Geode Capital Management LLC Purchases 197,567 Shares of Franco-Nevada Corporation $FNV

Geode Capital Management LLC grew its position in Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 11.4% in the fourth quarter, HoldingsChannel.com reports. The firm owned 1,932,148 shares of the basic materials company’s stock after acquiring an additional 197,567 shares during the period. Geode Capital Management LLC’s holdings in Franco-Nevada were worth $412,395,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Flputnam Investment Management Co. bought a new position in shares of Franco-Nevada during the fourth quarter worth $237,000. Legal & General Group Plc boosted its position in shares of Franco-Nevada by 5.9% during the fourth quarter. Legal & General Group Plc now owns 1,044,515 shares of the basic materials company’s stock worth $216,797,000 after acquiring an additional 57,843 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of Franco-Nevada by 32.6% during the fourth quarter. EverSource Wealth Advisors LLC now owns 386 shares of the basic materials company’s stock worth $80,000 after acquiring an additional 95 shares during the last quarter. Carrhae Capital LLP boosted its position in shares of Franco-Nevada by 162.2% during the fourth quarter. Carrhae Capital LLP now owns 293,772 shares of the basic materials company’s stock worth $60,893,000 after acquiring an additional 181,718 shares during the last quarter. Finally, Markel Group Inc. boosted its position in shares of Franco-Nevada by 12.9% during the fourth quarter. Markel Group Inc. now owns 683,500 shares of the basic materials company’s stock worth $141,676,000 after acquiring an additional 78,000 shares during the last quarter. 77.06% of the stock is currently owned by institutional investors.

Franco-Nevada Stock Performance

NYSE FNV opened at $230.82 on Monday. The company has a market capitalization of $44.52 billion, a price-to-earnings ratio of 32.51, a price-to-earnings-growth ratio of 2.01 and a beta of 0.34. The company’s 50-day simple moving average is $239.70 and its two-hundred day simple moving average is $234.38. Franco-Nevada Corporation has a one year low of $152.89 and a one year high of $285.67.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last posted its earnings results on Tuesday, May 12th. The basic materials company reported $2.38 EPS for the quarter, beating analysts’ consensus estimates of $2.09 by $0.29. The business had revenue of $650.70 million for the quarter, compared to the consensus estimate of $634.43 million. Franco-Nevada had a net margin of 65.12% and a return on equity of 18.10%. The company’s revenue for the quarter was up 76.6% on a year-over-year basis. During the same quarter last year, the firm posted $1.07 EPS. Equities analysts expect that Franco-Nevada Corporation will post 8.85 earnings per share for the current fiscal year.

Franco-Nevada Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 25th. Shareholders of record on Thursday, June 11th will be given a dividend of $0.44 per share. The ex-dividend date of this dividend is Thursday, June 11th. This represents a $1.76 dividend on an annualized basis and a yield of 0.8%. Franco-Nevada’s dividend payout ratio (DPR) is 24.79%.

Wall Street Analyst Weigh In

Several research firms have commented on FNV. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Franco-Nevada in a research report on Wednesday, February 4th. HC Wainwright reiterated 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 shares of Franco-Nevada from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, May 13th. Scotiabank increased their target price on shares of Franco-Nevada from $286.00 to $290.00 and gave the company a “sector perform” rating in a research note on Thursday, May 14th. Finally, Weiss Ratings raised shares of Franco-Nevada from a “hold (c+)” rating to a “buy (b)” rating in a research note on Friday, March 20th. Eleven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $271.00.

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.