Amundi Increases Stake in Franco-Nevada Corporation $FNV

Key Points

• Amundi increased its Franco-Nevada stake by 4.4% in the first quarter, adding 50,455 shares to reach 1.19 million shares valued at approximately $294.3 million. Institutional investors collectively own 77.06% of the company.
• Franco-Nevada reported strong quarterly results, with EPS of $2.38 beating estimates and revenue rising 76.6% year over year to $650.7 million. The company also pays a quarterly dividend of $0.44, equivalent to a 0.8% annual yield.
• Analyst sentiment remains favorable but mixed, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $273.40, compared with a recent share price of $221.19.

Amundi boosted its holdings in shares of Franco-Nevada Corporation (NYSE:FNV - Free Report) TSE: FNV by 4.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,191,417 shares of the basic materials company's stock after buying an additional 50,455 shares during the quarter. Amundi owned 0.62% of Franco-Nevada worth $294,340,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Franco-Nevada by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 8,330,234 shares of the basic materials company's stock worth $1,726,741,000 after acquiring an additional 113,916 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 period. First Eagle Investment Management LLC boosted 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 purchasing an additional 1,074,257 shares during the period. EdgePoint Investment Group Inc. grew its stake in Franco-Nevada by 3.3% during the 1st quarter. EdgePoint Investment Group Inc. now owns 3,461,224 shares of the basic materials company's stock worth $857,196,000 after purchasing an additional 110,222 shares in the last quarter. Finally, Royal Bank of Canada grew its stake in Franco-Nevada by 10.2% during 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. Hedge funds and other institutional investors own 77.06% of the company's stock.

Franco-Nevada Stock Performance

Shares of NYSE FNV opened at $221.19 on Friday. The stock's 50-day simple moving average is $215.30 and its 200-day simple moving average is $236.45. The firm has a market capitalization of $42.66 billion, a PE ratio of 31.15, a price-to-earnings-growth ratio of 1.81 and a beta of 0.36. Franco-Nevada Corporation has a fifty-two week low of $158.26 and a fifty-two week high of $285.67.

Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV last announced its quarterly earnings results on Tuesday, May 12th. The basic materials company reported $2.38 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.09 by $0.29. The firm had revenue of $650.70 million during the quarter, compared to the consensus estimate of $634.43 million. Franco-Nevada had a return on equity of 18.10% and a net margin of 65.12%.The firm's quarterly revenue was up 76.6% compared to the same quarter last year. During the same period in the prior year, the company posted $1.07 earnings per share. On average, sell-side analysts forecast that Franco-Nevada Corporation will post 8.23 earnings per share for the current fiscal year.

Franco-Nevada Announces Dividend

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

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Bank of America cut 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. Weiss Ratings cut shares of Franco-Nevada from a "buy (b)" rating to a "buy (b-)" rating in a report on Monday, June 8th. Wall Street Zen cut shares of Franco-Nevada from a "buy" rating to a "hold" rating in a report on Monday, June 1st. TD Cowen raised shares of Franco-Nevada from a "hold" rating to a "buy" rating and dropped their price objective for the company from $292.00 to $291.00 in a research report on Wednesday, May 20th. Finally, Royal Bank Of Canada reduced their price objective on shares of Franco-Nevada from $295.00 to $285.00 and set an "outperform" rating on the stock in a report on Thursday, July 9th. Eleven research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Franco-Nevada currently has a consensus 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.

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