Bank of Nova Scotia Trust Co. Increases Stake in Franco-Nevada Corporation (NYSE:FNV)

Key Points

• Bank of Nova Scotia Trust Co. increased its stake in Franco-Nevada Corporation by 6.1% in the first quarter, now owning 71,450 shares valued at approximately $11.26 million.
• Franco-Nevada's recent quarterly earnings surpassed estimates, with earnings per share at $1.07 and revenue of $368.4 million, showing a year-over-year growth of 43.5%.
• Analysts maintain a generally positive outlook on Franco-Nevada, with a range of price targets suggesting significant upside potential, including a recent target increase by UBS Group to $210.00.

Bank of Nova Scotia Trust Co. lifted its holdings in shares of Franco-Nevada Corporation (NYSE:FNV - Free Report) TSE: FNV by 6.1% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 71,450 shares of the basic materials company's stock after purchasing an additional 4,125 shares during the period. Franco-Nevada comprises about 1.2% of Bank of Nova Scotia Trust Co.'s investment portfolio, making the stock its 27th biggest position. Bank of Nova Scotia Trust Co.'s holdings in Franco-Nevada were worth $11,258,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in FNV. Massachusetts Financial Services Co. MA boosted its position in Franco-Nevada by 1.7% during the first quarter. Massachusetts Financial Services Co. MA now owns 12,207,413 shares of the basic materials company's stock valued at $1,923,400,000 after buying an additional 207,232 shares during the period. Capital World Investors lifted its stake in shares of Franco-Nevada by 9.8% in the 4th quarter. Capital World Investors now owns 7,948,917 shares of the basic materials company's stock valued at $934,106,000 after acquiring an additional 711,591 shares during the last quarter. Bank of Montreal Can boosted its holdings in Franco-Nevada by 0.3% during the 4th quarter. Bank of Montreal Can now owns 5,300,880 shares of the basic materials company's stock valued at $622,124,000 after acquiring an additional 15,273 shares during the period. EdgePoint Investment Group Inc. grew its position in Franco-Nevada by 49.9% during the 4th quarter. EdgePoint Investment Group Inc. now owns 4,959,851 shares of the basic materials company's stock worth $582,100,000 after acquiring an additional 1,650,358 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its stake in Franco-Nevada by 10.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 4,286,661 shares of the basic materials company's stock worth $504,069,000 after purchasing an additional 400,384 shares during the period. Hedge funds and other institutional investors own 77.06% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on FNV shares. HC Wainwright reissued a "buy" rating and set a $195.00 price objective (up previously from $180.00) on shares of Franco-Nevada in a research note on Wednesday, May 28th. UBS Group increased their price target on shares of Franco-Nevada from $205.00 to $210.00 and gave the company a "buy" rating in a research report on Thursday, July 3rd. Scotiabank boosted their price objective on shares of Franco-Nevada from $165.00 to $169.00 and gave the company a "sector perform" rating in a research report on Monday, May 12th. National Bankshares reaffirmed a "sector perform" rating on shares of Franco-Nevada in a research note on Tuesday, June 24th. Finally, Wall Street Zen raised Franco-Nevada from a "hold" rating to a "buy" rating in a research note on Monday, April 7th. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $172.13.

Franco-Nevada Stock Performance

Franco-Nevada stock opened at $161.61 on Friday. Franco-Nevada Corporation has a fifty-two week low of $112.70 and a fifty-two week high of $179.99. The stock has a market cap of $31.13 billion, a price-to-earnings ratio of 50.50, a PEG ratio of 2.12 and a beta of 0.41. The stock's 50 day simple moving average is $164.51 and its two-hundred day simple moving average is $155.69.

Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV last released its quarterly earnings results on Thursday, May 8th. The basic materials company reported $1.07 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.07. The company had revenue of $368.40 million for the quarter, compared to analyst estimates of $328.79 million. Franco-Nevada had a return on equity of 11.40% and a net margin of 50.39%. The firm's revenue was up 43.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.76 earnings per share. On average, analysts predict that Franco-Nevada Corporation will post 3.09 earnings per share for the current year.

Franco-Nevada Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 26th. Investors of record on Thursday, June 12th were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 0.9%. The ex-dividend date was Thursday, June 12th. Franco-Nevada's dividend payout ratio (DPR) is presently 47.50%.

Franco-Nevada Company Profile

Franco-Nevada Corporation operates as a gold-focused royalty and streaming company in South America, Central America, Mexico, the United States, Canada, and internationally. It operates through Mining and Energy segments. The company manages its portfolio with a focus on precious metals, such as gold, silver, and platinum group metals; and engages in the sale of crude oil, natural gas, and natural gas liquids through a third-party marketing agent.

Want to see what other hedge funds are holding FNV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Franco-Nevada Corporation (NYSE:FNV - Free Report) TSE: FNV.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.