Sumitomo Life Insurance Co. Buys Shares of 14,270 Franco-Nevada Corporation $FNV

Sumitomo Life Insurance Co. purchased a new stake in Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 14,270 shares of the basic materials company’s stock, valued at approximately $2,974,000.

A number of other hedge funds also recently made changes to their positions in the business. AQR Capital Management LLC bought a new position in Franco-Nevada in the 1st quarter worth approximately $241,000. NewEdge Advisors LLC grew its stake in shares of Franco-Nevada by 16.7% in the first quarter. NewEdge Advisors LLC now owns 6,585 shares of the basic materials company’s stock worth $1,038,000 after purchasing an additional 943 shares in the last quarter. Intech Investment Management LLC increased its holdings in shares of Franco-Nevada by 118.3% during the first quarter. Intech Investment Management LLC now owns 9,286 shares of the basic materials company’s stock valued at $1,460,000 after purchasing an additional 5,032 shares during the period. Acadian Asset Management LLC lifted its holdings in Franco-Nevada by 800.0% in the first quarter. Acadian Asset Management LLC now owns 2,700 shares of the basic materials company’s stock worth $424,000 after purchasing an additional 2,400 shares during the period. Finally, Marshall Wace LLP bought a new position in Franco-Nevada in the 2nd quarter valued at about $1,477,000. Institutional investors own 77.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. TD upgraded Franco-Nevada from a “hold” rating to a “buy” rating and cut their target price for the company from $292.00 to $291.00 in a research note on Wednesday, May 20th. HC Wainwright restated a “buy” rating and issued a $305.00 price objective on shares of Franco-Nevada in a report on Wednesday, May 13th. Scotiabank reduced their target price 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. TD Cowen upgraded Franco-Nevada from a “hold” rating to a “buy” rating and decreased their price target for the company from $292.00 to $291.00 in a research report on Wednesday, May 20th. Finally, National Bank Financial upgraded shares of Franco-Nevada from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, May 13th. Eleven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, Franco-Nevada presently has a consensus rating of “Moderate Buy” and a consensus target price of $273.40.

Franco-Nevada Trading Up 3.0%

Shares of FNV stock opened at $265.78 on Friday. The firm’s fifty day simple moving average is $219.57 and its 200 day simple moving average is $235.05. Franco-Nevada Corporation has a 1 year low of $180.32 and a 1 year high of $285.67. The firm has a market capitalization of $51.26 billion, a P/E ratio of 34.74, a price-to-earnings-growth ratio of 2.36 and a beta of 0.35.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last issued its earnings results on Tuesday, August 11th. The basic materials company reported $1.81 EPS for the quarter, missing analysts’ consensus estimates of $1.95 by ($0.14). The firm had revenue of $580.90 million during the quarter, compared to analyst estimates of $616.66 million. Franco-Nevada had a net margin of 63.79% and a return on equity of 18.58%. The business’s revenue for the quarter was up 57.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.24 earnings per share. Equities research analysts anticipate that Franco-Nevada Corporation will post 7.6 EPS for the current fiscal year.

Franco-Nevada Dividend Announcement

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

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.