Proficio Capital Partners LLC Takes Position in Franco-Nevada Corporation $FNV

Key Points

• Proficio Capital Partners acquired 4,105 Franco-Nevada shares worth approximately $856,000 during the second quarter. Institutional investors and hedge funds collectively own 77.06% of the company.
• Franco-Nevada reported quarterly earnings of $1.81 per share and revenue of $580.9 million, missing analyst estimates, although revenue increased 57.3% year over year.
• The company declared a quarterly dividend of $0.44 per share, equal to $1.76 annually and a 0.7% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $273.40.

Proficio Capital Partners LLC bought a new position in shares of Franco-Nevada Corporation (NYSE:FNV - Free Report) TSE: FNV during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund bought 4,105 shares of the basic materials company's stock, valued at approximately $856,000.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Norges Bank acquired a new position in Franco-Nevada in the 4th quarter valued at about $578,577,000. Deutsche Bank AG acquired a new stake in Franco-Nevada during the second quarter worth about $372,435,000. Canada Pension Plan Investment Board purchased a new stake in Franco-Nevada during the second quarter worth approximately $254,515,000. First Eagle Investment Management LLC raised its position in Franco-Nevada by 26.5% in the fourth quarter. First Eagle Investment Management LLC now owns 5,123,444 shares of the basic materials company's stock valued at $1,062,037,000 after purchasing an additional 1,074,257 shares during the period. Finally, Legal & General Group Plc acquired a new stake in Franco-Nevada in the second quarter valued at approximately $193,879,000. 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. The firm has a market capitalization of $51.55 billion, a P/E ratio of 34.94, a P/E/G ratio of 2.51 and a beta of 0.35. The stock has a fifty day moving average price of $222.16 and a two-hundred day moving average price of $235.82. Franco-Nevada Corporation has a 52-week low of $181.50 and a 52-week high of $285.67.

Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV last announced its earnings results on Tuesday, August 11th. The basic materials company reported $1.81 earnings per share for the quarter, missing analysts' consensus estimates of $1.95 by ($0.14). The company had revenue of $580.90 million during the quarter, compared to the consensus estimate of $616.66 million. Franco-Nevada had a return on equity of 18.58% and a net margin of 63.79%.The company's revenue was up 57.3% on a year-over-year basis. During the same period in the prior year, the firm posted $1.24 earnings per share. On average, equities research analysts predict that Franco-Nevada Corporation will post 7.54 EPS for the current fiscal year.

Franco-Nevada Announces Dividend

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

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. UBS Group reduced 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. TD Securities raised shares of Franco-Nevada from a "hold" rating to a "buy" rating and set a $291.00 price objective on the stock in a report on Wednesday, May 20th. National Bank Financial raised shares of Franco-Nevada from a "sector perform" rating to an "outperform" rating in a report on Wednesday, May 13th. Scotiabank lowered 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. Finally, TD Cowen upgraded Franco-Nevada from a "hold" rating to a "buy" rating and decreased their target price for the stock from $292.00 to $291.00 in a report on Wednesday, May 20th. Eleven equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company 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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