Carmignac Gestion Buys New Shares in Franco-Nevada Corporation $FNV

Carmignac Gestion purchased a new stake in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 83,723 shares of the basic materials company’s stock, valued at approximately $17,451,000.

Other large investors have also recently added to or reduced their stakes in the company. Nykredit A S bought a new stake in shares of Franco-Nevada in the 2nd quarter worth approximately $626,000. Anchor Capital Advisors LLC acquired a new stake in shares of Franco-Nevada during the 2nd quarter worth approximately $31,995,000. Allianz Asset Management GmbH increased its position in shares of Franco-Nevada by 1.1% during the second quarter. Allianz Asset Management GmbH now owns 256,067 shares of the basic materials company’s stock valued at $53,412,000 after purchasing an additional 2,836 shares during the period. Corient Private Wealth LP increased its position in shares of Franco-Nevada by 245.5% during the second quarter. Corient Private Wealth LP now owns 29,133 shares of the basic materials company’s stock valued at $6,072,000 after purchasing an additional 20,701 shares during the period. Finally, Groupe la Francaise raised its stake in shares of Franco-Nevada by 9.7% in the second quarter. Groupe la Francaise now owns 170,000 shares of the basic materials company’s stock valued at $35,487,000 after purchasing an additional 15,000 shares in the last quarter. Institutional investors and hedge funds own 77.06% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on the company. UBS Group decreased their price target on shares of Franco-Nevada from $310.00 to $280.00 and set a “buy” rating on the stock in a research note on Tuesday, June 30th. Zacks Research upgraded shares of Franco-Nevada from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 11th. National Bank Financial upgraded shares of Franco-Nevada from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, May 13th. Scotiabank lowered their target price on shares of Franco-Nevada from $290.00 to $274.00 and set a “sector perform” rating on the stock in a research note on Tuesday, July 14th. Finally, HC Wainwright reissued a “buy” rating and issued a $305.00 price target on shares of Franco-Nevada in a research report on Wednesday, May 13th. Eleven analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $273.40.

Franco-Nevada Stock Performance

Shares of NYSE FNV traded down $2.33 during midday trading on Tuesday, reaching $263.85. 352,700 shares of the company traded hands, compared to its average volume of 850,539. The stock’s 50-day simple moving average is $230.25 and its 200-day simple moving average is $236.76. Franco-Nevada Corporation has a 12 month low of $181.50 and a 12 month high of $285.67. The firm has a market cap of $50.89 billion, a PE ratio of 34.49, a PEG ratio of 2.46 and a beta of 0.39.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last announced its earnings results on Tuesday, August 11th. The basic materials company reported $1.81 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.95 by ($0.14). The firm had revenue of $580.90 million for the quarter, compared to analyst estimates of $616.66 million. Franco-Nevada had a return on equity of 18.58% and a net margin of 63.79%.The company’s revenue for the quarter was up 57.3% compared to the same quarter last year. During the same quarter last year, the business earned $1.24 EPS. On average, equities research analysts expect that Franco-Nevada Corporation will post 7.54 EPS for the current year.

Franco-Nevada Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, September 10th will be paid a $0.44 dividend. The ex-dividend date is Thursday, September 10th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 0.7%. Franco-Nevada’s payout ratio is 23.01%.

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.