. HC Wainwright reaffirmed a “buy” rating and issued a $305.00 price objective on shares of Franco-Nevada in a research note on Wednesday, May 13th. TD upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating and reduced their price objective for the company from $292.00 to $291.00 in a report on Wednesday, May 20th. Finally, TD Cowen raised shares of Franco-Nevada from a “hold” rating to a “buy” rating and decreased their target price for the stock from $292.00 to $291.00 in a research report on Wednesday, May 20th. Eleven analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Franco-Nevada has an average rating of “Moderate Buy” and an average price target of $273.40.

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.