Verition Fund Management LLC Purchases New Position in Franco-Nevada Co. (NYSE:FNV)

Verition Fund Management LLC purchased a new stake in Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor purchased 24,105 shares of the basic materials company’s stock, valued at approximately $2,995,000.

Several other large investors have also recently added to or reduced their stakes in FNV. Graham Capital Wealth Management LLC lifted its position in shares of Franco-Nevada by 0.4% during the second quarter. Graham Capital Wealth Management LLC now owns 21,183 shares of the basic materials company’s stock worth $2,511,000 after purchasing an additional 86 shares during the last quarter. Meixler Investment Management Ltd. increased its stake in shares of Franco-Nevada by 0.5% in the second quarter. Meixler Investment Management Ltd. now owns 21,460 shares of the basic materials company’s stock valued at $2,543,000 after purchasing an additional 101 shares during the period. Natixis Advisors LLC increased its stake in shares of Franco-Nevada by 0.5% in the second quarter. Natixis Advisors LLC now owns 19,167 shares of the basic materials company’s stock valued at $2,272,000 after purchasing an additional 101 shares during the period. Huntington National Bank increased its stake in shares of Franco-Nevada by 7.4% during the third quarter. Huntington National Bank now owns 1,486 shares of the basic materials company’s stock valued at $185,000 after acquiring an additional 102 shares during the period. Finally, Primoris Wealth Advisors LLC increased its stake in shares of Franco-Nevada by 4.7% during the second quarter. Primoris Wealth Advisors LLC now owns 2,475 shares of the basic materials company’s stock valued at $293,000 after acquiring an additional 112 shares during the period. 77.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on FNV. Bank of America lowered shares of Franco-Nevada from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $142.00 to $139.00 in a research note on Tuesday, October 1st. HC Wainwright raised their price objective on shares of Franco-Nevada from $185.00 to $200.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. TD Securities upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating in a report on Thursday, August 15th. Scotiabank lowered their price target on shares of Franco-Nevada from $142.00 to $141.00 and set a “sector perform” rating on the stock in a report on Friday, November 8th. Finally, Canaccord Genuity Group raised shares of Franco-Nevada from a “hold” rating to a “buy” rating in a research note on Monday, November 18th. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $152.83.

Franco-Nevada Stock Performance

Shares of FNV opened at $122.34 on Thursday. The company has a 50-day simple moving average of $125.56 and a 200-day simple moving average of $123.63. The firm has a market capitalization of $23.55 billion, a P/E ratio of -38.72 and a beta of 0.72. Franco-Nevada Co. has a 52 week low of $102.29 and a 52 week high of $137.60.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last announced its quarterly earnings data on Wednesday, November 6th. The basic materials company reported $0.80 EPS for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.03). The company had revenue of $275.70 million for the quarter, compared to analyst estimates of $279.11 million. Franco-Nevada had a negative net margin of 55.28% and a positive return on equity of 10.55%. The firm’s quarterly revenue was down 10.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.91 EPS. As a group, equities analysts forecast that Franco-Nevada Co. will post 3.22 earnings per share for the current year.

Franco-Nevada Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Thursday, December 5th will be given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.18%. The ex-dividend date of this dividend is Thursday, December 5th. Franco-Nevada’s dividend payout ratio is currently -45.57%.

About Franco-Nevada

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.