Covea Finance Increases Stock Holdings in Franco-Nevada Co. (NYSE:FNV)

Covea Finance increased its holdings in shares of Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) by 2.7% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 101,320 shares of the basic materials company’s stock after purchasing an additional 2,700 shares during the quarter. Covea Finance’s holdings in Franco-Nevada were worth $11,895,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of FNV. M&G PLC increased its holdings in shares of Franco-Nevada by 3.2% during the 3rd quarter. M&G PLC now owns 1,679,858 shares of the basic materials company’s stock worth $208,645,000 after buying an additional 51,996 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its position in Franco-Nevada by 3,404.9% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 727,681 shares of the basic materials company’s stock valued at $86,287,000 after acquiring an additional 706,919 shares during the period. Horizon Kinetics Asset Management LLC increased its stake in Franco-Nevada by 1.9% during the third quarter. Horizon Kinetics Asset Management LLC now owns 935,834 shares of the basic materials company’s stock worth $116,277,000 after acquiring an additional 17,232 shares during the last quarter. Telemark Asset Management LLC raised its holdings in shares of Franco-Nevada by 66.7% in the 3rd quarter. Telemark Asset Management LLC now owns 50,000 shares of the basic materials company’s stock worth $6,212,000 after purchasing an additional 20,000 shares during the period. Finally, Victory Capital Management Inc. lifted its stake in shares of Franco-Nevada by 13.9% in 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 in the last quarter. 77.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FNV has been the subject of a number of research analyst reports. UBS Group began coverage on shares of Franco-Nevada in a research report on Monday, November 18th. They set a “buy” rating and a $160.00 target price for the company. Jefferies Financial Group dropped their price objective on shares of Franco-Nevada from $137.00 to $136.00 and set a “hold” rating for the company in a research report on Thursday, October 17th. Canaccord Genuity Group raised shares of Franco-Nevada from a “hold” rating to a “buy” rating in a research report on Monday, November 18th. Bank of America lowered Franco-Nevada from a “buy” rating to a “neutral” rating and cut their price objective for the company from $142.00 to $139.00 in a research report on Tuesday, October 1st. Finally, Scotiabank decreased their target price on 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. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Franco-Nevada has a consensus rating of “Moderate Buy” and an average price target of $145.33.

Franco-Nevada Price Performance

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

Franco-Nevada (NYSE:FNV) (TSE:FNV) last issued its quarterly earnings results on Wednesday, November 6th. The basic materials company reported $0.80 EPS 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 during the quarter, compared to analysts’ expectations of $279.11 million. During the same period in the prior year, the company posted $0.91 EPS. The company’s revenue for the quarter was down 10.9% on a year-over-year basis. As a group, equities analysts expect that Franco-Nevada Co. will post 3.22 earnings per share for the current year.

Franco-Nevada Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, December 19th. Stockholders of record on Thursday, December 5th were given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.14%. The ex-dividend date of this dividend was Thursday, December 5th. Franco-Nevada’s payout ratio is currently -45.57%.

About Franco-Nevada

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.