The Manufacturers Life Insurance Company Makes New $153.34 Million Investment in Franco-Nevada Corporation $FNV

Key Points

• The Manufacturers Life Insurance Company purchased 736,359 Franco-Nevada shares worth approximately $153.34 million, representing about 0.38% of the company. Institutional investors collectively own 77.06% of Franco-Nevada.
• Franco-Nevada reported quarterly earnings of $1.81 per share, below the $1.95 consensus estimate, while revenue rose 57.3% year over year to $580.9 million. Shares opened at $270.07, near analysts’ consensus price target of $273.40.
• The company declared a quarterly dividend of $0.44 per share, equivalent to $1.76 annually and a 0.7% yield. Analysts maintain a “Moderate Buy” consensus, with 11 Buy ratings and four Hold ratings.

The Manufacturers Life Insurance Company purchased a new stake 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. The firm purchased 736,359 shares of the basic materials company's stock, valued at approximately $153,344,000. The Manufacturers Life Insurance Company owned approximately 0.38% of Franco-Nevada as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. AQR Capital Management LLC purchased a new position in shares of Franco-Nevada during the first quarter worth about $241,000. NewEdge Advisors LLC increased its position in shares of Franco-Nevada by 16.7% in the first quarter. NewEdge Advisors LLC now owns 6,585 shares of the basic materials company's stock worth $1,038,000 after purchasing an additional 943 shares during the last quarter. Intech Investment Management LLC raised its stake in Franco-Nevada by 118.3% in 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 in the last quarter. Acadian Asset Management LLC raised its stake in Franco-Nevada by 800.0% in 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 in the last quarter. Finally, Marshall Wace LLP bought a new stake in Franco-Nevada during the second quarter valued at approximately $1,477,000. Institutional investors own 77.06% of the company's stock.

Franco-Nevada Price Performance

Shares of NYSE FNV opened at $270.07 on Tuesday. Franco-Nevada Corporation has a one year low of $181.50 and a one year high of $285.67. The firm's 50 day simple moving average is $220.53 and its two-hundred day simple moving average is $235.28. The stock has a market capitalization of $52.09 billion, a P/E ratio of 35.30, a PEG ratio of 2.42 and a beta of 0.35.

Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV last announced its quarterly earnings data 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). Franco-Nevada had a return on equity of 18.58% and a net margin of 63.79%.The business had revenue of $580.90 million during the quarter, compared to the consensus estimate of $616.66 million. During the same quarter in the previous year, the firm posted $1.24 earnings per share. The company's revenue was up 57.3% compared to the same quarter last year. As a group, equities analysts expect that Franco-Nevada Corporation will post 7.62 earnings per share for the current fiscal year.

Franco-Nevada Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, September 10th will be given a $0.44 dividend. This represents a $1.76 dividend on an annualized basis 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%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on FNV. Wall Street Zen cut shares of Franco-Nevada from a "buy" rating to a "hold" rating in a research note on Monday, June 1st. TD Cowen raised shares of Franco-Nevada from a "hold" rating to a "buy" rating and dropped their price objective for the stock from $292.00 to $291.00 in a report on Wednesday, May 20th. 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. TD raised Franco-Nevada from a "hold" rating to a "buy" rating and reduced their target price for the company from $292.00 to $291.00 in a research note on Wednesday, May 20th. Finally, Royal Bank Of Canada dropped their price target on Franco-Nevada from $295.00 to $285.00 and set an "outperform" rating for the company in a research note on Thursday, July 9th. Eleven research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, Franco-Nevada presently has an average rating of "Moderate Buy" and a consensus price target 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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