Cannell & Spears LLC Acquires 10,491 Shares of Franco-Nevada Corporation $FNV

Key Points

• Cannell & Spears raised its stake in Franco-Nevada by 6.3%, buying 10,491 shares to hold 177,356 shares worth about $39.53 million (a 0.09% stake).
• Franco-Nevada beat expectations for the quarter with EPS of $1.85 vs. $1.67 expected and revenue of $597.3M vs. $542.0M (revenue +86.1% YoY), while analysts give a consensus "Moderate Buy" rating and an average price target of $256.88.
• The company raised its quarterly dividend to $0.44 from $0.38 (annualized $1.76, yield 0.7%), and institutional investors own about 77.06% of the stock.

Cannell & Spears LLC raised its holdings in Franco-Nevada Corporation (NYSE:FNV - Free Report) TSE: FNV by 6.3% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 177,356 shares of the basic materials company's stock after purchasing an additional 10,491 shares during the quarter. Cannell & Spears LLC owned 0.09% of Franco-Nevada worth $39,534,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. MTM Investment Management LLC bought a new stake in shares of Franco-Nevada during the 2nd quarter worth $32,000. Smartleaf Asset Management LLC grew its position in Franco-Nevada by 600.0% in the second quarter. Smartleaf Asset Management LLC now owns 196 shares of the basic materials company's stock valued at $32,000 after acquiring an additional 168 shares during the last quarter. CENTRAL TRUST Co raised its stake in Franco-Nevada by 590.9% during the second quarter. CENTRAL TRUST Co now owns 228 shares of the basic materials company's stock worth $37,000 after acquiring an additional 195 shares in the last quarter. City Holding Co. acquired a new position in Franco-Nevada during the third quarter worth about $56,000. Finally, Montag A & Associates Inc. lifted its holdings in shares of Franco-Nevada by 150.0% in the third quarter. Montag A & Associates Inc. now owns 250 shares of the basic materials company's stock worth $56,000 after acquiring an additional 150 shares during the last quarter. Institutional investors and hedge funds own 77.06% of the company's stock.

Wall Street Analysts Forecast Growth

FNV has been the topic of a number of research analyst reports. Zacks Research upgraded shares of Franco-Nevada from a "hold" rating to a "strong-buy" rating in a research note on Friday, February 27th. Wall Street Zen raised shares of Franco-Nevada from a "hold" rating to a "buy" rating in a research note on Monday, November 24th. UBS Group restated a "buy" rating and issued a $310.00 target price on shares of Franco-Nevada in a research report on Friday, January 30th. Canadian Imperial Bank of Commerce reaffirmed an "outperform" rating on shares of Franco-Nevada in a research note on Wednesday, February 4th. Finally, HC Wainwright upped their price target on shares of Franco-Nevada from $285.00 to $305.00 and gave the stock a "buy" rating in a report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and seven have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $256.88.

Franco-Nevada Price Performance

Shares of NYSE FNV opened at $251.45 on Friday. The company has a 50 day simple moving average of $250.76 and a 200 day simple moving average of $219.55. Franco-Nevada Corporation has a 1 year low of $140.03 and a 1 year high of $285.67. The firm has a market cap of $48.48 billion, a PE ratio of 43.65, a price-to-earnings-growth ratio of 3.33 and a beta of 0.45.

Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV last posted its earnings results on Tuesday, March 10th. The basic materials company reported $1.85 earnings per share for the quarter, topping analysts' consensus estimates of $1.67 by $0.18. Franco-Nevada had a net margin of 61.01% and a return on equity of 15.62%. The firm had revenue of $597.30 million for the quarter, compared to analyst estimates of $542.02 million. During the same period in the previous year, the firm posted $0.95 EPS. The company's revenue for the quarter was up 86.1% compared to the same quarter last year. As a group, research analysts anticipate that Franco-Nevada Corporation will post 3.09 earnings per share for the current fiscal year.

Franco-Nevada Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 26th. Investors of record on Thursday, March 12th will be paid a $0.44 dividend. This is a positive change from Franco-Nevada's previous quarterly dividend of $0.38. This represents a $1.76 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend is Thursday, March 12th. Franco-Nevada's payout ratio is presently 30.56%.

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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