Public Employees Retirement System of Ohio Takes Position in Franco-Nevada Corporation $FNV

Key Points

• Ohio’s public employees’ retirement system purchased 90,547 Franco-Nevada shares worth approximately $18.9 million, while institutional investors collectively own 77.06% of the company.
• Analyst sentiment remains favorable, with a consensus rating of “Moderate Buy” and an average price target of $273.40, despite several analysts lowering their targets.
• Franco-Nevada’s latest quarter showed 57.3% year-over-year revenue growth, but earnings and revenue missed estimates. The company also declared a quarterly dividend of $0.44 per share, representing a 0.7% yield.

Public Employees Retirement System of Ohio purchased a new position in Franco-Nevada Corporation (NYSE:FNV - Free Report) TSE: FNV during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 90,547 shares of the basic materials company's stock, valued at approximately $18,886,000.

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

Analyst Ratings Changes

Several research analysts recently issued reports on FNV shares. Bank of America cut their target price on shares of Franco-Nevada from $276.00 to $238.00 and set a "neutral" rating for the company in a research report on Thursday, July 9th. Scotiabank dropped their price target on Franco-Nevada from $290.00 to $274.00 and set a "sector perform" rating for the company in a research note on Tuesday, July 14th. Zacks Research upgraded Franco-Nevada from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 11th. Royal Bank Of Canada decreased their price objective on Franco-Nevada from $295.00 to $285.00 and set an "outperform" rating on the stock in a report on Thursday, July 9th. Finally, TD Cowen raised Franco-Nevada from a "hold" rating to a "buy" rating and cut their target price for the stock from $292.00 to $291.00 in a research note on Wednesday, May 20th. Eleven investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, Franco-Nevada currently has a consensus rating of "Moderate Buy" and a consensus price target of $273.40.

Franco-Nevada Stock Down 1.8%

NYSE FNV opened at $266.33 on Friday. The company has a 50-day simple moving average of $224.15 and a two-hundred day simple moving average of $236.31. Franco-Nevada Corporation has a 12-month low of $181.50 and a 12-month high of $285.67. The firm has a market cap of $51.37 billion, a price-to-earnings ratio of 34.81, a PEG ratio of 2.46 and a beta of 0.35.

Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV last released its quarterly earnings data on Tuesday, August 11th. The basic materials company reported $1.81 EPS for the quarter, missing the consensus estimate of $1.95 by ($0.14). The company had revenue of $580.90 million during 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%.The firm's quarterly revenue was up 57.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.24 EPS. Equities analysts expect that Franco-Nevada Corporation will post 7.54 earnings per share for the current fiscal year.

Franco-Nevada Dividend Announcement

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 given 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 presently 23.01%.

About Franco-Nevada

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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