Franco-Nevada Co. (NYSE:FNV) Shares Bought by Bornite Capital Management LP

Bornite Capital Management LP grew its position in shares of Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) by 35.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 100,000 shares of the basic materials company’s stock after purchasing an additional 26,300 shares during the period. Franco-Nevada accounts for about 2.0% of Bornite Capital Management LP’s investment portfolio, making the stock its 21st largest position. Bornite Capital Management LP owned about 0.05% of Franco-Nevada worth $11,916,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of FNV. Norges Bank acquired a new stake in shares of Franco-Nevada in the fourth quarter worth approximately $221,351,000. M&G Plc acquired a new stake in shares of Franco-Nevada in the first quarter worth approximately $219,971,000. Capital World Investors lifted its position in Franco-Nevada by 45.8% during the fourth quarter. Capital World Investors now owns 4,477,105 shares of the basic materials company’s stock valued at $495,909,000 after buying an additional 1,405,731 shares in the last quarter. First Eagle Investment Management LLC lifted its position in Franco-Nevada by 39.5% during the fourth quarter. First Eagle Investment Management LLC now owns 3,150,097 shares of the basic materials company’s stock valued at $348,940,000 after buying an additional 891,164 shares in the last quarter. Finally, Van ECK Associates Corp lifted its position in Franco-Nevada by 9.9% during the fourth quarter. Van ECK Associates Corp now owns 8,778,127 shares of the basic materials company’s stock valued at $972,707,000 after buying an additional 789,070 shares in the last quarter. 77.06% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Raymond James lifted their price target on shares of Franco-Nevada from $138.00 to $141.00 and gave the company an “outperform” rating in a research report on Thursday, April 11th. HC Wainwright lifted their price objective on shares of Franco-Nevada from $175.00 to $185.00 and gave the company a “buy” rating in a research note on Monday, May 6th. Scotiabank lifted their price target on shares of Franco-Nevada from $140.00 to $141.00 and gave the stock a “sector perform” rating in a research note on Thursday, May 23rd. Bank of America lifted their price target on shares of Franco-Nevada from $141.00 to $142.00 and gave the stock a “buy” rating in a research note on Wednesday, June 26th. Finally, Jefferies Financial Group lifted their price target on shares of Franco-Nevada from $129.00 to $133.00 and gave the stock a “hold” rating in a research note on Friday, July 12th. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $152.33.

Franco-Nevada Stock Up 1.0 %

FNV stock traded up $1.24 during trading on Monday, hitting $125.88. 384,330 shares of the company’s stock traded hands, compared to its average volume of 665,391. Franco-Nevada Co. has a 52 week low of $102.29 and a 52 week high of $147.35. The stock has a fifty day moving average price of $122.11 and a two-hundred day moving average price of $117.55. The stock has a market capitalization of $24.22 billion, a price-to-earnings ratio of -50.55, a price-to-earnings-growth ratio of 20.73 and a beta of 0.74.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last released its earnings results on Wednesday, May 1st. The basic materials company reported $0.76 earnings per share 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 firm had revenue of $256.80 million during the quarter, compared to analyst estimates of $250.50 million. During the same quarter in the previous year, the firm earned $0.79 earnings per share. The firm’s revenue for the quarter was down 7.1% compared to the same quarter last year. As a group, equities research analysts expect that Franco-Nevada Co. will post 3.27 EPS for the current fiscal year.

Franco-Nevada Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 27th. Stockholders of record on Thursday, June 13th were issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 1.14%. The ex-dividend date was Thursday, June 13th. Franco-Nevada’s dividend payout ratio (DPR) is -57.83%.

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.