929,497 Shares in Franco-Nevada Corporation $FNV Purchased by Legal & General Group Plc

Key Points

• Legal & General Group Plc acquired 929,497 Franco-Nevada shares worth approximately $193.9 million, giving it a 0.48% stake. Institutional investors collectively own 77.06% of the company.
• Analysts maintain a generally positive outlook, with 11 Buy ratings and four Holds producing a “Moderate Buy” consensus and an average price target of $273.40.
• Franco-Nevada’s latest quarter missed earnings and revenue expectations despite 57.3% year-over-year revenue growth. The company declared a quarterly dividend of $0.44, or $1.76 annualized, yielding about 0.7%.

Legal & General Group Plc bought a new stake in Franco-Nevada Corporation (NYSE:FNV - Free Report) TSE: FNV during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 929,497 shares of the basic materials company's stock, valued at approximately $193,879,000. Legal & General Group Plc owned about 0.48% of Franco-Nevada as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Norges Bank purchased a new stake in shares of Franco-Nevada in the 4th quarter valued at $578,577,000. Deutsche Bank AG acquired a new position in Franco-Nevada during the second quarter valued at $372,435,000. First Eagle Investment Management LLC lifted its position 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 purchasing an additional 1,074,257 shares during the period. Van ECK Associates Corp boosted 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 purchasing an additional 842,132 shares during the last quarter. Finally, The Manufacturers Life Insurance Company purchased a new stake in Franco-Nevada in the second quarter valued at $153,344,000. Institutional investors and hedge funds own 77.06% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on FNV. Scotiabank decreased their price objective on Franco-Nevada from $290.00 to $274.00 and set a "sector perform" rating for the company in a report on Tuesday, July 14th. UBS Group decreased their price target on Franco-Nevada from $310.00 to $280.00 and set a "buy" rating for the company in a report on Tuesday, June 30th. Wall Street Zen lowered shares of Franco-Nevada from a "buy" rating to a "hold" rating in a report on Monday, June 1st. National Bank Financial raised shares of Franco-Nevada from a "sector perform" rating to an "outperform" rating in a report on Wednesday, May 13th. Finally, TD Cowen upgraded shares of 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 report on Wednesday, May 20th. Eleven analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $273.40.

Franco-Nevada Stock Down 1.7%

Shares of NYSE FNV opened at $267.28 on Thursday. The firm has a market cap of $51.55 billion, a price-to-earnings ratio of 34.94, a price-to-earnings-growth ratio of 2.51 and a beta of 0.35. The company's 50-day simple moving average is $222.16 and its 200-day simple moving average is $235.82. Franco-Nevada Corporation has a 52-week low of $181.50 and a 52-week high of $285.67.

Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV last issued its quarterly earnings results on Tuesday, August 11th. The basic materials company reported $1.81 earnings per share 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 company had revenue of $580.90 million during the quarter, compared to analysts' expectations of $616.66 million. During the same period in the prior year, the business posted $1.24 earnings per share. The company's quarterly revenue was up 57.3% compared to the same quarter last year. Equities research analysts anticipate that Franco-Nevada Corporation will post 7.54 EPS for the current fiscal year.

Franco-Nevada Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, September 10th will be given a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date is Thursday, September 10th. Franco-Nevada's dividend 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.