Norges Bank Invests $237.64 Million in Franco-Nevada Co. (NYSE:FNV)

Norges Bank bought a new position in shares of Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,024,865 shares of the basic materials company’s stock, valued at approximately $237,643,000. Norges Bank owned about 1.05% of Franco-Nevada as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Covea Finance boosted its holdings in shares of Franco-Nevada by 2.7% during the 4th quarter. Covea Finance now owns 101,320 shares of the basic materials company’s stock valued at $11,895,000 after purchasing an additional 2,700 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Franco-Nevada by 3.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 423,166 shares of the basic materials company’s stock valued at $49,702,000 after buying an additional 16,029 shares during the last quarter. Steward Partners Investment Advisory LLC grew its holdings in Franco-Nevada by 113.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 5,109 shares of the basic materials company’s stock valued at $601,000 after buying an additional 2,710 shares in the last quarter. Tri Ri Asset Management Corp purchased a new position in Franco-Nevada during the 3rd quarter valued at approximately $3,433,000. Finally, Horizon Kinetics Asset Management LLC increased its stake in Franco-Nevada by 5.6% in the 4th quarter. Horizon Kinetics Asset Management LLC now owns 988,033 shares of the basic materials company’s stock worth $116,183,000 after acquiring an additional 52,199 shares during the last quarter. 77.06% of the stock is owned by hedge funds and other institutional investors.

Franco-Nevada Price Performance

Shares of NYSE:FNV opened at $155.36 on Monday. The business has a 50 day simple moving average of $142.60 and a two-hundred day simple moving average of $130.60. Franco-Nevada Co. has a 1 year low of $112.70 and a 1 year high of $159.38. The firm has a market capitalization of $29.92 billion, a PE ratio of -49.16, a price-to-earnings-growth ratio of 9.78 and a beta of 0.73.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last announced its quarterly earnings data on Monday, March 10th. The basic materials company reported $0.95 EPS for the quarter, beating the consensus estimate of $0.90 by $0.05. Franco-Nevada had a positive return on equity of 10.55% and a negative net margin of 55.28%. The company had revenue of $321.00 million for the quarter, compared to the consensus estimate of $304.33 million. During the same quarter in the prior year, the company posted $0.90 EPS. Franco-Nevada’s quarterly revenue was up 5.8% on a year-over-year basis. Equities research analysts expect that Franco-Nevada Co. will post 3.09 EPS for the current fiscal year.

Franco-Nevada Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 27th. Shareholders of record on Thursday, March 13th were given a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 0.98%. This is a boost from Franco-Nevada’s previous quarterly dividend of $0.36. The ex-dividend date was Thursday, March 13th. Franco-Nevada’s payout ratio is 53.15%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on FNV. StockNews.com upgraded Franco-Nevada from a “hold” rating to a “buy” rating in a research report on Wednesday, March 19th. HC Wainwright lifted their price objective on shares of Franco-Nevada from $165.00 to $180.00 and gave the stock a “buy” rating in a research note on Wednesday, March 26th. Raymond James boosted their target price on shares of Franco-Nevada from $160.00 to $162.00 and gave the stock an “outperform” rating in a report on Tuesday, March 11th. Royal Bank of Canada increased their price target on shares of Franco-Nevada from $145.00 to $155.00 and gave the company a “sector perform” rating in a report on Tuesday, February 11th. Finally, UBS Group boosted their price objective on Franco-Nevada from $165.00 to $170.00 and gave the stock a “buy” rating in a research note on Tuesday, March 11th. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $155.50.

Franco-Nevada Profile

Franco-Nevada Corporation operates as a gold-focused royalty and streaming company in South America, Central America, Mexico, the United States, Canada, and internationally. It operates through Mining and Energy segments. The company manages its portfolio with a focus on precious metals, such as gold, silver, and platinum group metals; and engages in the sale of crude oil, natural gas, and natural gas liquids through a third-party marketing agent.