New York State Common Retirement Fund Acquires New Holdings in Franco-Nevada Corporation $FNV

New York State Common Retirement Fund bought a new position in Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 66,900 shares of the basic materials company’s stock, valued at approximately $14,913,000.

Other hedge funds also recently modified their holdings of the company. Spire Wealth Management lifted its stake in shares of Franco-Nevada by 13.4% in the 3rd quarter. Spire Wealth Management now owns 475 shares of the basic materials company’s stock valued at $106,000 after purchasing an additional 56 shares during the last quarter. Versant Capital Management Inc grew its stake in Franco-Nevada by 19.6% in the 3rd quarter. Versant Capital Management Inc now owns 433 shares of the basic materials company’s stock valued at $97,000 after buying an additional 71 shares during the last quarter. Kiker Wealth Management LLC grew its position in shares of Franco-Nevada by 20.5% in the second quarter. Kiker Wealth Management LLC now owns 471 shares of the basic materials company’s stock valued at $77,000 after purchasing an additional 80 shares during the last quarter. Golden State Wealth Management LLC boosted its stake in 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 purchasing an additional 90 shares during the period. Finally, Blue Trust Inc. grew its holdings in Franco-Nevada by 10.9% in the 2nd quarter. Blue Trust Inc. now owns 973 shares of the basic materials company’s stock valued at $160,000 after buying an additional 96 shares during the last quarter. Institutional investors and hedge funds own 77.06% of the company’s stock.

Franco-Nevada Price Performance

FNV opened at $232.57 on Tuesday. The company has a market capitalization of $44.84 billion, a P/E ratio of 48.76, a P/E/G ratio of 1.32 and a beta of 0.47. The firm’s fifty day moving average price is $222.55 and its two-hundred day moving average price is $202.08. Franco-Nevada Corporation has a fifty-two week low of $135.16 and a fifty-two week high of $273.55.

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

Franco-Nevada Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 26th. Investors of record on Thursday, March 12th will be given a dividend of $0.44 per share. This is an increase from Franco-Nevada’s previous quarterly dividend of $0.38. The ex-dividend date is Thursday, March 12th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 0.8%. Franco-Nevada’s dividend payout ratio is 31.87%.

Analyst Ratings Changes

A number of research analysts have recently commented on FNV shares. Royal Bank Of Canada upgraded Franco-Nevada from a “sector perform” rating to an “outperform” rating and upped their price target for the stock from $225.00 to $250.00 in a report on Wednesday, December 10th. HC Wainwright upped their target price on shares of Franco-Nevada from $200.00 to $210.00 and gave the company a “buy” rating in a research note on Tuesday, November 4th. Canaccord Genuity Group downgraded shares of Franco-Nevada from a “strong-buy” rating to a “hold” rating in a report on Friday, January 23rd. Jefferies Financial Group restated a “hold” rating and issued a $228.00 price target on shares of Franco-Nevada in a research report on Sunday, December 7th. Finally, Wall Street Zen upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating in a research note on Monday, November 24th. Six research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $245.00.

Franco-Nevada Company 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.