Bank of Nova Scotia Raises Position in Franco-Nevada Corporation $FNV

Bank of Nova Scotia lifted its position in Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 5.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 485,345 shares of the basic materials company’s stock after acquiring an additional 23,587 shares during the period. Bank of Nova Scotia’s holdings in Franco-Nevada were worth $120,146,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. GAMMA Investing LLC lifted its position in shares of Franco-Nevada by 112.3% in the fourth quarter. GAMMA Investing LLC now owns 121 shares of the basic materials company’s stock valued at $25,000 after acquiring an additional 64 shares in the last quarter. Transamerica Financial Advisors LLC purchased a new stake in Franco-Nevada during the fourth quarter worth about $25,000. Private Trust Co. NA purchased a new stake in shares of Franco-Nevada during the fourth quarter worth approximately $29,000. Smartleaf Asset Management LLC boosted its position in shares of Franco-Nevada by 600.0% during the 2nd quarter. Smartleaf Asset Management LLC now owns 196 shares of the basic materials company’s stock worth $32,000 after acquiring an additional 168 shares in the last quarter. Finally, Navalign LLC acquired a new stake in Franco-Nevada during the 4th quarter worth $34,000. 77.06% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

FNV has been the topic of several recent research reports. Bank of America dropped their price objective on shares of Franco-Nevada from $276.00 to $238.00 and set a “neutral” rating on the stock in a research note on Thursday, July 9th. Canaccord Genuity Group raised shares of Franco-Nevada from a “hold” rating to a “buy” rating in a research report on Wednesday, April 29th. HC Wainwright restated a “buy” rating and issued a $305.00 price target on shares of Franco-Nevada in a report on Wednesday, May 13th. Weiss Ratings lowered shares of Franco-Nevada from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, June 8th. Finally, TD upgraded Franco-Nevada from a “hold” rating to a “buy” rating and decreased their target price for the stock from $292.00 to $291.00 in a research report on Wednesday, May 20th. Eleven research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $273.40.

Franco-Nevada Price Performance

Shares of Franco-Nevada stock opened at $214.16 on Friday. Franco-Nevada Corporation has a 52-week low of $157.18 and a 52-week high of $285.67. The stock has a 50-day simple moving average of $216.29 and a 200-day simple moving average of $236.64. The firm has a market cap of $41.30 billion, a price-to-earnings ratio of 30.16, a P/E/G ratio of 1.81 and a beta of 0.36.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last issued its quarterly earnings data on Tuesday, May 12th. The basic materials company reported $2.38 earnings per share 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 during the quarter, compared to analysts’ expectations of $634.43 million. During the same period in the previous year, the company earned $1.07 earnings per share. Franco-Nevada’s revenue for the quarter was up 76.6% on a year-over-year basis. As a group, equities research analysts predict that Franco-Nevada Corporation will post 8.23 earnings per share for the current year.

Franco-Nevada Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 25th. Shareholders of record on Thursday, June 11th were given a dividend of $0.44 per share. The ex-dividend date was 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 is presently 24.79%.

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.