EFG International AG Buys Shares of 11,024 Franco-Nevada Corporation $FNV

Key Points

• EFG International initiated a position in Franco-Nevada by purchasing 11,024 shares valued at approximately $2.3 million. Institutional investors collectively own 77.06% of the company, with several major funds also adding or initiating positions.
• Analyst sentiment remains positive overall, with 11 Buy ratings and four Holds, producing a “Moderate Buy” consensus and an average price target of $273.40. However, Scotiabank and Bank of America recently lowered their targets.
• 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 declared a quarterly dividend of $0.44 per share, equivalent to a 0.7% yield.

EFG International AG purchased a new position in Franco-Nevada Corporation (NYSE:FNV - Free Report) TSE: FNV in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 11,024 shares of the basic materials company's stock, valued at approximately $2,298,000.

Several other institutional investors have also modified their holdings of FNV. Norges Bank acquired a new position in shares of Franco-Nevada in the 4th quarter valued at approximately $578,577,000. Deutsche Bank AG acquired a new stake in Franco-Nevada during the 2nd quarter worth approximately $372,435,000. Canada Pension Plan Investment Board bought a new position in Franco-Nevada in the second quarter valued at approximately $254,515,000. First Eagle Investment Management LLC lifted its stake in Franco-Nevada by 26.5% in the fourth quarter. First Eagle Investment Management LLC now owns 5,123,444 shares of the basic materials company's stock valued at $1,062,037,000 after buying an additional 1,074,257 shares in the last quarter. Finally, Legal & General Group Plc acquired a new position in shares of Franco-Nevada in the second quarter valued at approximately $193,879,000. Institutional investors own 77.06% of the company's stock.

Analysts Set New Price Targets

FNV has been the subject of several research reports. Scotiabank lowered their price objective 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. Weiss Ratings cut shares of Franco-Nevada from a "buy (b)" rating to a "buy (b-)" rating in a research report on Monday, June 8th. TD raised shares of Franco-Nevada from a "hold" rating to a "buy" rating and reduced their target price for the stock from $292.00 to $291.00 in a research note on Wednesday, May 20th. Canaccord Genuity Group upgraded Franco-Nevada from a "hold" rating to a "buy" rating in a report on Wednesday, April 29th. Finally, Bank of America dropped their price target on Franco-Nevada from $276.00 to $238.00 and set a "neutral" rating on the stock in a research note on Thursday, July 9th. Eleven analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $273.40.

Franco-Nevada Trading Down 1.7%

Shares of FNV opened at $267.28 on Thursday. The company's fifty day simple moving average is $222.16 and its 200 day simple moving average is $235.82. Franco-Nevada Corporation has a 1-year low of $181.50 and a 1-year high of $285.67. The company has a market cap of $51.55 billion, a price-to-earnings ratio of 34.94, a PEG ratio of 2.51 and a beta of 0.35.

Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV last announced its quarterly earnings results on Tuesday, August 11th. The basic materials company reported $1.81 EPS for the quarter, missing analysts' consensus estimates of $1.95 by ($0.14). Franco-Nevada had a net margin of 63.79% and a return on equity of 18.58%. The firm had revenue of $580.90 million during the quarter, compared to analyst estimates of $616.66 million. During the same quarter in the prior year, the business earned $1.24 EPS. The business's revenue was up 57.3% compared to the same quarter last year. As a group, research analysts forecast that Franco-Nevada Corporation will post 7.54 earnings per share for the current year.

Franco-Nevada Dividend Announcement

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 issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend is Thursday, September 10th. Franco-Nevada's dividend payout ratio (DPR) is presently 23.01%.

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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