Acadian Asset Management LLC Purchases 1,700 Shares of Franco-Nevada Co. (NYSE:FNV)

Acadian Asset Management LLC increased its position in shares of Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) by 18.5% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,900 shares of the basic materials company’s stock after buying an additional 1,700 shares during the period. Acadian Asset Management LLC’s holdings in Franco-Nevada were worth $1,289,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Allspring Global Investments Holdings LLC bought a new stake in Franco-Nevada in the second quarter valued at $276,446,000. Norges Bank bought a new stake in Franco-Nevada in the fourth quarter valued at $221,351,000. M&G Plc bought a new stake in Franco-Nevada in the first quarter valued at $219,971,000. Capital World Investors increased its stake in Franco-Nevada by 45.8% in the fourth quarter. Capital World Investors now owns 4,477,105 shares of the basic materials company’s stock valued at $495,909,000 after purchasing an additional 1,405,731 shares in the last quarter. Finally, EdgePoint Investment Group Inc. increased its stake in Franco-Nevada by 68.1% in 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 purchasing an additional 1,117,523 shares in the last quarter. Institutional investors own 77.06% of the company’s stock.

Franco-Nevada Stock Up 0.1 %

FNV opened at $125.13 on Monday. The stock has a market cap of $24.08 billion, a price-to-earnings ratio of -50.25, a PEG ratio of 20.59 and a beta of 0.76. Franco-Nevada Co. has a twelve month low of $102.29 and a twelve month high of $145.82. The company’s 50-day moving average price is $123.49 and its two-hundred day moving average price is $120.99.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last released its earnings results on Tuesday, August 13th. The basic materials company reported $0.75 earnings per share for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.03). The company had revenue of $260.10 million during the quarter, compared to analysts’ expectations of $277.44 million. Franco-Nevada had a negative net margin of 51.64% and a positive return on equity of 10.56%. The firm’s revenue was down 21.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.95 earnings per share. As a group, sell-side analysts anticipate that Franco-Nevada Co. will post 3.2 earnings per share for the current year.

Franco-Nevada Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 26th. Stockholders of record on Thursday, September 12th will be given a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 1.15%. The ex-dividend date of this dividend is Thursday, September 12th. Franco-Nevada’s dividend payout ratio (DPR) is currently -57.83%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. TD Securities raised shares of Franco-Nevada from a “hold” rating to a “buy” rating in a research note on Thursday, August 15th. StockNews.com upgraded shares of Franco-Nevada from a “sell” rating to a “hold” rating in a report on Thursday, August 22nd. Jefferies Financial Group lifted their price objective on shares of Franco-Nevada from $129.00 to $133.00 and gave the company a “hold” rating in a report on Friday, July 12th. HC Wainwright reiterated a “buy” rating and set a $185.00 price objective on shares of Franco-Nevada in a report on Friday, August 16th. Finally, Bank of America lifted their price objective on shares of Franco-Nevada from $141.00 to $142.00 and gave the company a “buy” rating in a report on Wednesday, June 26th. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $152.75.

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.