Zurcher Kantonalbank Zurich Cantonalbank Acquires 6,676 Shares of Franco-Nevada Co. (NYSE:FNV)

Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) by 8.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 89,489 shares of the basic materials company’s stock after acquiring an additional 6,676 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Franco-Nevada were worth $11,127,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. M&G PLC raised its position in shares of Franco-Nevada by 3.2% in the 3rd quarter. M&G PLC now owns 1,679,858 shares of the basic materials company’s stock worth $208,645,000 after acquiring an additional 51,996 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in Franco-Nevada by 3,404.9% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 727,681 shares of the basic materials company’s stock worth $86,287,000 after purchasing an additional 706,919 shares during the period. Victory Capital Management Inc. grew its stake in Franco-Nevada by 13.9% in the third quarter. Victory Capital Management Inc. now owns 3,489,240 shares of the basic materials company’s stock worth $433,538,000 after purchasing an additional 424,810 shares during the period. Telemark Asset Management LLC raised its holdings in Franco-Nevada by 66.7% in the third quarter. Telemark Asset Management LLC now owns 50,000 shares of the basic materials company’s stock worth $6,212,000 after purchasing an additional 20,000 shares in the last quarter. Finally, Horizon Kinetics Asset Management LLC lifted its position in Franco-Nevada by 1.9% during the third quarter. Horizon Kinetics Asset Management LLC now owns 935,834 shares of the basic materials company’s stock valued at $116,277,000 after buying an additional 17,232 shares during the period. 77.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

FNV has been the subject of several research reports. TD Cowen upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating in a research note on Thursday, August 15th. TD Securities upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating in a report on Thursday, August 15th. HC Wainwright lifted their price objective on Franco-Nevada from $185.00 to $200.00 and gave the stock a “buy” rating in a report on Friday, November 8th. StockNews.com raised shares of Franco-Nevada from a “sell” rating to a “hold” rating in a report on Thursday, August 22nd. Finally, Scotiabank cut their price objective on shares of Franco-Nevada from $142.00 to $141.00 and set a “sector perform” rating for the company in a research report on Friday, November 8th. Four investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, Franco-Nevada presently has an average rating of “Moderate Buy” and a consensus price target of $152.83.

Franco-Nevada Stock Performance

NYSE:FNV opened at $122.62 on Friday. The firm has a market cap of $23.60 billion, a P/E ratio of -38.80, a P/E/G ratio of 20.78 and a beta of 0.75. The firm has a 50-day simple moving average of $125.77 and a 200-day simple moving average of $123.73. Franco-Nevada Co. has a one year low of $102.29 and a one year high of $137.60.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last announced its quarterly earnings results on Wednesday, November 6th. The basic materials company reported $0.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.03). The company had revenue of $275.70 million during the quarter, compared to analysts’ expectations of $279.11 million. Franco-Nevada had a negative net margin of 55.28% and a positive return on equity of 10.55%. The company’s revenue was down 10.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.91 earnings per share. On average, research analysts predict that Franco-Nevada Co. will post 3.22 EPS for the current fiscal year.

Franco-Nevada Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Thursday, December 5th will be issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.17%. The ex-dividend date is Thursday, December 5th. Franco-Nevada’s dividend payout ratio is currently -45.57%.

About Franco-Nevada

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.