Engineers Gate Manager LP Makes New Investment in Franco-Nevada Corporation $FNV

Key Points

• Engineers Gate Manager LP acquired 13,945 Franco-Nevada shares worth approximately $2.9 million in the second quarter. Institutional investors and hedge funds 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 second-quarter EPS of $1.81 and revenue of $580.9 million, both below expectations, although revenue increased 57.3% year over year. The company declared a quarterly dividend of $0.44 per share, equivalent to a 0.7% annual yield.

Engineers Gate Manager LP acquired a new stake in shares of Franco-Nevada Corporation (NYSE:FNV - Free Report) TSE: FNV in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 13,945 shares of the basic materials company's stock, valued at approximately $2,907,000.

A number of other hedge funds have also recently made changes to their positions in FNV. Norges Bank bought a new stake in shares of Franco-Nevada in the fourth quarter valued at $578,577,000. Deutsche Bank AG bought a new position in shares of Franco-Nevada during the 2nd quarter worth $372,435,000. Canada Pension Plan Investment Board bought a new position in shares of Franco-Nevada during the 2nd quarter worth $254,515,000. Legal & General Group Plc purchased a new stake in Franco-Nevada in the 2nd quarter worth about $193,879,000. Finally, Van ECK Associates Corp increased its holdings in Franco-Nevada by 12.8% in the 4th 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 during the last quarter. 77.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Weiss Ratings restated a "buy (b-)" rating on shares of Franco-Nevada in a research note on Friday, September 4th. TD Cowen upgraded 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. Jefferies Financial Group reduced their target price 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. TD raised shares of Franco-Nevada from a "hold" rating to a "buy" rating and lowered their price target for the company from $292.00 to $291.00 in a research report on Wednesday, May 20th. Finally, Royal Bank Of Canada dropped their price target on shares of Franco-Nevada from $295.00 to $285.00 and set an "outperform" rating on the stock in a research note on Thursday, July 9th. Eleven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $273.40.

Franco-Nevada Stock Performance

NYSE:FNV opened at $266.00 on Monday. The business's fifty day moving average is $234.33 and its 200 day moving average is $236.87. The firm has a market cap of $51.30 billion, a price-to-earnings ratio of 34.77, a PEG ratio of 2.46 and a beta of 0.39. Franco-Nevada Corporation has a 52-week low of $181.50 and a 52-week high of $285.67.

Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV last issued its earnings results on Tuesday, August 11th. The basic materials company reported $1.81 EPS for the quarter, missing the consensus estimate of $1.95 by ($0.14). The company 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 quarter in the prior year, the business earned $1.24 EPS. Equities analysts predict that Franco-Nevada Corporation will post 7.54 EPS for the current fiscal year.

Franco-Nevada Dividend Announcement

The company 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 23.01%.

Franco-Nevada Profile

Franco-Nevada Corporation NYSE: FNV is a Canada-based royalty and streaming company focused primarily on precious metals. Rather than operating mines, the company provides upfront capital to mining and energy companies in exchange for the right to receive a portion of future production or revenue from designated assets.

Its portfolio is anchored by gold royalties and streams, with additional exposure to silver, platinum group metals and other mined commodities. Franco-Nevada also holds interests in certain energy assets, including oil and natural gas royalties.

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