Allianz Asset Management GmbH Acquires 42,612 Shares of Franco-Nevada Corporation $FNV

Allianz Asset Management GmbH lifted its holdings in Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 11.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 428,510 shares of the basic materials company’s stock after acquiring an additional 42,612 shares during the period. Allianz Asset Management GmbH’s holdings in Franco-Nevada were worth $88,939,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in Franco-Nevada by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 8,330,234 shares of the basic materials company’s stock valued at $1,726,741,000 after buying an additional 113,916 shares in the last quarter. Bank of Montreal Can increased its position in Franco-Nevada by 8.9% in the 3rd quarter. Bank of Montreal Can now owns 5,560,980 shares of the basic materials company’s stock valued at $1,237,510,000 after buying an additional 454,175 shares in the last quarter. First Eagle Investment Management LLC boosted its stake in Franco-Nevada by 26.5% during the 4th quarter. First Eagle Investment Management LLC now owns 5,123,444 shares of the basic materials company’s stock valued at $1,062,037,000 after purchasing an additional 1,074,257 shares during the last quarter. Norges Bank acquired a new position in Franco-Nevada during the 4th quarter valued at about $578,577,000. Finally, Mackenzie Financial Corp boosted its stake in Franco-Nevada by 76.0% during the 3rd quarter. Mackenzie Financial Corp now owns 2,363,324 shares of the basic materials company’s stock valued at $525,925,000 after purchasing an additional 1,020,509 shares during the last quarter. 77.06% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on FNV shares. Wall Street Zen downgraded Franco-Nevada from a “buy” rating to a “hold” rating in a research note on Monday, June 1st. Scotiabank lifted their price target on Franco-Nevada from $286.00 to $290.00 and gave the company a “sector perform” rating in a research note on Thursday, May 14th. National Bank Financial upgraded Franco-Nevada from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, May 13th. Canaccord Genuity Group upgraded Franco-Nevada from a “hold” rating to a “buy” rating in a research note on Wednesday, April 29th. Finally, TD Securities upgraded Franco-Nevada from a “hold” rating to a “buy” rating and set a $291.00 target price on the stock in a research note on Wednesday, May 20th. Eleven analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $271.00.

Franco-Nevada Stock Down 1.7%

NYSE FNV opened at $208.51 on Thursday. The stock’s 50-day simple moving average is $238.61 and its two-hundred day simple moving average is $235.93. Franco-Nevada Corporation has a twelve month low of $152.89 and a twelve month high of $285.67. The company has a market capitalization of $40.21 billion, a price-to-earnings ratio of 29.37, a PEG ratio of 1.85 and a beta of 0.34.

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

Franco-Nevada Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 25th. Investors of record on Thursday, June 11th will be issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 0.8%. The ex-dividend date is Thursday, June 11th. Franco-Nevada’s dividend payout ratio is presently 24.79%.

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.