Mediolanum International Funds Ltd Invests $8.34 Million in Franco-Nevada Co. (NYSE:FNV)

Mediolanum International Funds Ltd bought a new position in Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) in the first quarter, Holdings Channel.com reports. The fund bought 69,987 shares of the basic materials company’s stock, valued at approximately $8,340,000.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Chevy Chase Trust Holdings LLC lifted its position in Franco-Nevada by 98.1% in the first quarter. Chevy Chase Trust Holdings LLC now owns 614,869 shares of the basic materials company’s stock worth $73,268,000 after purchasing an additional 304,413 shares during the period. Quent Capital LLC lifted its position in Franco-Nevada by 155.7% in the first quarter. Quent Capital LLC now owns 2,038 shares of the basic materials company’s stock worth $243,000 after purchasing an additional 1,241 shares during the period. Tobam lifted its position in Franco-Nevada by 47.1% in the first quarter. Tobam now owns 3,517 shares of the basic materials company’s stock worth $419,000 after purchasing an additional 1,126 shares during the period. Capstone Investment Advisors LLC lifted its position in Franco-Nevada by 123.3% in the first quarter. Capstone Investment Advisors LLC now owns 5,209 shares of the basic materials company’s stock worth $621,000 after purchasing an additional 2,876 shares during the period. Finally, Janney Montgomery Scott LLC lifted its position in Franco-Nevada by 7.2% in the first quarter. Janney Montgomery Scott LLC now owns 14,248 shares of the basic materials company’s stock worth $1,698,000 after purchasing an additional 963 shares during the period. 77.06% of the stock is currently owned by institutional investors and hedge funds.

Franco-Nevada Price Performance

NYSE:FNV traded up $3.05 during trading hours on Wednesday, hitting $125.67. 326,471 shares of the stock traded hands, compared to its average volume of 684,422. The firm has a 50 day moving average price of $121.96 and a 200 day moving average price of $115.96. Franco-Nevada Co. has a fifty-two week low of $102.29 and a fifty-two week high of $149.06.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last announced its earnings results on Wednesday, May 1st. The basic materials company reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.08. Franco-Nevada had a negative net margin of 39.88% and a positive return on equity of 10.81%. The company had revenue of $256.80 million for the quarter, compared to the consensus estimate of $250.50 million. During the same period in the previous year, the business earned $0.79 EPS. The company’s revenue was down 7.1% on a year-over-year basis. Equities analysts expect that Franco-Nevada Co. will post 3.2 earnings per share for the current fiscal year.

Franco-Nevada Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 27th. Stockholders of record on Thursday, June 13th were paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.15%. The ex-dividend date was Thursday, June 13th. Franco-Nevada’s dividend payout ratio (DPR) is presently -57.83%.

Analyst Ratings Changes

A number of research firms have weighed in on FNV. Scotiabank upped their target price on Franco-Nevada from $140.00 to $141.00 and gave the stock a “sector perform” rating in a research report on Thursday, May 23rd. Bank of America upped their price target on Franco-Nevada from $141.00 to $142.00 and gave the company a “buy” rating in a report on Wednesday, June 26th. Raymond James upped their price target on Franco-Nevada from $138.00 to $141.00 and gave the company an “outperform” rating in a report on Thursday, April 11th. HC Wainwright upped their price target on Franco-Nevada from $175.00 to $185.00 and gave the company a “buy” rating in a report on Monday, May 6th. Finally, Jefferies Financial Group upped their price target on Franco-Nevada from $117.00 to $129.00 and gave the company a “hold” rating in a report on Monday, April 22nd. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $151.89.

Franco-Nevada Company Profile

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.