Franco-Nevada Corporation $FNV is Renaissance Technologies LLC’s 8th Largest Position

Renaissance Technologies LLC lessened its position in Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 10.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,218,918 shares of the basic materials company’s stock after selling 259,200 shares during the period. Franco-Nevada accounts for 0.9% of Renaissance Technologies LLC’s investment portfolio, making the stock its 8th biggest position. Renaissance Technologies LLC’s holdings in Franco-Nevada were worth $548,184,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in FNV. PFG Investments LLC increased its position in shares of Franco-Nevada by 0.6% in the fourth quarter. PFG Investments LLC now owns 7,159 shares of the basic materials company’s stock valued at $1,484,000 after acquiring an additional 46 shares during the period. Composition Wealth LLC boosted its holdings in shares of Franco-Nevada by 0.8% during the fourth quarter. Composition Wealth LLC now owns 6,108 shares of the basic materials company’s stock worth $1,266,000 after purchasing an additional 49 shares during the period. Clark Capital Management Group Inc. boosted its holdings in shares of Franco-Nevada by 1.0% during the fourth quarter. Clark Capital Management Group Inc. now owns 5,054 shares of the basic materials company’s stock worth $1,048,000 after purchasing an additional 50 shares during the period. Syon Capital LLC grew its stake in shares of Franco-Nevada by 2.1% in the fourth quarter. Syon Capital LLC now owns 2,443 shares of the basic materials company’s stock worth $506,000 after purchasing an additional 51 shares during the last quarter. Finally, Guardian Partners Inc. grew its stake in shares of Franco-Nevada by 3.2% in the fourth quarter. Guardian Partners Inc. now owns 1,692 shares of the basic materials company’s stock worth $351,000 after purchasing an additional 52 shares during the last quarter. Institutional investors own 77.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Wall Street Zen downgraded Franco-Nevada from a “buy” rating to a “hold” rating in a report on Monday, June 1st. Weiss Ratings cut Franco-Nevada from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, June 8th. TD Securities upgraded Franco-Nevada from a “hold” rating to a “buy” rating and set a $291.00 price objective on the stock in a research report on Wednesday, May 20th. National Bank Financial raised Franco-Nevada from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, May 13th. Finally, HC Wainwright restated a “buy” rating and set a $305.00 target price on shares of Franco-Nevada in a report on Wednesday, May 13th. Eleven research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Franco-Nevada has an average rating of “Moderate Buy” and a consensus target price of $273.40.

Franco-Nevada Trading Up 0.4%

Shares of NYSE:FNV opened at $215.06 on Friday. The stock has a fifty day simple moving average of $216.08 and a two-hundred day simple moving average of $236.49. The stock has a market capitalization of $41.48 billion, a price-to-earnings ratio of 30.29, a PEG ratio of 1.81 and a beta of 0.36. Franco-Nevada Corporation has a 12-month low of $157.18 and a 12-month high of $285.67.

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

Franco-Nevada Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 25th. Stockholders of record on Thursday, June 11th were given a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend was Thursday, June 11th. Franco-Nevada’s payout ratio is currently 24.79%.

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.