Connor Clark & Lunn Investment Management Ltd. Buys New Shares in Franco-Nevada Corporation $FNV

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Franco-Nevada Corporation (NYSE:FNV - Free Report) TSE: FNV during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 632,473 shares of the basic materials company's stock, valued at approximately $131,839,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.33% of Franco-Nevada as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in FNV. AQR Capital Management LLC purchased a new position in shares of Franco-Nevada in the 1st quarter worth about $241,000. NewEdge Advisors LLC raised its holdings in shares of Franco-Nevada by 16.7% during the 1st quarter. NewEdge Advisors LLC now owns 6,585 shares of the basic materials company's stock valued at $1,038,000 after buying an additional 943 shares in the last quarter. Intech Investment Management LLC lifted its position in Franco-Nevada by 118.3% in the 1st quarter. Intech Investment Management LLC now owns 9,286 shares of the basic materials company's stock worth $1,460,000 after buying an additional 5,032 shares during the last quarter. Acadian Asset Management LLC lifted its position in Franco-Nevada by 800.0% in the 1st quarter. Acadian Asset Management LLC now owns 2,700 shares of the basic materials company's stock worth $424,000 after buying an additional 2,400 shares during the last quarter. Finally, Marshall Wace LLP purchased a new stake in Franco-Nevada in the second quarter worth approximately $1,477,000. Institutional investors own 77.06% of the company's stock.

Franco-Nevada Trading Up 0.0%

Shares of NYSE:FNV opened at $265.78 on Monday. The company has a 50-day moving average price of $219.57 and a 200-day moving average price of $235.06. The company has a market cap of $51.26 billion, a price-to-earnings ratio of 34.74, a price-to-earnings-growth ratio of 2.42 and a beta of 0.35. Franco-Nevada Corporation has a 12 month low of $180.32 and a 12 month high of $285.67.

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 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.95 by ($0.14). The business had revenue of $580.90 million during the quarter, compared to the consensus estimate of $616.66 million. Franco-Nevada had a return on equity of 18.58% and a net margin of 63.79%.The firm'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 business earned $1.24 earnings per share. As a group, research analysts forecast that Franco-Nevada Corporation will post 7.62 EPS for the current fiscal year.

Franco-Nevada Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, September 10th will be given a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date is Thursday, September 10th. Franco-Nevada's dividend payout ratio (DPR) is currently 23.01%.

Analyst Upgrades and Downgrades

FNV has been the topic of several research reports. Weiss Ratings downgraded shares of Franco-Nevada from a "buy (b)" rating to a "buy (b-)" rating in a research note on Monday, June 8th. Canaccord Genuity Group raised shares of Franco-Nevada from a "hold" rating to a "buy" rating in a research note on Wednesday, April 29th. TD Cowen raised shares of Franco-Nevada from a "hold" rating to a "buy" rating and reduced their target price for the company from $292.00 to $291.00 in a report on Wednesday, May 20th. Wall Street Zen cut shares of Franco-Nevada from a "buy" rating to a "hold" rating in a research report on Monday, June 1st. Finally, TD raised shares of Franco-Nevada from a "hold" rating to a "buy" rating and lowered their price target for the stock from $292.00 to $291.00 in a research note on Wednesday, May 20th. Eleven investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $273.40.

About Franco-Nevada

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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