Maryland State Retirement & Pension System Boosts Stock Holdings in Franco-Nevada Corporation $FNV

Maryland State Retirement & Pension System raised its position in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 12.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 20,123 shares of the basic materials company’s stock after purchasing an additional 2,224 shares during the period. Maryland State Retirement & Pension System’s holdings in Franco-Nevada were worth $4,478,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the company. Evergreen Capital Management LLC lifted its position in shares of Franco-Nevada by 6.4% during the 3rd quarter. Evergreen Capital Management LLC now owns 1,602 shares of the basic materials company’s stock valued at $357,000 after buying an additional 96 shares during the last quarter. Campbell & CO Investment Adviser LLC raised its stake in Franco-Nevada by 24.8% in the 3rd quarter. Campbell & CO Investment Adviser LLC now owns 7,333 shares of the basic materials company’s stock valued at $1,635,000 after acquiring an additional 1,456 shares during the period. Elevate Capital Advisors LLC lifted its holdings in Franco-Nevada by 2.3% during the third quarter. Elevate Capital Advisors LLC now owns 15,737 shares of the basic materials company’s stock valued at $3,508,000 after purchasing an additional 361 shares during the last quarter. Versant Capital Management Inc lifted its holdings in Franco-Nevada by 19.6% during the third quarter. Versant Capital Management Inc now owns 433 shares of the basic materials company’s stock valued at $97,000 after purchasing an additional 71 shares during the last quarter. Finally, Stephens Inc. AR bought a new position in Franco-Nevada during the third quarter worth about $236,000. 77.06% of the stock is currently owned by institutional investors.

Franco-Nevada Price Performance

NYSE FNV opened at $243.77 on Monday. The company’s 50 day simple moving average is $209.93 and its two-hundred day simple moving average is $194.87. Franco-Nevada Corporation has a 1 year low of $123.66 and a 1 year high of $243.83. The stock has a market capitalization of $47.00 billion, a PE ratio of 51.10, a P/E/G ratio of 1.47 and a beta of 0.48.

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

Franco-Nevada Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 18th. Shareholders of record on Thursday, December 4th were issued a $0.38 dividend. The ex-dividend date of this dividend was Thursday, December 4th. This represents a $1.52 annualized dividend and a dividend yield of 0.6%. Franco-Nevada’s dividend payout ratio (DPR) is presently 31.87%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on FNV shares. Weiss Ratings reissued a “buy (b-)” rating on shares of Franco-Nevada in a research report on Monday, December 29th. TD Securities reduced their price objective on shares of Franco-Nevada from $247.00 to $225.00 and set a “hold” rating for the company in a research note on Wednesday, November 5th. Royal Bank Of Canada upgraded Franco-Nevada from a “sector perform” rating to an “outperform” rating and increased their target price for the stock from $225.00 to $250.00 in a research report on Wednesday, December 10th. Zacks Research lowered Franco-Nevada from a “strong-buy” rating to a “hold” rating in a report on Monday, December 8th. Finally, Raymond James Financial boosted their price objective on Franco-Nevada from $218.00 to $234.00 and gave the company an “outperform” rating in a research note on Friday, October 10th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $232.75.

About Franco-Nevada

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.