Franco-Nevada Corporation $FNV Stock: Beutel Goodman & Co Ltd. Boosts Holdings

Key Points

• Beutel Goodman increased its Franco-Nevada stake by 61% in the third quarter, adding 495,794 shares to reach 1.31 million shares, worth about $312.3 million. The position represents 2.5% of its portfolio; institutional investors own 77.06% of the company’s stock.
• Analysts have a consensus “Moderate Buy” rating and an average price target of $275.30, with 10 Buy and four Hold ratings.
• Franco-Nevada’s latest quarterly revenue rose 57.3% year over year to $580.9 million, but EPS of $1.81 and revenue both fell short of consensus estimates.

Beutel Goodman & Co Ltd. grew its stake in Franco-Nevada Corporation (NYSE:FNV - Free Report) TSE: FNV by 61.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,308,824 shares of the basic materials company's stock after purchasing an additional 495,794 shares during the period. Franco-Nevada comprises approximately 2.5% of Beutel Goodman & Co Ltd.'s investment portfolio, making the stock its 9th largest position. Beutel Goodman & Co Ltd. owned 0.68% of Franco-Nevada worth $312,329,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. EdgePoint Investment Group Inc. lifted its stake in shares of Franco-Nevada by 3.3% in the 1st quarter. EdgePoint Investment Group Inc. now owns 3,461,224 shares of the basic materials company's stock valued at $857,196,000 after acquiring an additional 110,222 shares during the last quarter. Deutsche Bank AG bought a new stake in Franco-Nevada during the 2nd quarter worth $372,435,000. Canada Pension Plan Investment Board bought a new stake in Franco-Nevada during the 2nd quarter worth $254,515,000. Amundi increased its holdings in Franco-Nevada by 4.4% in the 1st quarter. Amundi now owns 1,191,417 shares of the basic materials company's stock worth $294,340,000 after purchasing an additional 50,455 shares in the last quarter. Finally, Legal & General Group Plc acquired a new position in Franco-Nevada in the 2nd quarter worth about $193,879,000. 77.06% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have commented on the company. Weiss Ratings upgraded Franco-Nevada from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, October 8th. Scotiabank reduced their price target on Franco-Nevada from $290.00 to $274.00 and set a "sector perform" rating on the stock in a research report on Tuesday, July 14th. Royal Bank Of Canada increased their price objective on shares of Franco-Nevada from $285.00 to $300.00 and gave the stock an "outperform" rating in a research report on Wednesday, September 16th. Finally, Zacks Research raised Franco-Nevada from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 11th. Ten research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $275.30.

Franco-Nevada Stock Performance

Shares of FNV stock opened at $263.85 on Tuesday. Franco-Nevada Corporation has a 52-week low of $188.47 and a 52-week high of $285.67. The company has a 50-day simple moving average of $248.77 and a two-hundred day simple moving average of $240.12. The company has a market capitalization of $50.90 billion, a price-to-earnings ratio of 34.49, a PEG ratio of 2.81 and a beta of 0.34.

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 EPS for the quarter, missing the consensus estimate of $1.95 by ($0.14). Franco-Nevada had a return on equity of 18.58% and a net margin of 63.79%. The firm had revenue of $580.90 million for the quarter, compared to the consensus estimate of $616.66 million. During the same period in the prior year, the business earned $1.24 EPS. Franco-Nevada's quarterly revenue was up 57.3% compared to the same quarter last year. On average, sell-side analysts forecast that Franco-Nevada Corporation will post 7.40 EPS for the current fiscal year.

About Franco-Nevada

Franco-Nevada is a Toronto-based company that provides financing to mining and energy businesses in exchange for royalties, streams and other interests in production. Rather than operating mines itself, it gives partners capital and receives a share of revenue or future output from their projects.

The company's portfolio is focused on gold and other precious metals, and also includes interests in other minerals and energy assets, including oil and gas. Its projects and counterparties span multiple regions, including North and South America, Africa, Australia and Europe.

Franco-Nevada traces its origins to 1983.

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