EdgePoint Investment Group Inc. Trims Position in Franco-Nevada Corporation $FNV

EdgePoint Investment Group Inc. decreased its position in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 3.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,558,461 shares of the basic materials company’s stock after selling 139,501 shares during the quarter. Franco-Nevada makes up about 4.4% of EdgePoint Investment Group Inc.’s portfolio, making the stock its 11th biggest holding. EdgePoint Investment Group Inc.’s holdings in Franco-Nevada were worth $584,597,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. MTM Investment Management LLC acquired a new position in Franco-Nevada in the 2nd quarter valued at about $32,000. Golden State Wealth Management LLC raised its position in shares of Franco-Nevada by 78.3% during the 2nd quarter. Golden State Wealth Management LLC now owns 205 shares of the basic materials company’s stock valued at $34,000 after buying an additional 90 shares during the period. CENTRAL TRUST Co raised its position in shares of Franco-Nevada by 590.9% during the 2nd quarter. CENTRAL TRUST Co now owns 228 shares of the basic materials company’s stock valued at $37,000 after buying an additional 195 shares during the period. Opal Wealth Advisors LLC acquired a new position in Franco-Nevada in the second quarter valued at approximately $57,000. Finally, Kiker Wealth Management LLC grew its position in Franco-Nevada by 20.5% in the second quarter. Kiker Wealth Management LLC now owns 471 shares of the basic materials company’s stock worth $77,000 after acquiring an additional 80 shares during the period. 77.06% of the stock is currently owned by institutional investors and hedge funds.

Franco-Nevada Trading Up 0.3%

FNV opened at $214.89 on Friday. The stock’s 50-day moving average price is $199.75 and its 200 day moving average price is $185.75. Franco-Nevada Corporation has a 12-month low of $114.81 and a 12-month high of $225.63. The firm has a market cap of $41.43 billion, a price-to-earnings ratio of 45.05, a PEG ratio of 1.65 and a beta of 0.46.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last issued its quarterly earnings results on Monday, November 3rd. The basic materials company reported $1.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.37 by $0.06. The company had revenue of $487.70 million for the quarter, compared to analyst estimates of $448.51 million. Franco-Nevada had a net margin of 59.48% and a return on equity of 13.94%. The business’s revenue for the quarter was up 76.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.80 earnings per share. On average, research analysts forecast that Franco-Nevada Corporation will post 3.09 earnings per share for the current year.

Franco-Nevada Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 18th. Shareholders of record on Thursday, December 4th will be issued a dividend of $0.38 per share. The ex-dividend date is Thursday, December 4th. This represents a $1.52 dividend on an annualized basis and a yield of 0.7%. Franco-Nevada’s dividend payout ratio is 31.87%.

Wall Street Analyst Weigh In

FNV has been the topic of a number of research analyst reports. Royal Bank Of Canada upgraded Franco-Nevada from a “sector perform” rating to an “outperform” rating and lifted their target price for the company from $225.00 to $250.00 in a research report on Wednesday. Canaccord Genuity Group raised Franco-Nevada from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 22nd. Scotiabank boosted their price objective on shares of Franco-Nevada from $184.00 to $225.00 and gave the company a “sector perform” rating in a report on Thursday, October 23rd. HC Wainwright increased their target price on shares of Franco-Nevada from $200.00 to $210.00 and gave the stock a “buy” rating in a research note on Tuesday, November 4th. Finally, UBS Group lifted their price target on shares of Franco-Nevada from $260.00 to $270.00 and gave the company a “buy” rating in a research report on Monday, December 1st. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $232.75.

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.