SummitTX Capital L.P. Purchases 59,035 Shares of Franco-Nevada Corporation $FNV

SummitTX Capital L.P. grew its position in Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 909.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 65,523 shares of the basic materials company’s stock after buying an additional 59,035 shares during the quarter. Franco-Nevada accounts for about 0.5% of SummitTX Capital L.P.’s portfolio, making the stock its 26th largest holding. SummitTX Capital L.P.’s holdings in Franco-Nevada were worth $16,187,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. PFG Investments LLC boosted its position in shares of Franco-Nevada by 0.6% during the 4th quarter. PFG Investments LLC now owns 7,159 shares of the basic materials company’s stock worth $1,484,000 after acquiring an additional 46 shares in the last quarter. Composition Wealth LLC lifted its holdings in shares of Franco-Nevada by 0.8% in the fourth quarter. Composition Wealth LLC now owns 6,108 shares of the basic materials company’s stock worth $1,266,000 after acquiring an additional 49 shares during the last quarter. Clark Capital Management Group Inc. boosted its stake in shares of Franco-Nevada by 1.0% in the 4th quarter. Clark Capital Management Group Inc. now owns 5,054 shares of the basic materials company’s stock valued at $1,048,000 after purchasing an additional 50 shares in the last quarter. Syon Capital LLC boosted its stake in shares of Franco-Nevada by 2.1% in the 4th quarter. Syon Capital LLC now owns 2,443 shares of the basic materials company’s stock valued at $506,000 after purchasing an additional 51 shares in the last quarter. Finally, Guardian Partners Inc. grew its holdings in shares of Franco-Nevada by 3.2% during the 4th quarter. Guardian Partners Inc. now owns 1,692 shares of the basic materials company’s stock valued at $351,000 after purchasing an additional 52 shares during the last quarter. Institutional investors own 77.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Royal Bank Of Canada lowered their price objective on shares of Franco-Nevada from $295.00 to $285.00 and set an “outperform” rating for the company in a research report on Thursday, July 9th. TD Securities upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating and set a $291.00 target price on the stock in a research report on Wednesday, May 20th. TD Cowen raised shares of Franco-Nevada from a “hold” rating to a “buy” rating and decreased their target price for the stock from $292.00 to $291.00 in a research note on Wednesday, May 20th. Scotiabank lowered their price target on shares of Franco-Nevada from $290.00 to $274.00 and set a “sector perform” rating for the company in a report on Tuesday, July 14th. Finally, Wall Street Zen cut Franco-Nevada from a “buy” rating to a “hold” rating in a research note on Monday, June 1st. Eleven equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Franco-Nevada currently has a consensus rating of “Moderate Buy” and an average price target of $273.40.

Franco-Nevada Price Performance

NYSE:FNV opened at $215.06 on Monday. The firm’s 50 day simple moving average is $216.08 and its 200 day simple moving average is $236.66. Franco-Nevada Corporation has a one year low of $157.18 and a one year high of $285.67. The company has a market cap of $41.48 billion, a PE ratio of 30.29, a P/E/G ratio of 1.81 and a beta of 0.36.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last posted its earnings results on Tuesday, May 12th. The basic materials company reported $2.38 earnings per share for the quarter, topping analysts’ consensus estimates of $2.09 by $0.29. The firm had revenue of $650.70 million for the quarter, compared to analyst estimates of $634.43 million. Franco-Nevada had a net margin of 65.12% and a return on equity of 18.10%. The company’s revenue for the quarter was up 76.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.07 EPS. Equities research analysts expect that Franco-Nevada Corporation will post 8.23 EPS for the current year.

Franco-Nevada Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 25th. Investors of record on Thursday, June 11th were issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date was Thursday, June 11th. Franco-Nevada’s dividend payout ratio is presently 24.79%.

Franco-Nevada Profile

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.