42,770 Shares in Franco-Nevada Corporation $FNV Purchased by Tocqueville Asset Management L.P.

Key Points

• Tocqueville Asset Management acquired 42,770 Franco-Nevada shares worth approximately $8.9 million, while institutional investors collectively own 77.06% of the company.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $273.40; however, several firms recently lowered their targets.
• Franco-Nevada reported quarterly revenue of $580.9 million and EPS of $1.81, missing estimates, but revenue increased 57.3% year over year. The company also declared a quarterly dividend of $0.44 per share.

Tocqueville Asset Management L.P. acquired a new position in Franco-Nevada Corporation (NYSE:FNV - Free Report) TSE: FNV during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 42,770 shares of the basic materials company's stock, valued at approximately $8,915,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Norges Bank bought a new stake in shares of Franco-Nevada in the 4th quarter worth approximately $578,577,000. Deutsche Bank AG bought a new position in Franco-Nevada during the 2nd quarter valued at approximately $372,435,000. First Eagle Investment Management LLC raised its stake in Franco-Nevada by 26.5% during 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 buying an additional 1,074,257 shares during the last quarter. Van ECK Associates Corp raised its stake in Franco-Nevada by 12.8% during 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 buying an additional 842,132 shares during the last quarter. Finally, Capital Research Global Investors boosted its holdings in Franco-Nevada by 100.2% in the fourth quarter. Capital Research Global Investors now owns 1,277,889 shares of the basic materials company's stock worth $264,882,000 after acquiring an additional 639,493 shares in the last quarter. Institutional investors own 77.06% of the company's stock.

Analysts Set New Price Targets

FNV has been the subject of several analyst reports. TD Securities upgraded Franco-Nevada from a "hold" rating to a "buy" rating and set a $291.00 price target for the company in a report on Wednesday, May 20th. Weiss Ratings cut shares of Franco-Nevada from a "buy (b)" rating to a "buy (b-)" rating in a research note on Monday, June 8th. Scotiabank decreased 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. Zacks Research upgraded shares of Franco-Nevada from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 11th. Finally, Bank of America reduced their price target on shares of Franco-Nevada from $276.00 to $238.00 and set a "neutral" rating for the company in a research report on Thursday, July 9th. Eleven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $273.40.

Franco-Nevada Stock Performance

Shares of NYSE:FNV opened at $251.54 on Thursday. The stock's 50-day simple moving average is $217.44 and its two-hundred day simple moving average is $234.66. The stock has a market capitalization of $48.51 billion, a price-to-earnings ratio of 32.88, a PEG ratio of 2.13 and a beta of 0.35. Franco-Nevada Corporation has a 52-week low of $173.84 and a 52-week high of $285.67.

Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV last announced 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). Franco-Nevada had a net margin of 63.79% and a return on equity of 18.58%. The business had revenue of $580.90 million for the quarter, compared to analysts' expectations of $616.66 million. During the same period in the prior year, the company posted $1.24 earnings per share. The firm's quarterly revenue was up 57.3% on a year-over-year basis. As a group, equities analysts forecast that Franco-Nevada Corporation will post 7.6 earnings per share for the current fiscal year.

Franco-Nevada Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, September 10th will be paid a dividend of $0.44 per share. The ex-dividend date is Thursday, September 10th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 0.7%. Franco-Nevada's payout ratio is 23.01%.

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.

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