Swiss National Bank Decreases Position in Franco-Nevada Corporation (NYSE:FNV)

Key Points

• The Swiss National Bank reduced its stake in Franco-Nevada Corporation by 2.0%, resulting in ownership of 547,760 shares valued at approximately $86.2 million.
• Franco-Nevada's latest earnings report showed $1.07 earnings per share, beating analysts' estimates, with a year-over-year revenue increase of 43.5%.
• Multiple analysts have reaffirmed a buy or outperform rating for Franco-Nevada, setting target prices as high as $195.

Swiss National Bank cut its stake in shares of Franco-Nevada Corporation (NYSE:FNV - Free Report) TSE: FNV by 2.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 547,760 shares of the basic materials company's stock after selling 11,000 shares during the period. Swiss National Bank owned 0.28% of Franco-Nevada worth $86,213,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. CX Institutional purchased a new stake in Franco-Nevada during the first quarter valued at approximately $30,000. Cullen Frost Bankers Inc. purchased a new stake in Franco-Nevada during the first quarter valued at approximately $32,000. Nexus Investment Management ULC purchased a new stake in Franco-Nevada during the first quarter valued at approximately $35,000. Golden State Wealth Management LLC raised its position in Franco-Nevada by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 230 shares of the basic materials company's stock valued at $36,000 after purchasing an additional 115 shares during the period. Finally, Hexagon Capital Partners LLC raised its position in Franco-Nevada by 494.7% during the first quarter. Hexagon Capital Partners LLC now owns 226 shares of the basic materials company's stock valued at $36,000 after purchasing an additional 188 shares during the period. 77.06% of the stock is currently owned by hedge funds and other institutional investors.

Franco-Nevada Stock Performance

Shares of NYSE FNV opened at $171.59 on Friday. The firm has a market capitalization of $33.06 billion, a price-to-earnings ratio of 53.62, a PEG ratio of 2.29 and a beta of 0.36. The stock has a 50 day moving average price of $164.70 and a 200 day moving average price of $157.38. Franco-Nevada Corporation has a 52-week low of $112.70 and a 52-week high of $179.99.

Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV last announced its quarterly earnings results on Thursday, May 8th. The basic materials company reported $1.07 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.00 by $0.07. The firm had revenue of $368.40 million during the quarter, compared to analyst estimates of $328.79 million. Franco-Nevada had a return on equity of 11.40% and a net margin of 50.39%. Franco-Nevada's quarterly revenue was up 43.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.76 earnings per share. Analysts forecast that Franco-Nevada Corporation will post 3.09 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on FNV shares. HC Wainwright reaffirmed a "buy" rating and set a $195.00 target price (up previously from $180.00) on shares of Franco-Nevada in a research note on Wednesday, May 28th. BMO Capital Markets reaffirmed an "outperform" rating on shares of Franco-Nevada in a research note on Wednesday, May 28th. Scotiabank upped their target price on Franco-Nevada from $165.00 to $169.00 and gave the company a "sector perform" rating in a research note on Monday, May 12th. Royal Bank Of Canada upped their target price on Franco-Nevada from $160.00 to $190.00 and gave the company a "sector perform" rating in a research note on Wednesday, June 4th. Finally, CIBC reaffirmed an "outperform" rating on shares of Franco-Nevada in a research note on Tuesday, July 15th. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, Franco-Nevada currently has an average rating of "Moderate Buy" and an average target price of $172.13.

About Franco-Nevada

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.

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