Healthcare of Ontario Pension Plan Trust Fund Grows Holdings in Franco-Nevada Corporation $FNV

Key Points

• Healthcare of Ontario Pension Plan Trust Fund increased its Franco-Nevada stake by 1,381% in the first quarter, purchasing 123,658 additional shares to own 132,612 shares valued at approximately $32.8 million. Institutional investors collectively own 77.06% of the company.
• Franco-Nevada reported strong quarterly results, with revenue rising 76.6% year over year to $650.7 million and EPS of $2.38, exceeding analysts’ $2.09 estimate.
• The company paid a quarterly dividend of $0.44 per share, equal to a $1.76 annualized payout and a 0.8% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $273.40.

Healthcare of Ontario Pension Plan Trust Fund grew its position in Franco-Nevada Corporation (NYSE:FNV - Free Report) TSE: FNV by 1,381.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 132,612 shares of the basic materials company's stock after purchasing an additional 123,658 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund owned approximately 0.07% of Franco-Nevada worth $32,820,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of FNV. AQR Capital Management LLC purchased a new stake in Franco-Nevada during the 1st quarter valued at approximately $241,000. NewEdge Advisors LLC raised its position in shares of Franco-Nevada by 16.7% during the first quarter. NewEdge Advisors LLC now owns 6,585 shares of the basic materials company's stock valued at $1,038,000 after buying an additional 943 shares during the last quarter. Intech Investment Management LLC lifted its holdings in shares of Franco-Nevada by 118.3% in the first quarter. Intech Investment Management LLC now owns 9,286 shares of the basic materials company's stock worth $1,460,000 after buying an additional 5,032 shares in the last quarter. Acadian Asset Management LLC lifted its holdings in shares of Franco-Nevada by 800.0% in the first quarter. Acadian Asset Management LLC now owns 2,700 shares of the basic materials company's stock worth $424,000 after buying an additional 2,400 shares in the last quarter. Finally, Marshall Wace LLP purchased a new position in shares of Franco-Nevada in the second quarter worth $1,477,000. 77.06% of the stock is owned by hedge funds and other institutional investors.

Franco-Nevada Price Performance

Shares of FNV opened at $215.06 on Monday. The firm has a market capitalization of $41.48 billion, a price-to-earnings ratio of 30.29, a PEG ratio of 1.81 and a beta of 0.36. Franco-Nevada Corporation has a 1-year low of $157.18 and a 1-year high of $285.67. The company has a 50-day moving average of $216.08 and a 200 day moving average of $236.66.

Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV last released its quarterly earnings data on Tuesday, May 12th. The basic materials company reported $2.38 EPS for the quarter, topping the consensus estimate of $2.09 by $0.29. Franco-Nevada had a return on equity of 18.10% and a net margin of 65.12%.The company had revenue of $650.70 million for the quarter, compared to the consensus estimate of $634.43 million. During the same period last year, the business posted $1.07 EPS. Franco-Nevada's quarterly revenue was up 76.6% on a year-over-year basis. On average, equities analysts anticipate that Franco-Nevada Corporation will post 8.23 earnings per share for the current fiscal 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 given a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend was Thursday, June 11th. Franco-Nevada's dividend payout ratio is currently 24.79%.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Royal Bank Of Canada cut their price target on Franco-Nevada from $295.00 to $285.00 and set an "outperform" rating for the company in a report on Thursday, July 9th. Weiss Ratings cut Franco-Nevada from a "buy (b)" rating to a "buy (b-)" rating in a report on Monday, June 8th. HC Wainwright reiterated a "buy" rating and set a $305.00 target price on shares of Franco-Nevada in a research report on Wednesday, May 13th. Scotiabank cut their target price on shares of Franco-Nevada from $290.00 to $274.00 and set a "sector perform" rating for the company in a report on Tuesday, July 14th. Finally, TD upgraded shares of Franco-Nevada from a "hold" rating to a "buy" rating and reduced their price target for the stock from $292.00 to $291.00 in a research report on Wednesday, May 20th. Eleven analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $273.40.

Franco-Nevada Company Profile

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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