Fullerton Fund Management Co Ltd. Invests $685,000 in Franco-Nevada Corporation $FNV

Fullerton Fund Management Co Ltd. acquired a new position in Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 3,300 shares of the basic materials company’s stock, valued at approximately $685,000.

Other institutional investors have also bought and sold shares of the company. Legal & General Group Plc increased its stake in Franco-Nevada by 6.0% in the 3rd quarter. Legal & General Group Plc now owns 986,672 shares of the basic materials company’s stock worth $219,665,000 after buying an additional 55,954 shares in the last quarter. Addenda Capital Inc. increased its stake in Franco-Nevada by 88.1% in the 4th quarter. Addenda Capital Inc. now owns 203,643 shares of the basic materials company’s stock worth $42,211,000 after buying an additional 95,405 shares in the last quarter. TD Asset Management Inc increased its stake in Franco-Nevada by 0.9% in the 3rd quarter. TD Asset Management Inc now owns 2,030,684 shares of the basic materials company’s stock worth $452,095,000 after buying an additional 18,897 shares in the last quarter. Crescent Grove Advisors LLC purchased a new stake in Franco-Nevada in the 4th quarter worth $489,000. Finally, Mackenzie Financial Corp increased its stake in Franco-Nevada by 76.0% in the 3rd quarter. Mackenzie Financial Corp now owns 2,363,324 shares of the basic materials company’s stock worth $525,925,000 after buying an additional 1,020,509 shares in the last quarter. Hedge funds and other institutional investors own 77.06% of the company’s stock.

Franco-Nevada Stock Up 3.7%

FNV opened at $230.50 on Wednesday. The firm has a 50-day simple moving average of $235.65 and a two-hundred day simple moving average of $236.43. Franco-Nevada Corporation has a 52 week low of $152.89 and a 52 week high of $285.67. The company has a market capitalization of $44.45 billion, a PE ratio of 32.46, a price-to-earnings-growth ratio of 1.94 and a beta of 0.34.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last released its quarterly earnings data on Tuesday, May 12th. The basic materials company reported $2.38 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $634.43 million. During the same quarter in the prior year, the firm earned $1.07 EPS. The business’s revenue was up 76.6% on a year-over-year basis. As a group, sell-side analysts expect that Franco-Nevada Corporation will post 8.85 earnings per share for the current year.

Franco-Nevada Dividend Announcement

The firm 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 $0.44 dividend. The ex-dividend date of this dividend is Thursday, June 11th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 0.8%. Franco-Nevada’s dividend payout ratio (DPR) is presently 24.79%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on FNV shares. Canaccord Genuity Group upgraded Franco-Nevada from a “hold” rating to a “buy” rating in a research note on Wednesday, April 29th. TD Securities upgraded Franco-Nevada from a “hold” rating to a “buy” rating and set a $291.00 price target for the company in a research note on Wednesday, May 20th. HC Wainwright reissued a “buy” rating and set a $305.00 price objective on shares of Franco-Nevada in a report on Wednesday, May 13th. TD Cowen raised shares of Franco-Nevada from a “hold” rating to a “buy” rating and dropped their price objective for the company from $292.00 to $291.00 in a report on Wednesday, May 20th. Finally, Wall Street Zen downgraded shares of Franco-Nevada from a “buy” rating to a “hold” rating in a report on Monday, June 1st. Eleven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average 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.