Geode Capital Management LLC Acquires 54,329 Shares of Franco-Nevada Co. (NYSE:FNV)

Geode Capital Management LLC raised its holdings in shares of Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) by 6.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 839,903 shares of the basic materials company’s stock after acquiring an additional 54,329 shares during the quarter. Geode Capital Management LLC owned about 0.44% of Franco-Nevada worth $104,068,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in FNV. Mechanics Financial Corp raised its stake in shares of Franco-Nevada by 150.0% during the 2nd quarter. Mechanics Financial Corp now owns 250 shares of the basic materials company’s stock valued at $30,000 after purchasing an additional 150 shares during the period. Kings Path Partners LLC bought a new stake in shares of Franco-Nevada during the second quarter valued at about $36,000. Sunbelt Securities Inc. lifted its holdings in shares of Franco-Nevada by 3,333.3% in the second quarter. Sunbelt Securities Inc. now owns 412 shares of the basic materials company’s stock worth $49,000 after buying an additional 400 shares in the last quarter. Point72 DIFC Ltd bought a new position in shares of Franco-Nevada in the third quarter valued at approximately $52,000. Finally, Erste Asset Management GmbH purchased a new position in Franco-Nevada during the third quarter valued at approximately $55,000. Hedge funds and other institutional investors own 77.06% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on FNV shares. Scotiabank cut their price target on shares of Franco-Nevada from $142.00 to $141.00 and set a “sector perform” rating for the company in a report on Friday, November 8th. HC Wainwright boosted their target price on Franco-Nevada from $185.00 to $200.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Canaccord Genuity Group raised Franco-Nevada from a “hold” rating to a “buy” rating in a report on Monday, November 18th. StockNews.com raised Franco-Nevada from a “sell” rating to a “hold” rating in a report on Thursday, August 22nd. Finally, UBS Group assumed coverage on shares of Franco-Nevada in a research note on Monday, November 18th. They issued a “buy” rating and a $160.00 target price on the stock. Four research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $152.83.

Franco-Nevada Price Performance

Shares of NYSE FNV opened at $115.54 on Thursday. The stock has a market capitalization of $22.24 billion, a P/E ratio of -36.56 and a beta of 0.72. Franco-Nevada Co. has a one year low of $103.64 and a one year high of $137.60. The firm’s 50 day simple moving average is $124.91 and its two-hundred day simple moving average is $123.38.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last announced its quarterly earnings data on Wednesday, November 6th. The basic materials company reported $0.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.03). The business had revenue of $275.70 million during the quarter, compared to analysts’ expectations of $279.11 million. Franco-Nevada had a negative net margin of 55.28% and a positive return on equity of 10.55%. Franco-Nevada’s revenue for the quarter was down 10.9% on a year-over-year basis. During the same period last year, the company posted $0.91 EPS. As a group, equities analysts expect that Franco-Nevada Co. will post 3.22 earnings per share for the current fiscal year.

Franco-Nevada Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Thursday, December 5th will be issued a $0.36 dividend. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $1.44 annualized dividend and a dividend yield of 1.25%. Franco-Nevada’s dividend payout ratio is currently -45.57%.

Franco-Nevada Profile

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.