Ceredex Value Advisors LLC Buys Shares of 169,312 Franco-Nevada Corporation $FNV

Ceredex Value Advisors LLC purchased a new stake in Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 169,312 shares of the basic materials company’s stock, valued at approximately $35,291,000. Franco-Nevada makes up 1.0% of Ceredex Value Advisors LLC’s investment portfolio, making the stock its 29th biggest holding. Ceredex Value Advisors LLC owned approximately 0.09% of Franco-Nevada at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of FNV. Norges Bank purchased a new stake in Franco-Nevada during the fourth quarter worth $578,577,000. Deutsche Bank AG purchased a new position in shares of Franco-Nevada in the 2nd quarter valued at $372,435,000. First Eagle Investment Management LLC raised its position in shares of Franco-Nevada by 26.5% in the 4th quarter. First Eagle Investment Management LLC now owns 5,123,444 shares of the basic materials company’s stock worth $1,062,037,000 after acquiring an additional 1,074,257 shares in the last quarter. Van ECK Associates Corp lifted its stake in shares of Franco-Nevada by 12.8% during the 4th quarter. Van ECK Associates Corp now owns 7,441,133 shares of the basic materials company’s stock worth $1,542,402,000 after purchasing an additional 842,132 shares during the last quarter. Finally, Capital Research Global Investors lifted its stake in shares of Franco-Nevada by 100.2% during the 4th quarter. Capital Research Global Investors now owns 1,277,889 shares of the basic materials company’s stock worth $264,882,000 after purchasing an additional 639,493 shares during the last quarter. Hedge funds and other institutional investors own 77.06% of the company’s stock.

Franco-Nevada Stock Up 3.0%

Shares of Franco-Nevada stock opened at $258.48 on Friday. The company has a 50 day moving average price of $218.45 and a 200 day moving average price of $234.83. The firm has a market capitalization of $49.85 billion, a P/E ratio of 33.79, a PEG ratio of 2.29 and a beta of 0.35. Franco-Nevada Corporation has a 52 week low of $178.01 and a 52 week high of $285.67.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last released its earnings results on Tuesday, August 11th. The basic materials company reported $1.81 earnings per share for the quarter, missing the consensus estimate of $1.95 by ($0.14). Franco-Nevada had a return on equity of 18.58% and a net margin of 63.79%.The company had revenue of $580.90 million for the quarter, compared to analysts’ expectations of $616.66 million. During the same period in the prior year, the firm posted $1.24 EPS. The firm’s revenue for the quarter was up 57.3% on a year-over-year basis. As a group, research analysts anticipate that Franco-Nevada Corporation will post 7.6 earnings per share for the current fiscal year.

Franco-Nevada Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders 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 dividend yield of 0.7%. The ex-dividend date is Thursday, September 10th. Franco-Nevada’s payout ratio is presently 23.01%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on FNV shares. Royal Bank Of Canada dropped their price objective on Franco-Nevada from $295.00 to $285.00 and set an “outperform” rating on the stock in a research report on Thursday, July 9th. TD Cowen raised shares of Franco-Nevada from a “hold” rating to a “buy” rating and decreased their price target for the company from $292.00 to $291.00 in a research report on Wednesday, May 20th. HC Wainwright restated a “buy” rating and issued a $305.00 price target on shares of Franco-Nevada in a report on Wednesday, May 13th. TD raised shares of Franco-Nevada from a “hold” rating to a “buy” rating and cut their price objective for the stock from $292.00 to $291.00 in a research report on Wednesday, May 20th. Finally, TD Securities upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating and set a $291.00 price objective for the company in a research note on Wednesday, May 20th. Eleven analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, Franco-Nevada presently has a consensus rating of “Moderate Buy” and an average target price of $273.40.

About Franco-Nevada

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.