Annex Advisory Services LLC Acquires 66,432 Shares of Franco-Nevada Corporation $FNV

Key Points

• Annex Advisory Services increased its Franco-Nevada stake by 70.5% in the second quarter, acquiring 66,432 shares and bringing its holdings to 160,605 shares valued at approximately $33.5 million.
• Institutional ownership remains high at 77.06%, with major investors including Norges Bank, Van ECK Associates, First Eagle Investment Management, Capital Research Global Investors and Deutsche Bank expanding their positions.
• Franco-Nevada’s quarterly revenue rose 57.3% year over year to $580.9 million, but earnings of $1.81 per share missed estimates. Analysts maintain a “Moderate Buy” consensus with an average price target of $273.40.

Annex Advisory Services LLC lifted its holdings in shares of Franco-Nevada Corporation (NYSE:FNV - Free Report) TSE: FNV by 70.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 160,605 shares of the basic materials company's stock after buying an additional 66,432 shares during the quarter. Annex Advisory Services LLC owned about 0.08% of Franco-Nevada worth $33,477,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Norges Bank bought a new stake in Franco-Nevada during the 4th quarter valued at $578,577,000. First Eagle Investment Management LLC boosted its holdings in shares of 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 worth $1,062,037,000 after acquiring an additional 1,074,257 shares during the period. Van ECK Associates Corp boosted its holdings in shares of 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 worth $1,542,402,000 after acquiring an additional 842,132 shares during the period. Capital Research Global Investors grew its position in shares of 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 valued at $264,882,000 after purchasing an additional 639,493 shares in the last quarter. Finally, Deutsche Bank AG grew its position in shares of Franco-Nevada by 30.7% in the fourth quarter. Deutsche Bank AG now owns 1,889,414 shares of the basic materials company's stock valued at $391,638,000 after purchasing an additional 443,839 shares in the last quarter. 77.06% of the stock is owned by institutional investors.

Franco-Nevada Stock Up 0.1%

Shares of FNV stock opened at $241.06 on Wednesday. The business has a 50-day moving average price of $215.32 and a two-hundred day moving average price of $235.65. Franco-Nevada Corporation has a 12-month low of $173.39 and a 12-month high of $285.67. The firm has a market cap of $46.49 billion, a P/E ratio of 33.95, a price-to-earnings-growth ratio of 2.03 and a beta of 0.35.

Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV last announced its quarterly earnings data on Tuesday, August 11th. The basic materials company reported $1.81 EPS for the quarter, missing the consensus estimate of $1.95 by ($0.14). The firm had revenue of $580.90 million for the quarter, compared to the consensus estimate of $616.66 million. Franco-Nevada had a net margin of 65.12% and a return on equity of 18.10%. Franco-Nevada's revenue for the quarter was up 57.3% compared to the same quarter last year. During the same quarter last year, the company posted $1.24 earnings per share. As a group, research analysts expect that Franco-Nevada Corporation will post 8.23 EPS for the current fiscal year.

Analyst Ratings Changes

FNV has been the topic of a number of recent research reports. Royal Bank Of Canada dropped their price objective on Franco-Nevada from $295.00 to $285.00 and set an "outperform" rating on the stock in a report on Thursday, July 9th. 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. Canaccord Genuity Group upgraded Franco-Nevada from a "hold" rating to a "buy" rating in a research report on Wednesday, April 29th. Weiss Ratings downgraded shares of Franco-Nevada from a "buy (b)" rating to a "buy (b-)" rating in a report on Monday, June 8th. Finally, HC Wainwright restated a "buy" rating and issued a $305.00 price objective on shares of Franco-Nevada in a research report on Wednesday, May 13th. Eleven equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price 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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