Covea Finance Invests $12.26 Million in Franco-Nevada Co. (NYSE:FNV)

Covea Finance bought a new position in Franco-Nevada Co. (NYSE:FNVFree Report) (TSE:FNV) during the third quarter, Holdings Channel reports. The firm bought 98,620 shares of the basic materials company’s stock, valued at approximately $12,256,000.

Other hedge funds have also recently modified their holdings of the company. Allspring Global Investments Holdings LLC purchased a new position in Franco-Nevada during the second quarter worth approximately $276,446,000. M&G Plc purchased a new position in Franco-Nevada during the first quarter worth approximately $219,971,000. EdgePoint Investment Group Inc. raised its holdings in shares of Franco-Nevada by 68.1% during the first quarter. EdgePoint Investment Group Inc. now owns 2,759,677 shares of the basic materials company’s stock valued at $328,972,000 after acquiring an additional 1,117,523 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in shares of Franco-Nevada by 3,404.9% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 727,681 shares of the basic materials company’s stock valued at $86,287,000 after acquiring an additional 706,919 shares during the last quarter. Finally, FIL Ltd raised its holdings in shares of Franco-Nevada by 7.8% during the fourth quarter. FIL Ltd now owns 9,079,951 shares of the basic materials company’s stock valued at $1,005,852,000 after acquiring an additional 659,324 shares during the last quarter. Hedge funds and other institutional investors own 77.06% of the company’s stock.

Franco-Nevada Stock Performance

Shares of FNV traded up $0.67 during midday trading on Friday, hitting $123.57. 592,439 shares of the stock were exchanged, compared to its average volume of 653,603. Franco-Nevada Co. has a 52-week low of $102.29 and a 52-week high of $142.60. The stock has a fifty day simple moving average of $122.88 and a 200 day simple moving average of $122.47. The firm has a market cap of $23.78 billion, a P/E ratio of -49.63, a P/E/G ratio of 20.13 and a beta of 0.76.

Franco-Nevada (NYSE:FNVGet Free Report) (TSE:FNV) last released its earnings results on Tuesday, August 13th. The basic materials company reported $0.75 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.03). Franco-Nevada had a negative net margin of 51.64% and a positive return on equity of 10.56%. The company had revenue of $260.10 million during the quarter, compared to analysts’ expectations of $277.44 million. During the same quarter last year, the business posted $0.95 earnings per share. The company’s revenue for the quarter was down 21.2% on a year-over-year basis. As a group, equities research analysts forecast that Franco-Nevada Co. will post 3.26 EPS for the current fiscal year.

Franco-Nevada Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 26th. Shareholders of record on Thursday, September 12th were paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 1.17%. The ex-dividend date of this dividend was Thursday, September 12th. Franco-Nevada’s dividend payout ratio is presently -57.83%.

Wall Street Analyst Weigh In

A number of brokerages have commented on FNV. TD Securities raised Franco-Nevada from a “hold” rating to a “buy” rating in a report on Thursday, August 15th. Bank of America cut Franco-Nevada from a “buy” rating to a “neutral” rating and cut their price target for the company from $142.00 to $139.00 in a report on Tuesday, October 1st. StockNews.com upgraded Franco-Nevada from a “sell” rating to a “hold” rating in a research report on Thursday, August 22nd. Jefferies Financial Group increased their price objective on Franco-Nevada from $133.00 to $137.00 and gave the stock a “hold” rating in a research report on Friday, October 4th. Finally, TD Cowen upgraded Franco-Nevada from a “hold” rating to a “buy” rating in a research report on Thursday, August 15th. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $152.88.

Get Our Latest Research Report on FNV

About Franco-Nevada

(Free Report)

Franco-Nevada Corporation operates as a gold-focused royalty and streaming company in South America, Central America, Mexico, the United States, Canada, and internationally. It operates through Mining and Energy segments. The company manages its portfolio with a focus on precious metals, such as gold, silver, and platinum group metals; and engages in the sale of crude oil, natural gas, and natural gas liquids through a third-party marketing agent.

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Institutional Ownership by Quarter for Franco-Nevada (NYSE:FNV)

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