96,127 Shares in Franco-Nevada Corporation $FNV Acquired by Korea Investment CORP

Korea Investment CORP bought a new stake in Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) during the second quarter, Holdings Channel.com reports. The fund bought 96,127 shares of the basic materials company’s stock, valued at approximately $20,051,000.

Several other hedge funds have also bought and sold shares of FNV. Transamerica Financial Advisors LLC purchased a new stake in shares of Franco-Nevada during the 4th quarter valued at $25,000. Ascentis Independent Advisors purchased a new position in Franco-Nevada in the first quarter worth $39,000. Navalign LLC purchased a new position in Franco-Nevada in the fourth quarter worth $34,000. Global Retirement Partners LLC purchased a new position in Franco-Nevada in the second quarter worth $35,000. Finally, Dunhill Financial LLC bought a new position in Franco-Nevada in the second quarter valued at $36,000. 77.06% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on FNV shares. National Bank Financial upgraded Franco-Nevada from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, May 13th. Scotiabank reduced their price objective on Franco-Nevada from $290.00 to $274.00 and set a “sector perform” rating on the stock in a research report on Tuesday, July 14th. TD Cowen upgraded Franco-Nevada from a “hold” rating to a “buy” rating and reduced their price objective for the company from $292.00 to $291.00 in a research report on Wednesday, May 20th. TD raised Franco-Nevada from a “hold” rating to a “buy” rating and decreased their price objective for the company from $292.00 to $291.00 in a report on Wednesday, May 20th. Finally, Weiss Ratings downgraded Franco-Nevada from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, June 8th. Eleven analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $273.40.

Franco-Nevada Stock Performance

Shares of FNV stock opened at $265.78 on Monday. Franco-Nevada Corporation has a fifty-two week low of $180.32 and a fifty-two week high of $285.67. The stock has a 50 day moving average price of $219.57 and a two-hundred day moving average price of $235.06. The company has a market capitalization of $51.26 billion, a P/E ratio of 34.74, a PEG ratio of 2.42 and a beta of 0.35.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last issued its earnings results on Tuesday, August 11th. The basic materials company reported $1.81 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.95 by ($0.14). Franco-Nevada had a return on equity of 18.58% and a net margin of 63.79%.The firm had revenue of $580.90 million during the quarter, compared to the consensus estimate of $616.66 million. During the same quarter in the prior year, the business posted $1.24 EPS. The firm’s revenue for the quarter was up 57.3% on a year-over-year basis. As a group, equities analysts predict that Franco-Nevada Corporation will post 7.62 earnings per share for the current year.

Franco-Nevada Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, September 10th will be given a dividend of $0.44 per share. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $1.76 annualized dividend and a yield of 0.7%. Franco-Nevada’s dividend payout ratio is presently 23.01%.

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.