Equitable Holdings Inc. Invests $748,000 in Franco-Nevada Corporation $FNV

Equitable Holdings Inc. purchased a new stake in Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 3,588 shares of the basic materials company’s stock, valued at approximately $748,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Van ECK Associates Corp lifted its holdings in Franco-Nevada by 12.8% in the 4th quarter. Van ECK Associates Corp now owns 7,441,133 shares of the basic materials company’s stock worth $1,542,402,000 after purchasing an additional 842,132 shares during the last quarter. First Eagle Investment Management LLC boosted its stake in Franco-Nevada by 26.5% during the 4th quarter. First Eagle Investment Management LLC now owns 5,123,444 shares of the basic materials company’s stock valued at $1,062,037,000 after purchasing an additional 1,074,257 shares during the period. EdgePoint Investment Group Inc. boosted its stake in Franco-Nevada by 3.3% during the 1st quarter. EdgePoint Investment Group Inc. now owns 3,461,224 shares of the basic materials company’s stock valued at $857,196,000 after purchasing an additional 110,222 shares during the period. Royal Bank of Canada grew its holdings in Franco-Nevada by 10.2% in the 4th quarter. Royal Bank of Canada now owns 2,808,645 shares of the basic materials company’s stock valued at $582,177,000 after buying an additional 260,793 shares during the last quarter. Finally, Norges Bank bought a new position in Franco-Nevada in the 4th quarter worth approximately $578,577,000. Institutional investors and hedge funds own 77.06% of the company’s stock.

Franco-Nevada Trading Down 1.8%

NYSE FNV opened at $266.33 on Friday. The stock’s 50 day moving average is $224.15 and its two-hundred day moving average is $236.31. The company has a market capitalization of $51.37 billion, a price-to-earnings ratio of 34.81, a PEG ratio of 2.46 and a beta of 0.35. Franco-Nevada Corporation has a 1-year low of $181.50 and a 1-year high of $285.67.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last issued 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). Franco-Nevada had a return on equity of 18.58% and a net margin of 63.79%.The company had revenue of $580.90 million during the quarter, compared to analyst estimates of $616.66 million. During the same period in the previous year, the company posted $1.24 earnings per share. The company’s quarterly revenue was up 57.3% on a year-over-year basis. On average, analysts predict that Franco-Nevada Corporation will post 7.54 earnings per share for the current year.

Franco-Nevada Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, September 10th will be issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend is Thursday, September 10th. Franco-Nevada’s dividend payout ratio (DPR) is currently 23.01%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on FNV. Wall Street Zen cut Franco-Nevada from a “buy” rating to a “hold” rating in a research report on Monday, June 1st. Scotiabank reduced 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. Zacks Research upgraded shares of Franco-Nevada from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 11th. TD Securities raised shares of Franco-Nevada from a “hold” rating to a “buy” rating and set a $291.00 price objective for the company in a research report on Wednesday, May 20th. Finally, HC Wainwright reiterated a “buy” rating and issued a $305.00 target price on shares of Franco-Nevada in a research note on Wednesday, May 13th. Eleven equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $273.40.

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.