Clear Harbor Asset Management LLC Makes New Investment in Franco-Nevada Corporation $FNV

Clear Harbor Asset Management LLC purchased a new position in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 11,287 shares of the basic materials company’s stock, valued at approximately $2,353,000.

Other hedge funds also recently modified their holdings of the company. Transamerica Financial Advisors LLC bought a new stake in shares of Franco-Nevada in the 4th quarter worth approximately $25,000. Ascentis Independent Advisors bought a new stake in shares of Franco-Nevada during the first quarter valued at approximately $39,000. Navalign LLC bought a new stake in shares of Franco-Nevada during the fourth quarter valued at approximately $34,000. Global Retirement Partners LLC acquired a new position in shares of Franco-Nevada in the second quarter valued at $35,000. Finally, Dunhill Financial LLC acquired a new position in shares of Franco-Nevada in the second quarter valued at $36,000. 77.06% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on FNV shares. Weiss Ratings lowered shares of Franco-Nevada from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, June 8th. National Bank Financial upgraded Franco-Nevada from a “sector perform” rating to an “outperform” rating in a report on Wednesday, May 13th. Jefferies Financial Group dropped their price target on Franco-Nevada from $258.00 to $245.00 and set a “hold” rating on the stock in a research report on Monday, July 6th. Zacks Research raised Franco-Nevada from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 11th. Finally, Canaccord Genuity Group raised shares of Franco-Nevada from a “hold” rating to a “buy” rating in a research note on Wednesday, April 29th. Eleven analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $273.40.

Franco-Nevada Price Performance

Shares of NYSE:FNV opened at $265.78 on Friday. The company’s 50 day simple moving average is $219.57 and its 200 day simple moving average is $235.05. The stock has a market capitalization of $51.26 billion, a price-to-earnings ratio of 34.74, a price-to-earnings-growth ratio of 2.43 and a beta of 0.35. Franco-Nevada Corporation has a 1 year low of $180.32 and a 1 year high of $285.67.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last announced its quarterly earnings data on Tuesday, August 11th. The basic materials company reported $1.81 EPS for the quarter, missing the consensus estimate of $1.95 by ($0.14). Franco-Nevada had a net margin of 63.79% and a return on equity of 18.58%. The firm had revenue of $580.90 million for the quarter, compared to analyst estimates of $616.66 million. During the same quarter in the prior year, the firm earned $1.24 earnings per share. The firm’s revenue for the quarter was up 57.3% on a year-over-year basis. As a group, analysts anticipate that Franco-Nevada Corporation will post 7.62 EPS for the current fiscal year.

Franco-Nevada Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, September 10th will be issued a dividend of $0.44 per share. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 0.7%. Franco-Nevada’s payout ratio is 23.01%.

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.