TD Waterhouse Canada Inc. Raises Position in Franco-Nevada Corporation $FNV

TD Waterhouse Canada Inc. grew its holdings in Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 5.1% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 817,307 shares of the basic materials company’s stock after buying an additional 39,935 shares during the quarter. TD Waterhouse Canada Inc.’s holdings in Franco-Nevada were worth $172,066,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the stock. Oak Harvest Investment Services acquired a new position in Franco-Nevada during the 2nd quarter worth $1,042,000. Annex Advisory Services LLC raised its position in Franco-Nevada by 70.5% in the 2nd quarter. Annex Advisory Services LLC now owns 160,605 shares of the basic materials company’s stock valued at $33,477,000 after purchasing an additional 66,432 shares in the last quarter. Salvus Wealth Management LLC boosted its stake in shares of Franco-Nevada by 3.0% in the 2nd quarter. Salvus Wealth Management LLC now owns 5,470 shares of the basic materials company’s stock valued at $1,140,000 after buying an additional 160 shares during the period. Revolve Wealth Partners LLC purchased a new position in shares of Franco-Nevada in the 2nd quarter valued at about $422,000. Finally, PensionDanmark Pensionsforsikringsaktieselskab grew its position in shares of Franco-Nevada by 13.8% during the second quarter. PensionDanmark Pensionsforsikringsaktieselskab now owns 41,319 shares of the basic materials company’s stock worth $8,619,000 after buying an additional 5,000 shares in the last quarter. Hedge funds and other institutional investors own 77.06% of the company’s stock.

Franco-Nevada News Roundup

Here are the key news stories impacting Franco-Nevada this week:

• Positive Sentiment: Second-quarter revenue increased 57.3% year over year to approximately $580.9 million, supported by higher precious-metals and oil prices. Gold’s continued rally could further benefit Franco-Nevada’s royalty and streaming portfolio. Franco-Nevada Q2 Earnings Miss Estimates, Revenues Soar 57% Y/Y
• Positive Sentiment: MarketBeat noted that rising gold prices, analyst price targets and technical indicators point to potential additional upside for FNV despite the quarterly miss. Franco-Nevada Earnings: Gold Is Rallying, But Does the Stock Even Care?
• Positive Sentiment: Franco-Nevada declared a quarterly dividend of $0.44 per share, payable September 24 to shareholders of record September 10. The dividend provides continued income support, although the indicated yield is approximately 0.7%.
• Neutral Sentiment: Zacks Research upgraded Franco-Nevada’s rating from “strong sell” to “hold,” indicating a less negative view but not an outright bullish recommendation. Zacks.com
• Negative Sentiment: Second-quarter adjusted earnings per share came in at $1.81, below the $1.95 consensus estimate, while revenue also missed expectations of approximately $616.7 million. Contracting margins added to investor concerns despite the sharp year-over-year growth. Franco-Nevada Q2 Earnings Miss Estimates, Revenues Soar 57% Y/Y

Analyst Upgrades and Downgrades

Several analysts recently weighed in on FNV shares. Royal Bank Of Canada reduced their target price on shares of Franco-Nevada from $295.00 to $285.00 and set an “outperform” rating on the stock in a report on Thursday, July 9th. TD Cowen upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating and lowered their price target for the stock from $292.00 to $291.00 in a report on Wednesday, May 20th. TD Securities raised shares of Franco-Nevada from a “hold” rating to a “buy” rating and set a $291.00 price objective on the stock in a research report on Wednesday, May 20th. Wall Street Zen lowered shares of Franco-Nevada from a “buy” rating to a “hold” rating in a report on Monday, June 1st. Finally, Zacks Research raised shares of Franco-Nevada from a “strong sell” rating to a “hold” rating in a research report on Tuesday. Eleven analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, Franco-Nevada currently has a consensus rating of “Moderate Buy” and a consensus target price of $273.40.

Franco-Nevada Stock Down 1.7%

Shares of FNV opened at $231.82 on Friday. The company has a market capitalization of $44.71 billion, a price-to-earnings ratio of 30.30, a price-to-earnings-growth ratio of 1.99 and a beta of 0.35. Franco-Nevada Corporation has a 52-week low of $173.39 and a 52-week high of $285.67. The stock has a 50 day moving average price of $215.37 and a 200 day moving average price of $235.32.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last released its quarterly earnings data on Tuesday, August 11th. The basic materials company reported $1.81 earnings per share for the quarter, missing analysts’ consensus estimates of $1.95 by ($0.14). The company had revenue of $580.90 million for the quarter, compared to analyst estimates of $616.66 million. Franco-Nevada had a return on equity of 18.98% and a net margin of 63.79%.The firm’s revenue for the quarter was up 57.3% compared to the same quarter last year. During the same period in the previous year, the business posted $1.24 EPS. On average, equities analysts anticipate that Franco-Nevada Corporation will post 8.23 EPS for the current fiscal year.

Franco-Nevada Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, September 10th will be paid a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 0.8%. The ex-dividend date is Thursday, September 10th. Franco-Nevada’s dividend payout ratio (DPR) is currently 23.01%.

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.