Empowered Funds LLC Buys Shares of 10,550 Franco-Nevada Corporation $FNV

Key Points

• Empowered Funds LLC initiated a position in Franco-Nevada by purchasing 10,550 shares valued at approximately $2.6 million. Institutional investors collectively own 77.06% of the company.
• Franco-Nevada reported first-quarter EPS of $2.38, exceeding estimates of $2.09, while revenue rose 76.6% year over year to $650.7 million.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $273.40, compared with the stock’s reported price of $218.95. The company also pays a quarterly dividend of $0.44 per share.

Empowered Funds LLC purchased a new position in shares of Franco-Nevada Corporation (NYSE:FNV - Free Report) TSE: FNV during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 10,550 shares of the basic materials company's stock, valued at approximately $2,606,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. increased its position in Franco-Nevada by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 8,330,234 shares of the basic materials company's stock valued at $1,726,741,000 after buying an additional 113,916 shares in the last quarter. Van ECK Associates Corp boosted its holdings in Franco-Nevada by 12.8% in the fourth quarter. Van ECK Associates Corp now owns 7,441,133 shares of the basic materials company's stock worth $1,542,402,000 after acquiring an additional 842,132 shares in the last quarter. First Eagle Investment Management LLC grew its stake in shares of Franco-Nevada by 26.5% during the fourth quarter. First Eagle Investment Management LLC now owns 5,123,444 shares of the basic materials company's stock worth $1,062,037,000 after acquiring an additional 1,074,257 shares during the last quarter. Royal Bank of Canada grew its stake in shares of Franco-Nevada by 10.2% during the fourth quarter. Royal Bank of Canada now owns 2,808,645 shares of the basic materials company's stock worth $582,177,000 after acquiring an additional 260,793 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of Franco-Nevada during the fourth quarter valued at about $578,577,000. Hedge funds and other institutional investors own 77.06% of the company's stock.

Franco-Nevada Stock Up 2.0%

Shares of NYSE FNV opened at $218.95 on Wednesday. The business's 50 day moving average price is $214.63 and its 200 day moving average price is $236.03. The firm has a market cap of $42.23 billion, a P/E ratio of 30.84, a P/E/G ratio of 1.81 and a beta of 0.35. Franco-Nevada Corporation has a 52 week low of $164.90 and a 52 week high of $285.67.

Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV last posted its quarterly earnings results on Tuesday, May 12th. The basic materials company reported $2.38 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.09 by $0.29. Franco-Nevada had a net margin of 65.12% and a return on equity of 18.10%. The company had revenue of $650.70 million during the quarter, compared to analyst estimates of $634.43 million. During the same period last year, the firm posted $1.07 EPS. Franco-Nevada's revenue for the quarter was up 76.6% compared to the same quarter last year. As a group, research analysts expect that Franco-Nevada Corporation will post 8.23 earnings per share for the current year.

Franco-Nevada Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 25th. Investors of record on Thursday, June 11th were issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend was Thursday, June 11th. Franco-Nevada's dividend payout ratio (DPR) is 24.79%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on FNV. TD Securities upgraded shares of Franco-Nevada from a "hold" rating to a "buy" rating and set a $291.00 target price for the company in a research note on Wednesday, May 20th. HC Wainwright restated a "buy" rating and set a $305.00 price target on shares of Franco-Nevada in a research note on Wednesday, May 13th. TD raised shares of Franco-Nevada from a "hold" rating to a "buy" rating and decreased their price target for the stock from $292.00 to $291.00 in a report on Wednesday, May 20th. Jefferies Financial Group lowered their price objective on shares of Franco-Nevada from $258.00 to $245.00 and set a "hold" rating for the company in a research note on Monday, July 6th. Finally, National Bank Financial raised shares of Franco-Nevada from a "sector perform" rating to an "outperform" rating in a report on Wednesday, May 13th. Eleven analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Franco-Nevada currently 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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