Waratah Capital Advisors Ltd. purchased a new position in Franco Nevada Corp (NYSE:FNV) (TSE:FNV) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 445,585 shares of the basic materials company’s stock, valued at approximately $40,618,000. Franco Nevada comprises approximately 4.6% of Waratah Capital Advisors Ltd.’s holdings, making the stock its 2nd largest position.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. B & T Capital Management DBA Alpha Capital Management acquired a new stake in shares of Franco Nevada during the third quarter worth about $32,000. Wells Fargo & Company MN raised its position in Franco Nevada by 5.3% during the 2nd quarter. Wells Fargo & Company MN now owns 40,422 shares of the basic materials company’s stock worth $3,430,000 after buying an additional 2,027 shares during the last quarter. Janney Montgomery Scott LLC lifted its stake in Franco Nevada by 311.6% during the 2nd quarter. Janney Montgomery Scott LLC now owns 12,172 shares of the basic materials company’s stock valued at $1,033,000 after acquiring an additional 9,215 shares during the period. Ontario Teachers Pension Plan Board acquired a new stake in Franco Nevada during the 2nd quarter valued at approximately $4,153,000. Finally, Man Group plc boosted its holdings in shares of Franco Nevada by 7.0% in the 3rd quarter. Man Group plc now owns 484,546 shares of the basic materials company’s stock valued at $44,179,000 after acquiring an additional 31,905 shares during the last quarter. 63.51% of the stock is owned by institutional investors and hedge funds.
A number of research firms have recently weighed in on FNV. TD Securities increased their price objective on shares of Franco Nevada from $115.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Credit Suisse Group boosted their target price on shares of Franco Nevada from $84.00 to $95.00 and gave the company a “neutral” rating in a research report on Thursday, August 8th. Deutsche Bank upped their price target on shares of Franco Nevada from $81.00 to $88.00 and gave the company a “hold” rating in a report on Wednesday, August 14th. JPMorgan Chase & Co. increased their price target on Franco Nevada from $110.00 to $117.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 14th. Finally, CIBC reaffirmed a “buy” rating and set a $143.00 price target on shares of Franco Nevada in a research report on Thursday, October 17th. Nine research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Franco Nevada has a consensus rating of “Hold” and a consensus target price of $104.32.
Franco Nevada (NYSE:FNV) (TSE:FNV) last announced its quarterly earnings results on Monday, November 11th. The basic materials company reported $0.54 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.45 by $0.09. The firm had revenue of $235.70 million for the quarter, compared to the consensus estimate of $223.73 million. Franco Nevada had a net margin of 27.17% and a return on equity of 5.78%. The firm’s quarterly revenue was up 38.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.29 earnings per share. On average, equities research analysts predict that Franco Nevada Corp will post 1.71 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Thursday, December 5th will be issued a $0.25 dividend. The ex-dividend date is Wednesday, December 4th. This represents a $1.00 dividend on an annualized basis and a yield of 1.01%. Franco Nevada’s payout ratio is 85.47%.
Franco Nevada Company Profile
Franco-Nevada Corporation operates as a gold-focused royalty and stream company in the United States, Canada, Latin America, Australia, and Africa. It also holds interests in silver and platinum group metals; and oil, gas, and natural gas liquids. The company was incorporated in 2007 and is headquartered in Toronto, Canada.
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