JPMorgan Chase & Co. increased its position in Franco Nevada Corp (NYSE:FNV) (TSE:FNV) by 1.5% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 946,879 shares of the basic materials company’s stock after purchasing an additional 14,357 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.51% of Franco Nevada worth $74,444,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Advisory Services Network LLC increased its position in Franco Nevada by 199.0% during the 2nd quarter. Advisory Services Network LLC now owns 1,504 shares of the basic materials company’s stock valued at $109,000 after buying an additional 1,001 shares in the last quarter. Advisors Asset Management Inc. increased its position in Franco Nevada by 453.9% during the 3rd quarter. Advisors Asset Management Inc. now owns 1,922 shares of the basic materials company’s stock valued at $149,000 after buying an additional 1,575 shares in the last quarter. Gratus Capital LLC bought a new position in Franco Nevada during the 3rd quarter valued at approximately $201,000. Blair William & Co. IL bought a new position in Franco Nevada during the 2nd quarter valued at approximately $210,000. Finally, Wright Investors Service Inc. bought a new position in Franco Nevada during the 3rd quarter valued at approximately $245,000. Institutional investors own 61.48% of the company’s stock.
A number of research analysts recently weighed in on the company. Scotiabank raised their price objective on Franco Nevada from $79.50 to $82.00 and gave the company a “sector perform” rating in a research report on Friday, September 8th. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Franco Nevada in a research report on Thursday, September 7th. TD Securities raised their price objective on Franco Nevada from $92.00 to $97.00 and gave the company a “buy” rating in a research report on Tuesday, November 7th. Canaccord Genuity reaffirmed a “buy” rating and set a $121.00 price objective on shares of Franco Nevada in a research report on Tuesday, November 7th. Finally, Zacks Investment Research raised Franco Nevada from a “hold” rating to a “buy” rating and set a $94.00 price objective for the company in a research report on Thursday, November 9th. Eight analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $85.70.
Franco Nevada (NYSE:FNV) (TSE:FNV) last posted its earnings results on Monday, November 6th. The basic materials company reported $0.30 EPS for the quarter, topping the Zacks’ consensus estimate of $0.27 by $0.03. The business had revenue of $171.50 million during the quarter, compared to analyst estimates of $167.07 million. Franco Nevada had a return on equity of 4.31% and a net margin of 22.12%. The company’s quarterly revenue was down .3% compared to the same quarter last year. During the same quarter last year, the company earned $0.30 EPS. research analysts predict that Franco Nevada Corp will post 1.06 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 21st. Shareholders of record on Thursday, December 7th will be issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.17%. The ex-dividend date of this dividend is Wednesday, December 6th. Franco Nevada’s payout ratio is 116.46%.
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About Franco Nevada
Franco-Nevada Corporation (Franco-Nevada) is a gold-focused royalty and stream company. The Company has interests in silver, platinum group metals, oil and gas and other resource assets. The Company is engaged in resource sector royalty/stream acquisitions and management activities. It has a portfolio of properties in the United States, Canada, Mexico, Peru, Chile and Africa.
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