Covea Finance Raises Position in Franco-Nevada Co. (NYSE:FNV)

Covea Finance increased its position in shares of Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) by 2.7% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 101,320 shares of the basic materials company’s stock after purchasing an additional 2,700 shares during the period. Covea Finance owned approximately 0.05% of Franco-Nevada worth $11,895,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Laurel Wealth Advisors LLC purchased a new position in shares of Franco-Nevada during the 4th quarter worth approximately $47,000. Sunbelt Securities Inc. grew its holdings in Franco-Nevada by 3,333.3% during the second quarter. Sunbelt Securities Inc. now owns 412 shares of the basic materials company’s stock worth $49,000 after acquiring an additional 400 shares during the period. Point72 DIFC Ltd purchased a new position in Franco-Nevada in the third quarter worth $52,000. Erste Asset Management GmbH acquired a new stake in Franco-Nevada in the third quarter valued at $55,000. Finally, Birch Capital Management LLC boosted its position in shares of Franco-Nevada by 37.9% during the 4th quarter. Birch Capital Management LLC now owns 1,085 shares of the basic materials company’s stock worth $128,000 after purchasing an additional 298 shares in the last quarter. Institutional investors and hedge funds own 77.06% of the company’s stock.

Analyst Upgrades and Downgrades

FNV has been the subject of several recent analyst reports. UBS Group initiated coverage on shares of Franco-Nevada in a research note on Monday, November 18th. They issued a “buy” rating and a $160.00 price objective for the company. Scotiabank reduced their price target on shares of Franco-Nevada from $142.00 to $141.00 and set a “sector perform” rating for the company in a research report on Friday, November 8th. Canaccord Genuity Group upgraded Franco-Nevada from a “hold” rating to a “buy” rating in a report on Monday, November 18th. HC Wainwright dropped their price objective on Franco-Nevada from $200.00 to $155.00 and set a “buy” rating for the company in a research note on Friday, December 20th. Finally, Canaccord Genuity Group upgraded Franco-Nevada from a “hold” rating to a “buy” rating in a research report on Monday, November 18th. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $145.33.

Franco-Nevada Stock Performance

FNV stock opened at $126.78 on Wednesday. The stock’s 50 day moving average price is $120.94 and its 200 day moving average price is $123.72. The firm has a market cap of $24.40 billion, a P/E ratio of -40.12 and a beta of 0.72. Franco-Nevada Co. has a 1 year low of $103.64 and a 1 year high of $137.60.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last released its quarterly 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). The company had revenue of $275.70 million during the quarter, compared to analyst estimates of $279.11 million. Franco-Nevada had a positive return on equity of 10.55% and a negative net margin of 55.28%. The business’s revenue was down 10.9% compared to the same quarter last year. During the same period last year, the firm earned $0.91 earnings per share. On average, research analysts predict that Franco-Nevada Co. will post 3.22 earnings per share for the current year.

Franco-Nevada Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, December 19th. Shareholders of record on Thursday, December 5th were issued a $0.36 dividend. The ex-dividend date was Thursday, December 5th. This represents a $1.44 dividend on an annualized basis and a yield of 1.14%. Franco-Nevada’s dividend payout ratio (DPR) 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.