Public Employees Retirement System of Ohio Purchases New Stake in Franco-Nevada Corporation $FNV

Public Employees Retirement System of Ohio purchased a new stake in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 90,547 shares of the basic materials company’s stock, valued at approximately $18,886,000.

A number of other large investors have also added to or reduced their stakes in FNV. Composition Wealth LLC increased its position in shares of 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 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 boosted its holdings in shares of Franco-Nevada by 2.1% during 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 period. PFG Investments LLC grew its stake in shares of Franco-Nevada by 0.7% in the first quarter. PFG Investments LLC now owns 7,211 shares of the basic materials company’s stock worth $1,782,000 after purchasing an additional 52 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.

Analyst Ratings Changes

A number of research analysts have commented on the company. TD raised Franco-Nevada from a “hold” rating to a “buy” rating and lowered their price target for the company from $292.00 to $291.00 in a research report on Wednesday, May 20th. UBS Group cut their price objective on Franco-Nevada from $310.00 to $280.00 and set a “buy” rating on the stock in a research report on Tuesday, June 30th. Jefferies Financial Group reduced their target price on Franco-Nevada from $258.00 to $245.00 and set a “hold” rating on the stock in a research note on Monday, July 6th. Zacks Research upgraded Franco-Nevada from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 11th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $305.00 price target on shares of Franco-Nevada in a research note on Wednesday, May 13th. Eleven research 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.com, Franco-Nevada currently has a consensus rating of “Moderate Buy” and an average target price of $273.40.

Franco-Nevada Price Performance

Shares of FNV opened at $266.33 on Friday. The company has a 50-day simple moving average of $224.15 and a two-hundred day simple moving average of $236.31. The firm has a market capitalization of $51.37 billion, a PE ratio of 34.81, a price-to-earnings-growth ratio of 2.46 and a beta of 0.35. Franco-Nevada Corporation has a one year low of $181.50 and a one year high of $285.67.

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

Franco-Nevada Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, September 10th will be paid a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend is Thursday, September 10th. Franco-Nevada’s dividend payout ratio is presently 23.01%.

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.