Geode Capital Management LLC Purchases 54,329 Shares of Franco-Nevada Co. (NYSE:FNV)

Geode Capital Management LLC boosted its position in shares of Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) by 6.9% in the third quarter, HoldingsChannel reports. The institutional investor owned 839,903 shares of the basic materials company’s stock after acquiring an additional 54,329 shares during the quarter. Geode Capital Management LLC’s holdings in Franco-Nevada were worth $104,068,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC purchased a new position in shares of Franco-Nevada in the second quarter valued at about $276,446,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in shares of Franco-Nevada by 3,404.9% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 727,681 shares of the basic materials company’s stock worth $86,287,000 after purchasing an additional 706,919 shares during the last quarter. EdgePoint Investment Group Inc. increased its holdings in Franco-Nevada by 19.4% during the 3rd quarter. EdgePoint Investment Group Inc. now owns 3,309,493 shares of the basic materials company’s stock valued at $411,003,000 after purchasing an additional 537,047 shares during the period. Victory Capital Management Inc. raised its position in Franco-Nevada by 13.9% during the 3rd quarter. Victory Capital Management Inc. now owns 3,489,240 shares of the basic materials company’s stock valued at $433,538,000 after purchasing an additional 424,810 shares during the last quarter. Finally, Two Sigma Advisers LP lifted its holdings in Franco-Nevada by 60.1% in the 3rd quarter. Two Sigma Advisers LP now owns 958,300 shares of the basic materials company’s stock worth $119,069,000 after buying an additional 359,900 shares during the period. 77.06% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently issued reports on FNV. StockNews.com raised Franco-Nevada from a “sell” rating to a “hold” rating in a research note on Thursday, August 22nd. Bank of America downgraded shares of Franco-Nevada from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $142.00 to $139.00 in a research report on Tuesday, October 1st. Canaccord Genuity Group upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating in a report on Monday, November 18th. Scotiabank cut their target price on shares of Franco-Nevada from $142.00 to $141.00 and set a “sector perform” rating on the stock in a research note on Friday, November 8th. Finally, Canaccord Genuity Group raised shares of Franco-Nevada from a “hold” rating to a “buy” rating in a research note on Monday, November 18th. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, Franco-Nevada presently has a consensus rating of “Moderate Buy” and an average target price of $152.83.

Franco-Nevada Price Performance

Shares of Franco-Nevada stock opened at $115.54 on Thursday. Franco-Nevada Co. has a 1 year low of $103.64 and a 1 year high of $137.60. The firm has a market cap of $22.24 billion, a price-to-earnings ratio of -36.56 and a beta of 0.72. The company has a 50-day moving average of $124.91 and a 200 day moving average of $123.38.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last announced its earnings results on Wednesday, November 6th. The basic materials company reported $0.80 earnings per share for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.03). Franco-Nevada had a negative net margin of 55.28% and a positive return on equity of 10.55%. The business had revenue of $275.70 million for the quarter, compared to the consensus estimate of $279.11 million. During the same period in the prior year, the business posted $0.91 EPS. Franco-Nevada’s revenue for the quarter was down 10.9% on a year-over-year basis. On average, equities analysts anticipate that Franco-Nevada Co. will post 3.22 EPS for the current year.

Franco-Nevada Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Thursday, December 5th will be paid a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 1.25%. The ex-dividend date is Thursday, December 5th. Franco-Nevada’s payout ratio is -45.57%.

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.