EdgePoint Investment Group Inc. Acquires 110,222 Shares of Franco-Nevada Corporation $FNV

EdgePoint Investment Group Inc. increased its holdings in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 3.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,461,224 shares of the basic materials company’s stock after purchasing an additional 110,222 shares during the period. Franco-Nevada makes up 6.9% of EdgePoint Investment Group Inc.’s holdings, making the stock its 4th biggest position. EdgePoint Investment Group Inc. owned approximately 1.79% of Franco-Nevada worth $857,196,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in shares of Franco-Nevada by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 8,330,234 shares of the basic materials company’s stock valued at $1,726,741,000 after buying an additional 113,916 shares during the period. Van ECK Associates Corp lifted its holdings in Franco-Nevada by 12.8% in the fourth quarter. Van ECK Associates Corp now owns 7,441,133 shares of the basic materials company’s stock valued at $1,542,402,000 after acquiring an additional 842,132 shares during the period. First Eagle Investment Management LLC lifted its holdings in Franco-Nevada by 26.5% in the fourth 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 acquiring an additional 1,074,257 shares during the period. Royal Bank of Canada boosted its position 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 worth $582,177,000 after purchasing an additional 260,793 shares in the last quarter. Finally, Norges Bank purchased a new stake in Franco-Nevada in the 4th quarter worth approximately $578,577,000. 77.06% of the stock is currently owned by institutional investors and hedge funds.

Franco-Nevada Stock Performance

NYSE:FNV opened at $214.25 on Tuesday. The stock has a market capitalization of $41.32 billion, a PE ratio of 30.18, a P/E/G ratio of 1.81 and a beta of 0.36. Franco-Nevada Corporation has a fifty-two week low of $157.18 and a fifty-two week high of $285.67. The company has a fifty day moving average of $215.85 and a two-hundred day moving average of $236.63.

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

Franco-Nevada Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 25th. Stockholders of record on Thursday, June 11th were given a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 0.8%. The ex-dividend date was Thursday, June 11th. Franco-Nevada’s dividend payout ratio (DPR) is 24.79%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on FNV. HC Wainwright reaffirmed a “buy” rating and set a $305.00 target price on shares of Franco-Nevada in a report on Wednesday, May 13th. Canaccord Genuity Group upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating in a research report on Wednesday, April 29th. TD raised shares of Franco-Nevada from a “hold” rating to a “buy” rating and cut their price objective for the company from $292.00 to $291.00 in a report on Wednesday, May 20th. 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 report on Wednesday, May 20th. Finally, Bank of America lowered their target price on shares of Franco-Nevada from $276.00 to $238.00 and set a “neutral” rating on the stock in a research note on Thursday, July 9th. Eleven analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Franco-Nevada currently has an average rating of “Moderate Buy” and an average price target of $273.40.

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.