Clear Harbor Asset Management LLC Acquires New Shares in Franco-Nevada Corporation $FNV

Key Points

• Clear Harbor Asset Management acquired 11,287 shares of Franco-Nevada, valued at approximately $2.35 million. Institutional investors collectively own 77.06% of the company.
• Analysts maintain a generally positive outlook, with 11 Buy ratings and four Holds, producing a consensus “Moderate Buy” rating and an average price target of $273.40.
• Franco-Nevada reported quarterly EPS of $1.81, below the $1.95 consensus estimate, while revenue rose 57.3% year over year to $580.9 million. The company also declared a quarterly dividend of $0.44 per share, representing a 0.7% annualized yield.

Clear Harbor Asset Management LLC bought a new position in Franco-Nevada Corporation (NYSE:FNV - Free Report) TSE: FNV during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 11,287 shares of the basic materials company's stock, valued at approximately $2,353,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FNV. Transamerica Financial Advisors LLC bought a new stake in shares of Franco-Nevada in the 4th quarter valued at approximately $25,000. Smartleaf Asset Management LLC increased its holdings 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 worth $32,000 after buying an additional 168 shares during the last quarter. Navalign LLC bought a new position in Franco-Nevada during the fourth quarter valued at approximately $34,000. Global Retirement Partners LLC bought a new position in Franco-Nevada during the second quarter valued at approximately $35,000. Finally, Dunhill Financial LLC acquired a new stake in Franco-Nevada in the second quarter valued at approximately $36,000. 77.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on FNV shares. Scotiabank decreased their target price on shares of Franco-Nevada from $290.00 to $274.00 and set a "sector perform" rating for the company in a research report on Tuesday, July 14th. UBS Group reduced their price objective on shares of Franco-Nevada from $310.00 to $280.00 and set a "buy" rating for the company in a research note on Tuesday, June 30th. Zacks Research upgraded shares of Franco-Nevada from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 11th. Jefferies Financial Group lowered their target price on shares of Franco-Nevada from $258.00 to $245.00 and set a "hold" rating on the stock in a research report on Monday, July 6th. Finally, Wall Street Zen lowered Franco-Nevada from a "buy" rating to a "hold" rating in a report on Monday, June 1st. Eleven analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Franco-Nevada currently has a consensus rating of "Moderate Buy" and a consensus price target of $273.40.

Franco-Nevada Stock Up 3.0%

NYSE:FNV opened at $265.78 on Friday. Franco-Nevada Corporation has a 12 month low of $180.32 and a 12 month high of $285.67. The firm has a market cap of $51.26 billion, a price-to-earnings ratio of 34.74, a P/E/G ratio of 2.43 and a beta of 0.35. The company's 50 day moving average is $219.57 and its 200-day moving average is $235.05.

Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV last posted its quarterly earnings data on Tuesday, August 11th. The basic materials company reported $1.81 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.95 by ($0.14). Franco-Nevada had a return on equity of 18.58% and a net margin of 63.79%.The firm had revenue of $580.90 million for the quarter, compared to the consensus estimate of $616.66 million. During the same period in the prior year, the company posted $1.24 earnings per share. Franco-Nevada's quarterly revenue was up 57.3% on a year-over-year basis. Research analysts predict that Franco-Nevada Corporation will post 7.62 EPS for the current fiscal year.

Franco-Nevada Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, September 10th will be given a dividend of $0.44 per share. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $1.76 dividend on an annualized basis and a yield of 0.7%. Franco-Nevada's payout ratio is currently 23.01%.

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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