30,146 Shares in Franco-Nevada Corporation $FNV Purchased by Man Group plc

Man Group plc acquired a new stake in 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 acquired 30,146 shares of the basic materials company’s stock, valued at approximately $6,288,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. AQR Capital Management LLC acquired a new position in shares of Franco-Nevada during the 1st quarter worth approximately $241,000. NewEdge Advisors LLC boosted its position in Franco-Nevada by 16.7% during the first quarter. NewEdge Advisors LLC now owns 6,585 shares of the basic materials company’s stock worth $1,038,000 after purchasing an additional 943 shares during the period. Intech Investment Management LLC boosted its position in Franco-Nevada by 118.3% during the first quarter. Intech Investment Management LLC now owns 9,286 shares of the basic materials company’s stock worth $1,460,000 after purchasing an additional 5,032 shares during the period. Acadian Asset Management LLC increased its holdings in shares of Franco-Nevada by 800.0% in the first quarter. Acadian Asset Management LLC now owns 2,700 shares of the basic materials company’s stock valued at $424,000 after purchasing an additional 2,400 shares during the last quarter. Finally, Marshall Wace LLP bought a new position in shares of Franco-Nevada in the second quarter valued at about $1,477,000. 77.06% of the stock is owned by institutional investors.

Franco-Nevada Stock Performance

NYSE FNV opened at $266.33 on Friday. The firm’s fifty day moving average price is $224.15 and its two-hundred day moving average price is $236.31. The stock has a market cap of $51.37 billion, a PE ratio of 34.81, a PEG ratio of 2.46 and a beta of 0.35. Franco-Nevada Corporation has a fifty-two week low of $181.50 and a fifty-two week high of $285.67.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last released its quarterly earnings results on Tuesday, August 11th. The basic materials company reported $1.81 earnings per share for the quarter, missing the consensus estimate 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 the consensus estimate of $616.66 million. During the same quarter last year, the firm posted $1.24 earnings per share. The business’s revenue for the quarter was up 57.3% on a year-over-year basis. As a group, sell-side analysts predict that Franco-Nevada Corporation will post 7.54 earnings per share for the current fiscal year.

Franco-Nevada Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, September 10th will be issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date is Thursday, September 10th. Franco-Nevada’s dividend payout ratio (DPR) is presently 23.01%.

Analyst Ratings Changes

Several analysts recently weighed in on the company. TD Securities raised Franco-Nevada from a “hold” rating to a “buy” rating and set a $291.00 price target for the company in a report on Wednesday, May 20th. Jefferies Financial Group lowered their price objective on Franco-Nevada from $258.00 to $245.00 and set a “hold” rating on the stock in a research report on Monday, July 6th. Royal Bank Of Canada dropped their target price on Franco-Nevada from $295.00 to $285.00 and set an “outperform” rating for the company in a report on Thursday, July 9th. Bank of America reduced their target price on shares of Franco-Nevada from $276.00 to $238.00 and set a “neutral” rating for the company in a research report on Thursday, July 9th. Finally, Wall Street Zen downgraded shares of Franco-Nevada from a “buy” rating to a “hold” rating in a research note on Monday, June 1st. Eleven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $273.40.

Franco-Nevada Company 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.