Pictet Asset Management Holding SA Raises Stock Position in Franco-Nevada Corporation $FNV

Pictet Asset Management Holding SA increased its stake in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 4.9% in the 4th quarter, Holdings Channel reports. The firm owned 75,904 shares of the basic materials company’s stock after purchasing an additional 3,520 shares during the period. Pictet Asset Management Holding SA’s holdings in Franco-Nevada were worth $15,754,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Mackenzie Financial Corp raised its position in shares of Franco-Nevada by 76.0% in the third quarter. Mackenzie Financial Corp now owns 2,363,324 shares of the basic materials company’s stock valued at $525,925,000 after buying an additional 1,020,509 shares during the last quarter. First Eagle Investment Management LLC raised its position in shares of Franco-Nevada by 26.4% during the 3rd quarter. First Eagle Investment Management LLC now owns 4,049,187 shares of the basic materials company’s stock valued at $901,092,000 after buying an additional 846,950 shares during the period. Bank of Montreal Can lifted its stake in shares of Franco-Nevada by 8.9% in the 3rd quarter. Bank of Montreal Can now owns 5,560,980 shares of the basic materials company’s stock valued at $1,237,510,000 after purchasing an additional 454,175 shares during the last quarter. Allianz Asset Management GmbH lifted its position in Franco-Nevada by 51.4% in the third quarter. Allianz Asset Management GmbH now owns 385,898 shares of the basic materials company’s stock valued at $85,913,000 after buying an additional 130,987 shares during the last quarter. Finally, Vanguard Group Inc. lifted its holdings in shares of Franco-Nevada by 1.6% in the 3rd quarter. Vanguard Group Inc. now owns 8,216,318 shares of the basic materials company’s stock worth $1,828,821,000 after acquiring an additional 129,898 shares during the last quarter. 77.06% of the stock is owned by institutional investors and hedge funds.

Franco-Nevada Price Performance

Franco-Nevada stock opened at $226.09 on Friday. Franco-Nevada Corporation has a 1-year low of $152.89 and a 1-year high of $285.67. The company has a market cap of $43.60 billion, a PE ratio of 39.25, a price-to-earnings-growth ratio of 2.44 and a beta of 0.35. The stock’s 50 day moving average price is $252.85 and its 200 day moving average price is $229.25.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last announced its quarterly earnings results on Tuesday, March 10th. The basic materials company reported $1.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.67 by $0.18. Franco-Nevada had a net margin of 61.01% and a return on equity of 15.62%. The business had revenue of $597.30 million during the quarter, compared to the consensus estimate of $542.02 million. During the same quarter last year, the firm posted $0.95 EPS. The business’s revenue was up 86.1% compared to the same quarter last year. On average, equities research analysts anticipate that Franco-Nevada Corporation will post 7.92 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

FNV has been the subject of a number of research analyst reports. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Franco-Nevada in a report on Wednesday, February 4th. Canaccord Genuity Group upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating in a research note on Wednesday. Zacks Research lowered shares of Franco-Nevada from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 31st. Wall Street Zen upgraded Franco-Nevada from a “hold” rating to a “buy” rating in a research report on Sunday, April 26th. Finally, Scotiabank upped their price target on shares of Franco-Nevada from $283.00 to $286.00 and gave the company a “sector perform” rating in a research report on Monday, March 16th. Eight investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $257.25.

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.