Wellington Management Group LLP Takes $11.77 Million Position in Franco-Nevada Corporation $FNV

Wellington Management Group LLP purchased a new position in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 56,404 shares of the basic materials company’s stock, valued at approximately $11,765,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Norges Bank purchased a new stake in Franco-Nevada in the 4th quarter valued at about $578,577,000. Deutsche Bank AG purchased a new position in Franco-Nevada during the second quarter worth about $372,435,000. Canada Pension Plan Investment Board acquired a new stake in shares of Franco-Nevada during the second quarter valued at about $254,515,000. First Eagle Investment Management LLC increased 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 acquiring an additional 1,074,257 shares during the last quarter. Finally, Legal & General Group Plc purchased a new stake in shares of Franco-Nevada in the 2nd quarter valued at approximately $193,879,000. 77.06% of the stock is owned by institutional investors and hedge funds.

Franco-Nevada Stock Performance

NYSE:FNV opened at $266.35 on Tuesday. Franco-Nevada Corporation has a 1 year low of $181.50 and a 1 year high of $285.67. The stock has a market cap of $51.37 billion, a P/E ratio of 34.82, a P/E/G ratio of 2.46 and a beta of 0.39. The stock has a 50-day simple moving average of $230.25 and a 200-day simple moving average of $236.76.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last posted its earnings results on Tuesday, August 11th. The basic materials company reported $1.81 earnings per share for the quarter, missing the consensus estimate of $1.95 by ($0.14). The business had revenue of $580.90 million for the quarter, compared to analysts’ expectations of $616.66 million. Franco-Nevada had a return on equity of 18.58% and a net margin of 63.79%.Franco-Nevada’s revenue for the quarter was up 57.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.24 EPS. On average, equities research analysts predict that Franco-Nevada Corporation will post 7.54 EPS for the current year.

Franco-Nevada Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, September 10th will be issued a $0.44 dividend. The ex-dividend date is Thursday, September 10th. This represents a $1.76 annualized dividend and a dividend yield of 0.7%. Franco-Nevada’s dividend payout ratio is presently 23.01%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on FNV. TD upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating and decreased their price objective for the stock from $292.00 to $291.00 in a report on Wednesday, May 20th. HC Wainwright reiterated a “buy” rating and issued a $305.00 target price on shares of Franco-Nevada in a report on Wednesday, May 13th. Royal Bank Of Canada cut their target price on Franco-Nevada from $295.00 to $285.00 and set an “outperform” rating on the stock in a research report on Thursday, July 9th. Scotiabank lowered their price target on Franco-Nevada from $290.00 to $274.00 and set a “sector perform” rating for the company in a research report on Tuesday, July 14th. Finally, TD Securities raised Franco-Nevada from a “hold” rating to a “buy” rating and set a $291.00 price objective for the company in a research note on Wednesday, May 20th. Eleven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Franco-Nevada currently has a consensus rating of “Moderate Buy” and a consensus 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.