Gamco Investors INC. ET AL Has $4.24 Million Stake in Franco-Nevada Corporation $FNV

Gamco Investors INC. ET AL trimmed its position in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 24.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 20,446 shares of the basic materials company’s stock after selling 6,571 shares during the period. Gamco Investors INC. ET AL’s holdings in Franco-Nevada were worth $4,242,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. TD Waterhouse Canada Inc. boosted its position in shares of Franco-Nevada by 8.1% in the third quarter. TD Waterhouse Canada Inc. now owns 275,747 shares of the basic materials company’s stock valued at $59,623,000 after acquiring an additional 20,664 shares during the period. Gruss & Co. LLC bought a new stake in Franco-Nevada during the third quarter worth about $557,000. TD Asset Management Inc lifted its position in Franco-Nevada by 0.9% during the third quarter. TD Asset Management Inc now owns 2,030,684 shares of the basic materials company’s stock worth $452,095,000 after purchasing an additional 18,897 shares during the period. Legal & General Group Plc raised its stake in Franco-Nevada by 6.0% during the third quarter. Legal & General Group Plc now owns 986,672 shares of the basic materials company’s stock worth $219,665,000 after acquiring an additional 55,954 shares in the last quarter. Finally, Addenda Capital Inc. raised its stake in Franco-Nevada by 88.1% during the fourth quarter. Addenda Capital Inc. now owns 203,643 shares of the basic materials company’s stock worth $42,211,000 after acquiring an additional 95,405 shares in the last quarter. 77.06% of the stock is owned by institutional investors.

Franco-Nevada Trading Up 1.1%

Shares of FNV opened at $225.28 on Thursday. The company has a market cap of $43.45 billion, a PE ratio of 31.73, a price-to-earnings-growth ratio of 1.92 and a beta of 0.34. The stock has a 50-day moving average price of $243.85 and a 200-day moving average price of $232.52. Franco-Nevada Corporation has a 12-month low of $152.89 and a 12-month high of $285.67.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last issued its quarterly earnings results on Tuesday, May 12th. The basic materials company reported $2.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.09 by $0.29. The firm had revenue of $650.70 million during the quarter, compared to the consensus estimate of $634.43 million. Franco-Nevada had a return on equity of 18.10% and a net margin of 65.12%.The company’s revenue for the quarter was up 76.6% on a year-over-year basis. During the same quarter last year, the company posted $1.07 EPS. As a group, analysts predict that Franco-Nevada Corporation will post 8.84 earnings per share for the current year.

Franco-Nevada Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 25th. Investors of record on Thursday, June 11th will be given a $0.44 dividend. The ex-dividend date is Thursday, June 11th. This represents a $1.76 dividend on an annualized basis and a yield of 0.8%. Franco-Nevada’s payout ratio is presently 24.79%.

Wall Street Analyst Weigh In

Several brokerages have commented on FNV. National Bank Financial raised Franco-Nevada from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, May 13th. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Franco-Nevada in a research report on Wednesday, February 4th. TD Cowen upgraded Franco-Nevada from a “hold” rating to a “buy” rating and cut their price target for the stock from $292.00 to $291.00 in a report on Wednesday. Wall Street Zen cut Franco-Nevada from a “buy” rating to a “hold” rating in a report on Saturday, May 16th. Finally, Scotiabank increased their price target on Franco-Nevada from $286.00 to $290.00 and gave the company a “sector perform” rating in a research report on Thursday, May 14th. Twelve investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, Franco-Nevada currently has a consensus rating of “Moderate Buy” and a consensus target price of $271.00.

Franco-Nevada 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.