Elevate Capital Advisors LLC Boosts Stock Position in Franco-Nevada Corporation $FNV

Elevate Capital Advisors LLC increased its stake in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 25.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 29,121 shares of the basic materials company’s stock after buying an additional 5,995 shares during the quarter. Franco-Nevada accounts for 3.3% of Elevate Capital Advisors LLC’s investment portfolio, making the stock its 4th largest holding. Elevate Capital Advisors LLC’s holdings in Franco-Nevada were worth $6,070,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. grew its stake in shares of Franco-Nevada by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 8,330,234 shares of the basic materials company’s stock worth $1,726,741,000 after acquiring an additional 113,916 shares in the last quarter. Van ECK Associates Corp lifted its position in shares of Franco-Nevada by 12.8% during the fourth quarter. Van ECK Associates Corp now owns 7,441,133 shares of the basic materials company’s stock valued at $1,542,402,000 after purchasing an additional 842,132 shares in the last quarter. First Eagle Investment Management LLC lifted its position in shares of Franco-Nevada by 26.5% during the fourth quarter. First Eagle Investment Management LLC now owns 5,123,444 shares of the basic materials company’s stock valued at $1,062,037,000 after purchasing an additional 1,074,257 shares in the last quarter. EdgePoint Investment Group Inc. boosted its holdings in Franco-Nevada by 3.3% during the first quarter. EdgePoint Investment Group Inc. now owns 3,461,224 shares of the basic materials company’s stock worth $857,196,000 after purchasing an additional 110,222 shares during the last quarter. Finally, Royal Bank of Canada boosted its holdings in Franco-Nevada by 10.2% during the fourth quarter. Royal Bank of Canada now owns 2,808,645 shares of the basic materials company’s stock worth $582,177,000 after purchasing an additional 260,793 shares during the last quarter. 77.06% of the stock is owned by hedge funds and other institutional investors.

Franco-Nevada Stock Up 1.3%

Franco-Nevada stock opened at $234.50 on Friday. The firm has a 50 day moving average price of $215.69 and a 200-day moving average price of $235.31. Franco-Nevada Corporation has a twelve month low of $173.39 and a twelve month high of $285.67. The company has a market capitalization of $45.23 billion, a P/E ratio of 30.65, a P/E/G ratio of 1.95 and a beta of 0.35.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last posted its quarterly earnings results on Tuesday, August 11th. The basic materials company reported $1.81 EPS for the quarter, missing analysts’ consensus estimates of $1.95 by ($0.14). Franco-Nevada had a return on equity of 18.58% and a net margin of 63.79%.The company had revenue of $580.90 million during the quarter, compared to the consensus estimate of $616.66 million. During the same period last year, the firm posted $1.24 EPS. The company’s revenue for the quarter was up 57.3% compared to the same quarter last year. Equities analysts expect that Franco-Nevada Corporation will post 8.23 EPS for the current fiscal year.

Franco-Nevada Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, September 10th will be paid a $0.44 dividend. The ex-dividend date is Thursday, September 10th. This represents a $1.76 annualized dividend and a dividend yield of 0.8%. Franco-Nevada’s payout ratio is presently 23.01%.

Analyst Ratings Changes

FNV has been the topic of several recent analyst reports. Jefferies Financial Group dropped their target price on shares of Franco-Nevada from $258.00 to $245.00 and set a “hold” rating on the stock in a research report on Monday, July 6th. Canaccord Genuity Group raised Franco-Nevada from a “hold” rating to a “buy” rating in a report on Wednesday, April 29th. Weiss Ratings lowered Franco-Nevada from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, June 8th. HC Wainwright reissued a “buy” rating and issued a $305.00 price objective on shares of Franco-Nevada in a research report on Wednesday, May 13th. Finally, TD raised Franco-Nevada from a “hold” rating to a “buy” rating and cut their price objective for the stock from $292.00 to $291.00 in a research report on Wednesday, May 20th. Eleven analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $273.40.

Franco-Nevada Profile

Franco-Nevada Corporation is a Toronto-based royalty and streaming company that specializes in securing and managing long-term interests in mining properties. The firm focuses primarily on precious metals, particularly gold, while also holding interests related to silver, copper, platinum-group metals and select base metals. Rather than operating mines directly, Franco-Nevada acquires royalty and streaming agreements that entitle it to a percentage of production or revenue from producing and developing assets in exchange for upfront or staged financing.

The company’s business model centers on providing capital to mining companies in return for a sustained share of production or metal revenue, which can reduce exposure to operating and capital cost risks typical of mine operators.