Covea Finance Takes $12.26 Million Position in Franco-Nevada Co. (NYSE:FNV)

Covea Finance acquired a new position in Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 98,620 shares of the basic materials company’s stock, valued at approximately $12,256,000. Covea Finance owned 0.05% of Franco-Nevada as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Mechanics Financial Corp increased its holdings in Franco-Nevada by 150.0% in the 2nd quarter. Mechanics Financial Corp now owns 250 shares of the basic materials company’s stock worth $30,000 after acquiring an additional 150 shares in the last quarter. Mather Group LLC. bought a new position in Franco-Nevada in the 2nd quarter worth approximately $33,000. Kings Path Partners LLC bought a new position in Franco-Nevada in the 2nd quarter worth approximately $36,000. Fortis Group Advisors LLC boosted its stake in Franco-Nevada by 100.0% in the 4th quarter. Fortis Group Advisors LLC now owns 352 shares of the basic materials company’s stock worth $39,000 after purchasing an additional 176 shares during the period. Finally, Sunbelt Securities Inc. boosted its stake in Franco-Nevada by 3,333.3% in the 2nd quarter. Sunbelt Securities Inc. now owns 412 shares of the basic materials company’s stock worth $49,000 after purchasing an additional 400 shares during the period. 77.06% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently commented on FNV shares. Scotiabank increased their target price on Franco-Nevada from $141.00 to $142.00 and gave the company a “sector perform” rating in a research report on Monday, August 19th. Jefferies Financial Group lifted their price objective on shares of Franco-Nevada from $133.00 to $137.00 and gave the stock a “hold” rating in a research note on Friday, October 4th. HC Wainwright restated a “buy” rating and set a $185.00 target price on shares of Franco-Nevada in a research report on Friday, August 16th. TD Cowen upgraded Franco-Nevada from a “hold” rating to a “buy” rating in a research report on Thursday, August 15th. Finally, TD Securities upgraded Franco-Nevada from a “hold” rating to a “buy” rating in a research report on Thursday, August 15th. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $152.88.

Franco-Nevada Stock Performance

NYSE FNV traded up $0.67 on Friday, reaching $123.57. 592,439 shares of the stock traded hands, compared to its average volume of 653,603. The company has a fifty day moving average price of $122.88 and a 200-day moving average price of $122.47. The company has a market cap of $23.78 billion, a price-to-earnings ratio of -49.63, a PEG ratio of 20.13 and a beta of 0.76. Franco-Nevada Co. has a 12 month low of $102.29 and a 12 month high of $142.60.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last issued its earnings results on Tuesday, August 13th. The basic materials company reported $0.75 earnings per share for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.03). The firm had revenue of $260.10 million for the quarter, compared to the consensus estimate of $277.44 million. Franco-Nevada had a negative net margin of 51.64% and a positive return on equity of 10.56%. The company’s revenue for the quarter was down 21.2% on a year-over-year basis. During the same period last year, the firm earned $0.95 earnings per share. As a group, research analysts anticipate that Franco-Nevada Co. will post 3.26 earnings per share for the current fiscal year.

Franco-Nevada Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 26th. Stockholders of record on Thursday, September 12th were given a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 1.17%. The ex-dividend date of this dividend was Thursday, September 12th. Franco-Nevada’s payout ratio is -57.83%.

Franco-Nevada Profile

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.