Wellington Management Group LLP Invests $11.77 Million in Franco-Nevada Corporation $FNV

Wellington Management Group LLP bought a new stake in Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 56,404 shares of the basic materials company’s stock, valued at approximately $11,765,000.

A number of other large investors have also recently made changes to their positions in FNV. Van ECK Associates Corp grew its stake in 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 buying an additional 842,132 shares during the last quarter. First Eagle Investment Management LLC lifted its stake in Franco-Nevada by 26.5% in the fourth quarter. First Eagle Investment Management LLC now owns 5,123,444 shares of the basic materials company’s stock valued at $1,062,037,000 after buying an additional 1,074,257 shares during the last quarter. EdgePoint Investment Group Inc. boosted its holdings in shares of Franco-Nevada by 3.3% in the first quarter. EdgePoint Investment Group Inc. now owns 3,461,224 shares of the basic materials company’s stock valued at $857,196,000 after acquiring an additional 110,222 shares during the period. Royal Bank of Canada boosted its holdings in shares of Franco-Nevada by 10.2% in the fourth quarter. Royal Bank of Canada now owns 2,808,645 shares of the basic materials company’s stock valued at $582,177,000 after acquiring an additional 260,793 shares during the period. Finally, Norges Bank purchased a new position in shares of Franco-Nevada during the fourth quarter worth approximately $578,577,000. 77.06% of the stock is owned by institutional investors and hedge funds.

Franco-Nevada Trading Up 0.1%

Shares of FNV stock opened at $266.35 on Tuesday. The stock has a 50 day simple moving average of $230.25 and a 200-day simple moving average of $236.76. The company has a market cap of $51.37 billion, a price-to-earnings ratio of 34.82, a price-to-earnings-growth ratio of 2.46 and a beta of 0.39. Franco-Nevada Corporation has a 12-month low of $181.50 and a 12-month 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 earnings per share for the quarter, missing analysts’ consensus estimates of $1.95 by ($0.14). Franco-Nevada had a return on equity of 18.58% and a net margin of 63.79%.The business had revenue of $580.90 million for the quarter, compared to analyst estimates of $616.66 million. During the same period in the prior year, the company earned $1.24 EPS. The company’s revenue was up 57.3% on a year-over-year basis. On average, equities analysts forecast that Franco-Nevada Corporation will post 7.54 earnings per share for the current fiscal year.

Franco-Nevada Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, September 10th will be given 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 Ratings Changes

A number of brokerages have recently commented on FNV. National Bank Financial raised shares of Franco-Nevada from a “sector perform” rating to an “outperform” rating in a report on Wednesday, May 13th. Royal Bank Of Canada lowered their price objective on shares of Franco-Nevada from $295.00 to $285.00 and set an “outperform” rating on the stock in a research report on Thursday, July 9th. Weiss Ratings restated a “buy (b-)” rating on shares of Franco-Nevada in a research note on Friday. Scotiabank reduced their target price on shares of Franco-Nevada from $290.00 to $274.00 and set a “sector perform” rating for the company in a report on Tuesday, July 14th. Finally, Wall Street Zen downgraded shares of Franco-Nevada from a “buy” rating to a “hold” rating in a research note on Monday, June 1st. Eleven research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, Franco-Nevada has a consensus rating of “Moderate Buy” and an average price target 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.