Verition Fund Management LLC Buys New Stake in Franco-Nevada Co. (NYSE:FNV)

Verition Fund Management LLC bought a new stake in Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) during the third quarter, HoldingsChannel.com reports. The fund bought 24,105 shares of the basic materials company’s stock, valued at approximately $2,995,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. M&G PLC increased its stake in Franco-Nevada by 3.2% in the third quarter. M&G PLC now owns 1,679,858 shares of the basic materials company’s stock valued at $208,645,000 after acquiring an additional 51,996 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in Franco-Nevada by 3,404.9% in 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 period. Horizon Kinetics Asset Management LLC increased its stake in Franco-Nevada by 1.9% in the third quarter. Horizon Kinetics Asset Management LLC now owns 935,834 shares of the basic materials company’s stock valued at $116,277,000 after acquiring an additional 17,232 shares during the period. Victory Capital Management Inc. increased its stake in Franco-Nevada by 13.9% in the third quarter. Victory Capital Management Inc. now owns 3,489,240 shares of the basic materials company’s stock valued at $433,538,000 after acquiring an additional 424,810 shares during the period. Finally, Telemark Asset Management LLC grew its stake in Franco-Nevada by 66.7% during the third quarter. Telemark Asset Management LLC now owns 50,000 shares of the basic materials company’s stock worth $6,212,000 after buying an additional 20,000 shares during the last quarter. Institutional investors own 77.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on FNV. TD Securities raised shares of Franco-Nevada from a “hold” rating to a “buy” rating in a research note on Thursday, August 15th. HC Wainwright upped their price objective on shares of Franco-Nevada from $185.00 to $200.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. TD Cowen raised shares of Franco-Nevada from a “hold” rating to a “buy” rating in a research note on Thursday, August 15th. Bank of America cut shares of Franco-Nevada from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $142.00 to $139.00 in a research note on Tuesday, October 1st. Finally, UBS Group began coverage on shares of Franco-Nevada in a research note on Monday, November 18th. They set a “buy” rating and a $160.00 price objective on the stock. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $152.83.

Franco-Nevada Price Performance

FNV opened at $122.34 on Thursday. Franco-Nevada Co. has a one year low of $102.29 and a one year high of $137.60. The company’s 50 day simple moving average is $125.56 and its 200-day simple moving average is $123.63. The stock has a market capitalization of $23.55 billion, a P/E ratio of -38.72 and a beta of 0.72.

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

Franco-Nevada Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Thursday, December 5th will be issued a $0.36 dividend. The ex-dividend date is Thursday, December 5th. This represents a $1.44 annualized dividend and a yield of 1.18%. Franco-Nevada’s dividend payout ratio is currently -45.57%.

About Franco-Nevada

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.