Mirae Asset Global Investments Co. Ltd. Purchases Shares of 9,800 Franco-Nevada Corporation $FNV

Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) in the third quarter, according to its most recent filing with the SEC. The firm purchased 9,800 shares of the basic materials company’s stock, valued at approximately $2,185,000.

Several other hedge funds have also recently made changes to their positions in FNV. Spire Wealth Management boosted its position in shares of Franco-Nevada by 13.4% during the 3rd quarter. Spire Wealth Management now owns 475 shares of the basic materials company’s stock valued at $106,000 after purchasing an additional 56 shares in the last quarter. Versant Capital Management Inc boosted its holdings in shares of Franco-Nevada by 19.6% during the 3rd quarter. Versant Capital Management Inc now owns 433 shares of the basic materials company’s stock worth $97,000 after buying an additional 71 shares in the last quarter. Kiker Wealth Management LLC boosted its holdings in shares of Franco-Nevada by 20.5% during the 2nd quarter. Kiker Wealth Management LLC now owns 471 shares of the basic materials company’s stock worth $77,000 after buying an additional 80 shares in the last quarter. Golden State Wealth Management LLC grew its position in shares of Franco-Nevada by 78.3% during the 2nd quarter. Golden State Wealth Management LLC now owns 205 shares of the basic materials company’s stock worth $34,000 after buying an additional 90 shares during the period. Finally, Blue Trust Inc. increased its stake in shares of Franco-Nevada by 10.9% in the 2nd quarter. Blue Trust Inc. now owns 973 shares of the basic materials company’s stock valued at $160,000 after acquiring an additional 96 shares in the last quarter. 77.06% of the stock is owned by institutional investors.

Franco-Nevada Stock Performance

Shares of NYSE FNV opened at $238.84 on Wednesday. The stock has a market cap of $46.05 billion, a price-to-earnings ratio of 50.07, a PEG ratio of 1.25 and a beta of 0.47. Franco-Nevada Corporation has a fifty-two week low of $137.05 and a fifty-two week high of $273.55. The firm’s 50-day simple moving average is $223.31 and its 200 day simple moving average is $202.67.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last issued its quarterly earnings data on Monday, November 3rd. The basic materials company reported $1.43 EPS for the quarter, topping the consensus estimate of $1.37 by $0.06. Franco-Nevada had a return on equity of 13.94% and a net margin of 59.48%.The firm had revenue of $487.70 million during the quarter, compared to the consensus estimate of $448.51 million. During the same period in the prior year, the business posted $0.80 earnings per share. The company’s quarterly revenue was up 76.9% compared to the same quarter last year. On average, sell-side analysts predict that Franco-Nevada Corporation will post 3.09 EPS for the current year.

Franco-Nevada Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 26th. Investors of record on Thursday, March 12th will be issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 0.7%. This is an increase from Franco-Nevada’s previous quarterly dividend of $0.38. The ex-dividend date is Thursday, March 12th. Franco-Nevada’s dividend payout ratio is currently 31.87%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on FNV. Raymond James Financial increased their target price on shares of Franco-Nevada from $218.00 to $234.00 and gave the stock an “outperform” rating in a research note on Friday, October 10th. Jefferies Financial Group reiterated a “hold” rating and set a $228.00 price objective on shares of Franco-Nevada in a report on Sunday, December 7th. HC Wainwright raised their target price on Franco-Nevada from $200.00 to $210.00 and gave the company a “buy” rating in a research note on Tuesday, November 4th. Bank of America boosted their target price on Franco-Nevada from $211.00 to $220.00 and gave the company a “neutral” rating in a research report on Thursday, October 16th. Finally, Scotiabank increased their price target on Franco-Nevada from $225.00 to $283.00 and gave the stock a “sector perform” rating in a report on Monday, January 26th. Six investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $245.00.

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.