EdgePoint Investment Group Inc. Has $581.70 Million Stake in Franco-Nevada Corporation $FNV

Key Points

• EdgePoint Investment Group Inc. reduced its stake in Franco-Nevada Corporation by 25.4%, selling 1,261,889 shares, and now owns approximately 3,697,962 shares valued at around $581.7 million.
• Several other institutional investors increased their positions in Franco-Nevada, with notable increases from Bessemer Group Inc., St. James Investment Company LLC, and Envestnet Asset Management Inc..
• Franco-Nevada recently reported earnings per share of $1.24, exceeding analyst estimates, and declared a quarterly dividend of $0.38 per share, reflecting an annualized yield of 0.8%.

EdgePoint Investment Group Inc. cut its position in shares of Franco-Nevada Corporation (NYSE:FNV - Free Report) TSE: FNV by 25.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,697,962 shares of the basic materials company's stock after selling 1,261,889 shares during the quarter. Franco-Nevada makes up about 4.7% of EdgePoint Investment Group Inc.'s investment portfolio, making the stock its 8th largest position. EdgePoint Investment Group Inc. owned 1.92% of Franco-Nevada worth $581,703,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the company. AQR Capital Management LLC bought a new position in shares of Franco-Nevada during the 1st quarter valued at about $241,000. Amundi increased its position in shares of Franco-Nevada by 29.3% during the 1st quarter. Amundi now owns 1,137,345 shares of the basic materials company's stock valued at $180,519,000 after purchasing an additional 257,996 shares during the last quarter. Baird Financial Group Inc. boosted its holdings in Franco-Nevada by 22.1% during the 1st quarter. Baird Financial Group Inc. now owns 137,395 shares of the basic materials company's stock valued at $21,648,000 after acquiring an additional 24,834 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in Franco-Nevada by 1.7% during the 1st quarter. The Manufacturers Life Insurance Company now owns 1,980,772 shares of the basic materials company's stock valued at $313,071,000 after acquiring an additional 33,044 shares during the period. Finally, Canada Pension Plan Investment Board boosted its holdings in Franco-Nevada by 53.8% during the 1st quarter. Canada Pension Plan Investment Board now owns 883,293 shares of the basic materials company's stock valued at $138,945,000 after acquiring an additional 309,161 shares during the period. 77.06% of the stock is currently owned by institutional investors.

Franco-Nevada Stock Performance

Shares of FNV traded up $3.89 on Monday, reaching $197.68. The stock had a trading volume of 812,274 shares, compared to its average volume of 819,280. The firm has a market capitalization of $38.09 billion, a price-to-earnings ratio of 48.57, a price-to-earnings-growth ratio of 2.59 and a beta of 0.41. The company has a 50-day simple moving average of $170.49 and a 200-day simple moving average of $163.85. Franco-Nevada Corporation has a 12-month low of $112.70 and a 12-month high of $198.24.

Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV last released its earnings results on Monday, August 11th. The basic materials company reported $1.24 EPS for the quarter, beating analysts' consensus estimates of $1.10 by $0.14. The company had revenue of $369.40 million during the quarter, compared to analysts' expectations of $382.70 million. Franco-Nevada had a return on equity of 12.56% and a net margin of 58.82%.The firm's revenue for the quarter was up 42.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.75 EPS. On average, analysts expect that Franco-Nevada Corporation will post 3.09 EPS for the current fiscal year.

Franco-Nevada Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Thursday, September 11th will be given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend is Thursday, September 11th. Franco-Nevada's dividend payout ratio (DPR) is 37.35%.

Analysts Set New Price Targets

FNV has been the subject of several analyst reports. National Bankshares restated a "sector perform" rating on shares of Franco-Nevada in a report on Tuesday, June 24th. Zacks Research cut Franco-Nevada from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 20th. UBS Group increased their target price on Franco-Nevada from $205.00 to $210.00 and gave the company a "buy" rating in a report on Thursday, July 3rd. HC Wainwright increased their price objective on Franco-Nevada from $195.00 to $200.00 and gave the stock a "buy" rating in a report on Tuesday, August 12th. Finally, BMO Capital Markets reissued an "outperform" rating on shares of Franco-Nevada in a research note on Wednesday, May 28th. Seven analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $178.88.

About Franco-Nevada

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.