Ontario Teachers Pension Plan Board Buys New Position in Franco-Nevada Corporation (NYSE:FNV)

Key Points

• The Ontario Teachers Pension Plan Board acquired a new stake in Franco-Nevada Corporation, purchasing 15,981 shares worth approximately $2.5 million.
• Franco-Nevada reported a quarterly revenue of $368.4 million, exceeding analysts' expectations, with earnings per share at $1.07, surpassing the consensus estimate of $1.00.
• The stock has a current average price target of $172.13 with a consensus rating of "Moderate Buy" from analysts, indicating positive sentiment for future performance.

Ontario Teachers Pension Plan Board bought a new position in Franco-Nevada Corporation (NYSE:FNV - Free Report) TSE: FNV during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 15,981 shares of the basic materials company's stock, valued at approximately $2,514,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of FNV. LPL Financial LLC lifted its position in Franco-Nevada by 6.3% during the fourth quarter. LPL Financial LLC now owns 30,843 shares of the basic materials company's stock valued at $3,627,000 after buying an additional 1,818 shares in the last quarter. Orion Portfolio Solutions LLC raised its stake in shares of Franco-Nevada by 12.0% during the fourth quarter. Orion Portfolio Solutions LLC now owns 2,103 shares of the basic materials company's stock valued at $247,000 after purchasing an additional 226 shares during the period. Wellington Management Group LLP raised its stake in shares of Franco-Nevada by 35.0% during the fourth quarter. Wellington Management Group LLP now owns 105,225 shares of the basic materials company's stock valued at $12,359,000 after purchasing an additional 27,299 shares during the period. Envestnet Asset Management Inc. raised its stake in shares of Franco-Nevada by 42.0% during the fourth quarter. Envestnet Asset Management Inc. now owns 42,905 shares of the basic materials company's stock valued at $5,045,000 after purchasing an additional 12,688 shares during the period. Finally, Invesco Ltd. raised its stake in shares of Franco-Nevada by 28.5% during the fourth quarter. Invesco Ltd. now owns 450,442 shares of the basic materials company's stock valued at $52,967,000 after purchasing an additional 99,842 shares during the period. 77.06% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently issued reports on FNV. TD Securities reiterated a "hold" rating and set a $184.00 price objective (up previously from $182.00) on shares of Franco-Nevada in a research note on Tuesday. BMO Capital Markets reiterated an "outperform" rating on shares of Franco-Nevada in a research note on Wednesday, May 28th. UBS Group lifted their price objective on shares of Franco-Nevada from $205.00 to $210.00 and gave the company a "buy" rating in a research note on Thursday, July 3rd. HC Wainwright lifted their price target on shares of Franco-Nevada from $195.00 to $200.00 and gave the stock a "buy" rating in a research note on Tuesday. Finally, Scotiabank lifted their price target on shares of Franco-Nevada from $182.00 to $184.00 and gave the stock a "sector perform" rating in a research note on Tuesday. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Franco-Nevada currently has an average rating of "Moderate Buy" and an average target price of $178.63.

Franco-Nevada Stock Up 0.8%

FNV stock traded up $1.48 during trading on Tuesday, hitting $177.12. 448,302 shares of the company's stock traded hands, compared to its average volume of 834,170. Franco-Nevada Corporation has a 52 week low of $112.70 and a 52 week high of $179.99. The stock has a fifty day moving average price of $164.66 and a two-hundred day moving average price of $157.90. The stock has a market capitalization of $34.12 billion, a price-to-earnings ratio of 55.35, a price-to-earnings-growth ratio of 2.29 and a beta of 0.36.

Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV last released its quarterly earnings results on Monday, August 11th. The basic materials company reported $1.24 EPS for the quarter, topping the consensus estimate of $1.10 by $0.14. The business had revenue of $369.40 million during the quarter, compared to analyst estimates of $382.70 million. Franco-Nevada had a net margin of 50.39% and a return on equity of 11.40%. The company's quarterly revenue was up 42.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.75 earnings per share. As a group, equities research analysts expect that Franco-Nevada Corporation will post 3.09 EPS for the current fiscal year.

Franco-Nevada Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Thursday, September 11th will be given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 0.9%. Franco-Nevada's dividend payout ratio is currently 47.50%.

Franco-Nevada Profile

Franco-Nevada Corporation operates as a gold-focused royalty and streaming company in South America, Central America, Mexico, the United States, Canada, and internationally. It operates through Mining and Energy segments. The company manages its portfolio with a focus on precious metals, such as gold, silver, and platinum group metals; and engages in the sale of crude oil, natural gas, and natural gas liquids through a third-party marketing agent.