Clare Market Investments LLC Purchases New Position in Franco-Nevada Corporation $FNV

Clare Market Investments LLC purchased a new stake in Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 7,480 shares of the basic materials company’s stock, valued at approximately $1,848,000.

Other hedge funds have also bought and sold shares of the company. AQR Capital Management LLC acquired a new position in shares of Franco-Nevada in the 1st quarter valued at $241,000. NewEdge Advisors LLC grew 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 valued at $1,038,000 after buying an additional 943 shares during the period. Intech Investment Management LLC grew 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 valued at $1,460,000 after buying an additional 5,032 shares during the period. Acadian Asset Management LLC increased its holdings in 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 buying an additional 2,400 shares in the last quarter. Finally, Marshall Wace LLP acquired a new position in shares of Franco-Nevada in the second quarter worth about $1,477,000. Hedge funds and other institutional investors own 77.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on FNV shares. TD upgraded Franco-Nevada from a “hold” rating to a “buy” rating and dropped their target price for the company from $292.00 to $291.00 in a research report on Wednesday, May 20th. Zacks Research lowered Franco-Nevada from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 31st. Scotiabank lifted their price target 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. 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 Cowen upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating and reduced their price objective for the stock from $292.00 to $291.00 in a research report on Wednesday, May 20th. Eleven analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Franco-Nevada presently has an average rating of “Moderate Buy” and an average target price of $269.70.

Franco-Nevada Trading Up 0.4%

Shares of NYSE FNV opened at $213.60 on Tuesday. The stock has a market cap of $41.19 billion, a PE ratio of 30.05, a P/E/G ratio of 1.89 and a beta of 0.36. Franco-Nevada Corporation has a 12-month low of $152.89 and a 12-month high of $285.67. The company has a 50-day moving average of $223.90 and a 200 day moving average of $237.21.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last released its earnings results 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. The business had revenue of $650.70 million for the quarter, compared to analyst estimates of $634.43 million. Franco-Nevada had a net margin of 65.12% and a return on equity of 18.10%. The business’s revenue was up 76.6% on a year-over-year basis. During the same period last year, the company posted $1.07 EPS. On average, sell-side analysts forecast that Franco-Nevada Corporation will post 8.85 EPS for the current fiscal year.

Franco-Nevada Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 25th. Shareholders of record on Thursday, June 11th were paid a $0.44 dividend. The ex-dividend date of this dividend was 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 24.79%.

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.