Franco-Nevada Corporation $FNV Shares Bought by Mackenzie Financial Corp

Mackenzie Financial Corp increased its stake in Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 76.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,363,324 shares of the basic materials company’s stock after acquiring an additional 1,020,509 shares during the period. Mackenzie Financial Corp’s holdings in Franco-Nevada were worth $525,925,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. MTM Investment Management LLC bought a new stake in Franco-Nevada during the second quarter worth approximately $32,000. Smartleaf Asset Management LLC boosted its stake in Franco-Nevada by 600.0% during the 2nd quarter. Smartleaf Asset Management LLC now owns 196 shares of the basic materials company’s stock valued at $32,000 after purchasing an additional 168 shares in the last quarter. CENTRAL TRUST Co increased 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 purchasing an additional 195 shares during the period. City Holding Co. acquired a new position in shares of Franco-Nevada during the 3rd quarter valued at $56,000. Finally, Montag A & Associates Inc. raised its stake in shares of Franco-Nevada by 150.0% in the 3rd quarter. Montag A & Associates Inc. now owns 250 shares of the basic materials company’s stock worth $56,000 after buying an additional 150 shares in the last quarter. Institutional investors and hedge funds own 77.06% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Zacks Research upgraded Franco-Nevada from a “hold” rating to a “strong-buy” rating in a report on Friday, February 27th. Weiss Ratings cut shares of Franco-Nevada from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday. HC Wainwright upped their price target on shares of Franco-Nevada from $210.00 to $285.00 and gave the company a “buy” rating in a report on Friday, February 13th. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Franco-Nevada in a research report on Wednesday, February 4th. Finally, UBS Group reaffirmed a “buy” rating and issued a $310.00 price objective on shares of Franco-Nevada in a research note on Friday, January 30th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, Franco-Nevada presently has an average rating of “Moderate Buy” and an average price target of $254.38.

Franco-Nevada Stock Down 0.2%

Shares of NYSE FNV opened at $262.40 on Wednesday. The stock’s fifty day simple moving average is $247.60 and its 200 day simple moving average is $218.19. The stock has a market capitalization of $50.59 billion, a price-to-earnings ratio of 55.01, a PEG ratio of 3.50 and a beta of 0.45. Franco-Nevada Corporation has a 52-week low of $140.03 and a 52-week high of $285.67.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last released its earnings results on Tuesday, March 10th. The basic materials company reported $1.85 earnings per share for the quarter, topping the consensus estimate of $1.67 by $0.18. Franco-Nevada had a net margin of 59.48% and a return on equity of 13.94%. The business had revenue of $597.30 million for the quarter, compared to the consensus estimate of $542.02 million. During the same period last year, the firm posted $0.95 earnings per share. The firm’s quarterly revenue was up 86.1% compared to the same quarter last year. As a group, analysts anticipate that Franco-Nevada Corporation will post 3.09 earnings per share for the current year.

Franco-Nevada Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 26th. Shareholders of record on Thursday, March 12th will be given a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 0.7%. The ex-dividend date is Thursday, March 12th. This is a positive change from Franco-Nevada’s previous quarterly dividend of $0.38. Franco-Nevada’s dividend payout ratio is presently 31.87%.

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.