Parvin Asset Management LLC Invests $1.40 Million in Franco-Nevada Corporation $FNV

Key Points

• Parvin Asset Management acquired 6,695 Franco-Nevada shares worth approximately $1.40 million, making the stock 1.1% of its portfolio. Institutional investors collectively own 77.06% of the company.
• Franco-Nevada reported quarterly EPS of $1.81 and revenue of $580.9 million, both below analyst expectations, although revenue increased 57.3% year over year.
• The company declared a quarterly dividend of $0.44 per share, or $1.76 annually, representing a 0.7% yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $273.40.

Parvin Asset Management LLC acquired a new stake in shares of Franco-Nevada Corporation (NYSE:FNV - Free Report) TSE: FNV in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 6,695 shares of the basic materials company's stock, valued at approximately $1,396,000. Franco-Nevada makes up approximately 1.1% of Parvin Asset Management LLC's portfolio, making the stock its 20th largest holding.

A number of other hedge funds also recently bought and sold shares of the business. Transamerica Financial Advisors LLC acquired a new position in shares of Franco-Nevada during the 4th quarter valued at about $25,000. Ascentis Independent Advisors purchased a new position in Franco-Nevada during the first quarter worth about $39,000. Navalign LLC purchased a new position in Franco-Nevada during the fourth quarter worth about $34,000. Global Retirement Partners LLC acquired a new position in Franco-Nevada in the 2nd quarter valued at about $35,000. Finally, Dunhill Financial LLC purchased a new stake in shares of Franco-Nevada in the 2nd quarter valued at approximately $36,000. Institutional investors and hedge funds own 77.06% of the company's stock.

Franco-Nevada Price Performance

Franco-Nevada stock opened at $267.28 on Thursday. Franco-Nevada Corporation has a 1-year low of $181.50 and a 1-year high of $285.67. The stock has a market cap of $51.55 billion, a PE ratio of 34.94, a P/E/G ratio of 2.51 and a beta of 0.35. The stock's fifty day moving average is $222.16 and its two-hundred day moving average is $235.82.

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 earnings per share for the quarter, missing the consensus estimate of $1.95 by ($0.14). The business had revenue of $580.90 million for the quarter, compared to analysts' expectations of $616.66 million. Franco-Nevada had a return on equity of 18.58% and a net margin of 63.79%.Franco-Nevada's revenue for the quarter was up 57.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.24 EPS. On average, research analysts expect that Franco-Nevada Corporation will post 7.54 earnings per share for the current fiscal year.

Franco-Nevada Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, September 10th will be paid a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 0.7%. The ex-dividend date is Thursday, September 10th. Franco-Nevada's dividend payout ratio (DPR) is currently 23.01%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on FNV shares. UBS Group cut their target price on Franco-Nevada from $310.00 to $280.00 and set a "buy" rating for the company in a research note on Tuesday, June 30th. Canaccord Genuity Group upgraded shares of Franco-Nevada from a "hold" rating to a "buy" rating in a report on Wednesday, April 29th. Wall Street Zen cut shares of Franco-Nevada from a "buy" rating to a "hold" rating in a research report on Monday, June 1st. Bank of America decreased their price objective on shares of Franco-Nevada from $276.00 to $238.00 and set a "neutral" rating on the stock in a report on Thursday, July 9th. Finally, Zacks Research raised Franco-Nevada from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 11th. Eleven research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, Franco-Nevada has a consensus rating of "Moderate Buy" and an average price target of $273.40.

Franco-Nevada 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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