BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Has $100.29 Million Position in Franco-Nevada Corporation $FNV

by · The Markets Daily

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lessened its stake in Franco-Nevada Corporation (NYSE:FNV – Free Report) (TSE:FNV) by 9.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 610,478 shares of the basic materials company’s stock after selling 61,670 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Franco-Nevada were worth $100,292,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of Franco-Nevada by 3.1% during the second quarter. Vanguard Group Inc. now owns 8,086,420 shares of the basic materials company’s stock worth $1,327,612,000 after acquiring an additional 241,081 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in Franco-Nevada by 35.2% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 3,220,029 shares of the basic materials company’s stock valued at $528,289,000 after purchasing an additional 838,853 shares during the period. Norges Bank acquired a new stake in Franco-Nevada during the 2nd quarter valued at approximately $460,218,000. TD Asset Management Inc raised its holdings in Franco-Nevada by 4.4% during the 2nd quarter. TD Asset Management Inc now owns 2,011,787 shares of the basic materials company’s stock worth $329,626,000 after purchasing an additional 85,117 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of Franco-Nevada by 1.7% in the 1st quarter. The Manufacturers Life Insurance Company now owns 1,980,772 shares of the basic materials company’s stock valued at $313,071,000 after purchasing an additional 33,044 shares during the last quarter. Institutional investors and hedge funds own 77.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Zacks Research downgraded shares of Franco-Nevada from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 8th. Scotiabank upped their price target on shares of Franco-Nevada from $184.00 to $225.00 and gave the company a “sector perform” rating in a research report on Thursday, October 23rd. Wall Street Zen upgraded Franco-Nevada from a “hold” rating to a “buy” rating in a report on Monday, November 24th. Royal Bank Of Canada raised Franco-Nevada from a “sector perform” rating to an “outperform” rating and boosted their price objective for the company from $225.00 to $250.00 in a research note on Wednesday. Finally, Bank of America upped their target price on Franco-Nevada from $211.00 to $220.00 and gave the company a “neutral” rating in a research report on Thursday, October 16th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, Franco-Nevada has a consensus rating of “Moderate Buy” and a consensus target price of $232.75.

Check Out Our Latest Stock Report on FNV

Franco-Nevada Trading Up 0.3%

Shares of NYSE FNV opened at $214.89 on Friday. The firm has a market capitalization of $41.43 billion, a P/E ratio of 45.05, a P/E/G ratio of 1.65 and a beta of 0.46. The firm’s 50-day moving average price is $199.75 and its 200-day moving average price is $185.75. Franco-Nevada Corporation has a 1-year low of $114.81 and a 1-year high of $225.63.

Franco-Nevada (NYSE:FNV – Get Free Report) (TSE:FNV) last issued its earnings results on Monday, November 3rd. The basic materials company reported $1.43 EPS for the quarter, beating analysts’ consensus estimates of $1.37 by $0.06. The business had revenue of $487.70 million during the quarter, compared to analyst estimates of $448.51 million. Franco-Nevada had a return on equity of 13.94% and a net margin of 59.48%.The firm’s revenue was up 76.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.80 EPS. Equities research analysts forecast that Franco-Nevada Corporation will post 3.09 EPS for the current year.

Franco-Nevada Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 18th. Investors of record on Thursday, December 4th will be issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date is Thursday, December 4th. Franco-Nevada’s dividend payout ratio (DPR) is currently 31.87%.

About Franco-Nevada

(Free Report)

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.

See Also

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