BlackRock Inc. Makes New Investment in Franco-Nevada Corporation $FNV

BlackRock Inc. acquired a new stake in Franco-Nevada Corporation (NYSE:FNV - Free Report) TSE: FNV during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 253,389 shares of the basic materials company's stock, valued at approximately $52,816,000. BlackRock Inc. owned about 0.13% of Franco-Nevada as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in FNV. Composition Wealth LLC boosted its position in Franco-Nevada by 0.8% during the fourth quarter. Composition Wealth LLC now owns 6,108 shares of the basic materials company's stock valued at $1,266,000 after purchasing an additional 49 shares during the last quarter. Clark Capital Management Group Inc. increased its stake in shares of Franco-Nevada by 1.0% during the 4th quarter. Clark Capital Management Group Inc. now owns 5,054 shares of the basic materials company's stock worth $1,048,000 after purchasing an additional 50 shares during the last quarter. Syon Capital LLC increased its stake in shares of Franco-Nevada by 2.1% during the 4th quarter. Syon Capital LLC now owns 2,443 shares of the basic materials company's stock worth $506,000 after purchasing an additional 51 shares during the last quarter. PFG Investments LLC raised its holdings in shares of Franco-Nevada by 0.7% in the 1st quarter. PFG Investments LLC now owns 7,211 shares of the basic materials company's stock valued at $1,782,000 after purchasing an additional 52 shares during the period. Finally, Guardian Partners Inc. lifted its stake in Franco-Nevada by 3.2% in the 4th quarter. Guardian Partners Inc. now owns 1,692 shares of the basic materials company's stock valued at $351,000 after purchasing an additional 52 shares during the last quarter. Institutional investors own 77.06% of the company's stock.

Franco-Nevada Stock Down 1.2%

Shares of FNV stock opened at $263.04 on Tuesday. Franco-Nevada Corporation has a 12-month low of $181.50 and a 12-month high of $285.67. The company has a market capitalization of $50.73 billion, a PE ratio of 34.38, a price-to-earnings-growth ratio of 2.46 and a beta of 0.35. The firm has a 50 day moving average price of $224.99 and a two-hundred day moving average price of $236.28.

Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV last posted its earnings results 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 during the quarter, compared to analyst estimates of $616.66 million. Franco-Nevada had a net margin of 63.79% and a return on equity of 18.58%. Franco-Nevada's revenue for the quarter was up 57.3% compared to the same quarter last year. During the same period in the previous year, the company posted $1.24 EPS. As a group, research analysts expect that Franco-Nevada Corporation will post 7.54 EPS for the current year.

Franco-Nevada Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, September 10th will be paid a $0.44 dividend. The ex-dividend date is Thursday, September 10th. This represents a $1.76 annualized dividend and a yield of 0.7%. Franco-Nevada's payout ratio is 23.01%.

Analyst Upgrades and Downgrades

FNV has been the subject of a number of research analyst reports. Jefferies Financial Group reduced their price target on Franco-Nevada from $258.00 to $245.00 and set a "hold" rating for the company in a report on Monday, July 6th. Wall Street Zen lowered Franco-Nevada from a "buy" rating to a "hold" rating in a research note on Monday, June 1st. TD Securities raised 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. Bank of America reduced their target price on Franco-Nevada from $276.00 to $238.00 and set a "neutral" rating for the company in a research note on Thursday, July 9th. Finally, Scotiabank decreased their target price on Franco-Nevada from $290.00 to $274.00 and set a "sector perform" rating on the stock in a report on Tuesday, July 14th. Eleven investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price 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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source