Crescent Grove Advisors LLC Invests $489,000 in Franco-Nevada Corporation $FNV

Crescent Grove Advisors LLC bought a new stake in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 2,357 shares of the basic materials company’s stock, valued at approximately $489,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Gruss & Co. LLC purchased a new position in shares of Franco-Nevada in the 3rd quarter worth $557,000. Legal & General Group Plc raised its position in shares of Franco-Nevada by 6.0% during the 3rd quarter. Legal & General Group Plc now owns 986,672 shares of the basic materials company’s stock valued at $219,665,000 after buying an additional 55,954 shares in the last quarter. TD Asset Management Inc lifted its holdings in shares of Franco-Nevada by 0.9% in the 3rd quarter. TD Asset Management Inc now owns 2,030,684 shares of the basic materials company’s stock valued at $452,095,000 after acquiring an additional 18,897 shares during the last quarter. Addenda Capital Inc. grew its position in Franco-Nevada by 88.1% in 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. Finally, Mackenzie Financial Corp increased its stake in Franco-Nevada by 76.0% during the third quarter. Mackenzie Financial Corp now owns 2,363,324 shares of the basic materials company’s stock worth $525,925,000 after acquiring an additional 1,020,509 shares during the last quarter. 77.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on FNV. Scotiabank raised their price objective on Franco-Nevada from $286.00 to $290.00 and gave the company a “sector perform” rating in a research note on Thursday, May 14th. TD raised shares of Franco-Nevada from a “hold” rating to a “buy” rating and dropped their price objective for the stock from $292.00 to $291.00 in a research note on Wednesday, May 20th. Zacks Research downgraded shares of Franco-Nevada from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 31st. TD Securities raised shares of Franco-Nevada from a “hold” rating to a “buy” rating and set a $291.00 price target for the company in a research note on Wednesday, May 20th. Finally, National Bank Financial raised shares of Franco-Nevada from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, May 13th. Eleven research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, Franco-Nevada has a consensus rating of “Moderate Buy” and a consensus target price of $271.00.

Franco-Nevada Stock Up 3.1%

FNV stock opened at $236.34 on Friday. Franco-Nevada Corporation has a twelve month low of $152.89 and a twelve month high of $285.67. The firm has a market cap of $45.58 billion, a price-to-earnings ratio of 33.29, a PEG ratio of 2.00 and a beta of 0.34. The business’s fifty day simple moving average is $240.10 and its two-hundred day simple moving average is $235.38.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last posted its quarterly earnings results on Tuesday, May 12th. The basic materials company reported $2.38 EPS for the quarter, topping analysts’ consensus estimates of $2.09 by $0.29. The firm had revenue of $650.70 million for the quarter, compared to analysts’ expectations of $634.43 million. Franco-Nevada had a net margin of 65.12% and a return on equity of 18.10%. The business’s revenue for the quarter was up 76.6% on a year-over-year basis. During the same period in the prior year, the business posted $1.07 earnings per share. Research analysts expect that Franco-Nevada Corporation will post 8.85 EPS for the current year.

Franco-Nevada Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 25th. Stockholders of record on Thursday, June 11th will be given a dividend of $0.44 per share. The ex-dividend date of this dividend is Thursday, June 11th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 0.7%. Franco-Nevada’s dividend payout ratio (DPR) is 24.79%.

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.