69,900 Shares in Franco-Nevada Corporation $FNV Bought by Varma Mutual Pension Insurance Co

Key Points

• Varma Mutual Pension Insurance Co. acquired 69,900 Franco-Nevada shares during the second quarter, valued at approximately $14.58 million. Institutional investors collectively own 77.06% of the company.
• Franco-Nevada reported quarterly revenue of $580.9 million, up 57.3% year over year, but its $1.81 earnings per share missed analysts’ $1.95 consensus estimate.
• The company declared a quarterly dividend of $0.44 per share, equivalent to $1.76 annually and a 0.7% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $273.40.

Varma Mutual Pension Insurance Co bought a new stake in Franco-Nevada Corporation (NYSE:FNV - Free Report) TSE: FNV during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 69,900 shares of the basic materials company's stock, valued at approximately $14,580,000.

A number of other institutional investors have also bought and sold shares of FNV. Transamerica Financial Advisors LLC acquired a new stake in Franco-Nevada during the 4th quarter worth about $25,000. Smartleaf Asset Management LLC lifted its stake in shares of Franco-Nevada by 600.0% in the 2nd quarter. Smartleaf Asset Management LLC now owns 196 shares of the basic materials company's stock valued at $32,000 after purchasing an additional 168 shares during the period. Navalign LLC acquired a new position in shares of Franco-Nevada in the 4th quarter valued at about $34,000. Global Retirement Partners LLC bought a new stake in shares of Franco-Nevada during the 2nd quarter valued at about $35,000. Finally, Dunhill Financial LLC bought a new stake in shares of Franco-Nevada during the 2nd quarter valued at about $36,000. Institutional investors own 77.06% of the company's stock.

Franco-Nevada Price Performance

FNV stock opened at $265.78 on Monday. The company's 50-day moving average is $219.57 and its 200-day moving average is $235.06. The stock has a market capitalization of $51.26 billion, a PE ratio of 34.74, a price-to-earnings-growth ratio of 2.42 and a beta of 0.35. Franco-Nevada Corporation has a 1 year low of $180.32 and a 1 year high of $285.67.

Franco-Nevada (NYSE:FNV - Get Free Report) 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). Franco-Nevada had a net margin of 63.79% and a return on equity of 18.58%. The firm had revenue of $580.90 million during the quarter, compared to the consensus estimate of $616.66 million. During the same period in the previous year, the firm earned $1.24 earnings per share. The business's quarterly revenue was up 57.3% on a year-over-year basis. On average, analysts anticipate that Franco-Nevada Corporation will post 7.62 earnings per share for the current fiscal year.

Franco-Nevada Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, September 10th will be paid a $0.44 dividend. This represents a $1.76 dividend on an annualized basis 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 23.01%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. UBS Group decreased their target price on Franco-Nevada from $310.00 to $280.00 and set a "buy" rating for the company in a research note on Tuesday, June 30th. TD raised Franco-Nevada from a "hold" rating to a "buy" rating and dropped their price target for the company from $292.00 to $291.00 in a research note on Wednesday, May 20th. TD Cowen upgraded Franco-Nevada from a "hold" rating to a "buy" rating and cut their price target for the stock 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 research report on Wednesday, May 20th. Finally, Bank of America lowered their price objective on shares of Franco-Nevada from $276.00 to $238.00 and set a "neutral" rating for the company in a research note on Thursday, July 9th. Eleven analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, Franco-Nevada currently has a consensus rating of "Moderate Buy" and a consensus price target of $273.40.

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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