Franco-Nevada Corporation $FNV Shares Bought by Van ECK Associates Corp

Van ECK Associates Corp raised its position in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 12.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,441,133 shares of the basic materials company’s stock after buying an additional 842,132 shares during the quarter. Franco-Nevada accounts for 1.3% of Van ECK Associates Corp’s portfolio, making the stock its 22nd largest position. Van ECK Associates Corp’s holdings in Franco-Nevada were worth $1,542,402,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the company. PFG Investments LLC boosted its stake 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 boosted its stake in shares of Franco-Nevada by 0.8% during the 4th 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 in the last quarter. Syon Capital LLC grew its holdings in Franco-Nevada by 2.1% during the fourth 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 during the last quarter. Smartleaf Asset Management LLC grew its holdings in Franco-Nevada by 27.6% during the third quarter. Smartleaf Asset Management LLC now owns 250 shares of the basic materials company’s stock valued at $55,000 after purchasing an additional 54 shares during the last quarter. Finally, Claret Asset Management Corp grew its holdings in Franco-Nevada by 3.4% during the fourth quarter. Claret Asset Management Corp now owns 1,669 shares of the basic materials company’s stock valued at $346,000 after purchasing an additional 55 shares during the last quarter. 77.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on FNV shares. Wall Street Zen downgraded Franco-Nevada from a “buy” rating to a “hold” rating in a research report on Monday, June 1st. TD raised Franco-Nevada from a “hold” rating to a “buy” rating and reduced their target price for the stock from $292.00 to $291.00 in a research report on Wednesday, May 20th. TD Securities raised Franco-Nevada from a “hold” rating to a “buy” rating and set a $291.00 target price for the company in a research report on Wednesday, May 20th. National Bank Financial raised Franco-Nevada from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, May 13th. Finally, Weiss Ratings cut Franco-Nevada from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday. Eleven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, Franco-Nevada presently has an average rating of “Moderate Buy” and an average target price of $271.00.

Franco-Nevada Stock Performance

Shares of NYSE FNV opened at $209.68 on Friday. The stock has a market cap of $40.44 billion, a PE ratio of 29.53, a PEG ratio of 1.81 and a beta of 0.34. The business has a fifty day moving average of $236.90 and a two-hundred day moving average of $235.86. Franco-Nevada Corporation has a 52-week low of $152.89 and a 52-week high of $285.67.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last announced its earnings results on Tuesday, May 12th. The basic materials company reported $2.38 earnings per share for the quarter, beating analysts’ consensus estimates of $2.09 by $0.29. The company had revenue of $650.70 million during the quarter, compared to analyst estimates of $634.43 million. Franco-Nevada had a return on equity of 18.10% and a net margin of 65.12%.The firm’s quarterly revenue was up 76.6% compared to the same quarter last year. During the same period last year, the company posted $1.07 earnings per share. Analysts predict that Franco-Nevada Corporation will post 8.85 earnings per share for the current year.

Franco-Nevada Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 25th. Shareholders of record on Thursday, June 11th will be paid a $0.44 dividend. The ex-dividend date is Thursday, June 11th. This represents a $1.76 annualized dividend and a yield of 0.8%. Franco-Nevada’s payout ratio is presently 24.79%.

Franco-Nevada Company 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.