Canada Pension Plan Investment Board Takes Position in Franco-Nevada Corporation $FNV

Canada Pension Plan Investment Board bought a new position in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,220,989 shares of the basic materials company’s stock, valued at approximately $254,515,000.

A number of other large investors have also recently made changes to their positions in the company. Composition Wealth LLC raised its holdings in Franco-Nevada by 0.8% in the fourth quarter. Composition Wealth LLC now owns 6,108 shares of the basic materials company’s stock valued at $1,266,000 after acquiring an additional 49 shares in the last quarter. Clark Capital Management Group Inc. grew its holdings in Franco-Nevada by 1.0% during the 4th quarter. Clark Capital Management Group Inc. now owns 5,054 shares of the basic materials company’s stock worth $1,048,000 after acquiring an additional 50 shares in the last quarter. Syon Capital LLC increased its position in shares of Franco-Nevada by 2.1% in the 4th quarter. Syon Capital LLC now owns 2,443 shares of the basic materials company’s stock valued at $506,000 after purchasing an additional 51 shares during the last quarter. PFG Investments LLC increased its position in shares of Franco-Nevada by 0.7% in the 1st quarter. PFG Investments LLC now owns 7,211 shares of the basic materials company’s stock valued at $1,782,000 after purchasing an additional 52 shares during the last quarter. Finally, Guardian Partners Inc. raised its holdings in shares of Franco-Nevada by 3.2% in the 4th quarter. Guardian Partners Inc. now owns 1,692 shares of the basic materials company’s stock valued at $351,000 after purchasing an additional 52 shares in the last quarter. 77.06% of the stock is currently owned by hedge funds and other institutional investors.

Franco-Nevada Trading Up 0.6%

FNV stock opened at $271.84 on Wednesday. Franco-Nevada Corporation has a twelve month low of $181.50 and a twelve month high of $285.67. The company’s 50 day moving average is $221.36 and its two-hundred day moving average is $235.52. The stock has a market cap of $52.43 billion, a P/E ratio of 35.53, a PEG ratio of 2.49 and a beta of 0.35.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last issued its earnings results on Tuesday, August 11th. The basic materials company reported $1.81 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.95 by ($0.14). Franco-Nevada had a net margin of 63.79% and a return on equity of 18.58%. The company had revenue of $580.90 million during the quarter, compared to analyst estimates of $616.66 million. During the same quarter in the previous year, the company posted $1.24 EPS. The company’s quarterly revenue was up 57.3% on a year-over-year basis. On average, equities research analysts predict that Franco-Nevada Corporation will post 7.54 earnings per share for the current year.

Franco-Nevada Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, September 10th will be given a $0.44 dividend. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $1.76 dividend on an annualized basis and a yield of 0.6%. Franco-Nevada’s payout ratio is 23.01%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on FNV shares. HC Wainwright reaffirmed a “buy” rating and set a $305.00 price objective on shares of Franco-Nevada in a research report on Wednesday, May 13th. National Bank Financial raised Franco-Nevada from a “sector perform” rating to an “outperform” rating in a report on Wednesday, May 13th. TD Cowen upgraded Franco-Nevada from a “hold” rating to a “buy” rating and cut their price target for the company from $292.00 to $291.00 in a research note on Wednesday, May 20th. Weiss Ratings downgraded Franco-Nevada from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, June 8th. Finally, Wall Street Zen cut Franco-Nevada from a “buy” rating to a “hold” rating in a research report on Monday, June 1st. Eleven analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price 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.