Franco-Nevada Corporation $FNV Position Raised by Elevate Capital Advisors LLC

Elevate Capital Advisors LLC grew its holdings in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 25.9% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 29,121 shares of the basic materials company’s stock after purchasing an additional 5,995 shares during the quarter. Franco-Nevada comprises approximately 3.3% of Elevate Capital Advisors LLC’s portfolio, making the stock its 4th biggest holding. Elevate Capital Advisors LLC’s holdings in Franco-Nevada were worth $6,070,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. AQR Capital Management LLC purchased a new position in Franco-Nevada in the 1st quarter valued at approximately $241,000. NewEdge Advisors LLC raised its holdings in Franco-Nevada by 16.7% during the 1st quarter. NewEdge Advisors LLC now owns 6,585 shares of the basic materials company’s stock valued at $1,038,000 after acquiring an additional 943 shares during the period. Intech Investment Management LLC lifted its position in shares of Franco-Nevada by 118.3% during the first quarter. Intech Investment Management LLC now owns 9,286 shares of the basic materials company’s stock worth $1,460,000 after acquiring an additional 5,032 shares in the last quarter. Acadian Asset Management LLC boosted its holdings in shares of Franco-Nevada by 800.0% in the first quarter. Acadian Asset Management LLC now owns 2,700 shares of the basic materials company’s stock worth $424,000 after acquiring an additional 2,400 shares during the period. Finally, Marshall Wace LLP bought a new position in shares of Franco-Nevada in the second quarter worth $1,477,000. Institutional investors own 77.06% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on FNV. TD Securities upgraded Franco-Nevada from a “hold” rating to a “buy” rating and set a $291.00 price objective on the stock in a research note on Wednesday, May 20th. Jefferies Financial Group cut their target price on Franco-Nevada from $258.00 to $245.00 and set a “hold” rating for the company in a research note on Monday, July 6th. TD upgraded 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. Weiss Ratings cut Franco-Nevada from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, June 8th. Finally, National Bank Financial raised shares of Franco-Nevada from a “sector perform” rating to an “outperform” rating in a report on Wednesday, May 13th. Eleven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, Franco-Nevada presently has a consensus rating of “Moderate Buy” and an average target price of $273.40.

Franco-Nevada Trading Up 1.3%

Shares of NYSE FNV opened at $234.50 on Friday. The business has a 50-day moving average of $215.69 and a 200-day moving average of $235.31. The firm has a market capitalization of $45.23 billion, a price-to-earnings ratio of 30.65, a PEG ratio of 1.95 and a beta of 0.35. Franco-Nevada Corporation has a 12 month low of $173.39 and a 12 month high of $285.67.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last announced its earnings results 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 net margin of 63.79% and a return on equity of 18.58%. The company had revenue of $580.90 million during the quarter, compared to analysts’ expectations of $616.66 million. During the same period in the prior year, the business earned $1.24 earnings per share. The company’s revenue for the quarter was up 57.3% compared to the same quarter last year. On average, analysts predict that Franco-Nevada Corporation will post 8.23 earnings per share for the current year.

Franco-Nevada Announces Dividend

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 given a dividend of $0.44 per share. The ex-dividend date is Thursday, September 10th. This represents a $1.76 annualized dividend and a dividend yield of 0.8%. Franco-Nevada’s dividend payout ratio (DPR) is 23.01%.

Franco-Nevada Profile

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.