Canada Pension Plan Investment Board Raises Stock Position in Franco-Nevada Co. (NYSE:FNV)

Canada Pension Plan Investment Board grew its position in Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) by 11.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 661,952 shares of the basic materials company’s stock after buying an additional 66,000 shares during the period. Canada Pension Plan Investment Board owned 0.34% of Franco-Nevada worth $78,466,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Mechanics Financial Corp grew its holdings 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 worth $30,000 after purchasing an additional 150 shares during the period. Mather Group LLC. acquired a new stake in Franco-Nevada in the 2nd quarter valued at approximately $33,000. Kings Path Partners LLC purchased a new stake in Franco-Nevada in the second quarter valued at approximately $36,000. Fortis Group Advisors LLC lifted its stake in Franco-Nevada by 100.0% during the fourth quarter. Fortis Group Advisors LLC now owns 352 shares of the basic materials company’s stock worth $39,000 after purchasing an additional 176 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV grew its stake in shares of Franco-Nevada by 37.1% in the first quarter. Massmutual Trust Co. FSB ADV now owns 440 shares of the basic materials company’s stock valued at $52,000 after buying an additional 119 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 firms recently issued reports on FNV. TD Cowen raised Franco-Nevada from a “hold” rating to a “buy” rating in a research note on Thursday, August 15th. TD Securities upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating in a report on Thursday, August 15th. Bank of America upped their price objective on Franco-Nevada from $141.00 to $142.00 and gave the stock a “buy” rating in a research report on Wednesday, June 26th. Jefferies Financial Group lifted their target price on Franco-Nevada from $129.00 to $133.00 and gave the company a “hold” rating in a report on Friday, July 12th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $185.00 price target on shares of Franco-Nevada in a research report on Friday, August 16th. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $152.75.

Franco-Nevada Stock Performance

Shares of FNV stock opened at $128.36 on Friday. Franco-Nevada Co. has a 1 year low of $102.29 and a 1 year high of $143.02. The firm has a market cap of $24.70 billion, a price-to-earnings ratio of -51.55, a PEG ratio of 20.59 and a beta of 0.76. The stock’s 50-day moving average is $123.49 and its two-hundred day moving average is $121.44.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last issued its quarterly earnings data 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 firm 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%. Franco-Nevada’s quarterly revenue was down 21.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.95 EPS. As a group, research analysts predict that Franco-Nevada Co. will post 3.2 EPS for the current year.

Franco-Nevada Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 26th. Shareholders of record on Thursday, September 12th will be paid a $0.36 dividend. The ex-dividend date is Thursday, September 12th. This represents a $1.44 dividend on an annualized basis and a yield of 1.12%. Franco-Nevada’s dividend payout ratio is presently -57.83%.

Franco-Nevada Company 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.