Orbis Allan Gray Ltd Has $302.35 Million Position in Franco-Nevada Corporation $FNV

Key Points

• Orbis Allan Gray Ltd reduced its shareholding in Franco-Nevada Corporation by 1.1%, now owning 1,918,952 shares valued at approximately $302.35 million, which represents about 1.7% of its portfolio.
• Franco-Nevada reported a quarterly earnings per share (EPS) of $1.24, beating estimates, with revenues of $369.40 million—indicating a 42% increase year over year.
• The company announced a quarterly dividend of $0.38 per share, with a total annualized dividend yield of 0.8%, reflecting a payout ratio of 37.35%.

Orbis Allan Gray Ltd lowered its stake in shares of Franco-Nevada Corporation (NYSE:FNV - Free Report) TSE: FNV by 1.1% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,918,952 shares of the basic materials company's stock after selling 21,573 shares during the quarter. Franco-Nevada comprises 1.7% of Orbis Allan Gray Ltd's portfolio, making the stock its 23rd largest holding. Orbis Allan Gray Ltd owned approximately 1.00% of Franco-Nevada worth $302,350,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the stock. Massachusetts Financial Services Co. MA boosted its position in Franco-Nevada by 1.7% during the first quarter. Massachusetts Financial Services Co. MA now owns 12,207,413 shares of the basic materials company's stock worth $1,923,400,000 after purchasing an additional 207,232 shares during the period. Vanguard Group Inc. increased its position in Franco-Nevada by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 7,845,339 shares of the basic materials company's stock worth $1,233,891,000 after buying an additional 45,924 shares during the period. EdgePoint Investment Group Inc. increased its position in Franco-Nevada by 49.9% in the 4th quarter. EdgePoint Investment Group Inc. now owns 4,959,851 shares of the basic materials company's stock worth $582,100,000 after buying an additional 1,650,358 shares during the period. The Manufacturers Life Insurance Company increased its position in Franco-Nevada by 1.7% in the 1st quarter. The Manufacturers Life Insurance Company now owns 1,980,772 shares of the basic materials company's stock worth $313,071,000 after buying an additional 33,044 shares during the period. Finally, TD Asset Management Inc increased its position in Franco-Nevada by 6.8% in the 1st quarter. TD Asset Management Inc now owns 1,926,670 shares of the basic materials company's stock worth $302,979,000 after buying an additional 122,071 shares during the period. Institutional investors own 77.06% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. National Bankshares reiterated a "sector perform" rating on shares of Franco-Nevada in a research report on Tuesday, June 24th. Raymond James Financial lifted their target price on shares of Franco-Nevada from $186.00 to $188.00 and gave the company an "outperform" rating in a research note on Tuesday, August 12th. HC Wainwright increased their price target on shares of Franco-Nevada from $195.00 to $200.00 and gave the company a "buy" rating in a research note on Tuesday, August 12th. Zacks Research downgraded shares of Franco-Nevada from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 20th. Finally, UBS Group boosted their price target on shares of Franco-Nevada from $205.00 to $210.00 and gave the stock a "buy" rating in a research note on Thursday, July 3rd. Seven research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $178.88.

Franco-Nevada Price Performance

Franco-Nevada stock traded up $2.07 during midday trading on Tuesday, hitting $190.42. The company's stock had a trading volume of 1,086,006 shares, compared to its average volume of 822,133. Franco-Nevada Corporation has a 1-year low of $112.70 and a 1-year high of $191.56. The company has a 50-day moving average price of $168.28 and a two-hundred day moving average price of $162.42. The company has a market cap of $36.69 billion, a price-to-earnings ratio of 46.79, a PEG ratio of 2.51 and a beta of 0.41.

Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV last posted its quarterly earnings results on Monday, August 11th. The basic materials company reported $1.24 EPS for the quarter, beating analysts' consensus estimates of $1.10 by $0.14. The business had revenue of $369.40 million during the quarter, compared to the consensus estimate of $382.70 million. Franco-Nevada had a return on equity of 12.56% and a net margin of 58.82%.Franco-Nevada's revenue for the quarter was up 42.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.75 earnings per share. Sell-side analysts forecast that Franco-Nevada Corporation will post 3.09 EPS for the current year.

Franco-Nevada Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Thursday, September 11th will be issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend is Thursday, September 11th. Franco-Nevada's dividend payout ratio is presently 37.35%.

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.