Franco-Nevada Corporation $FNV Shares Acquired by Bank of Nova Scotia

Bank of Nova Scotia raised its position in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 1.8% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 624,850 shares of the basic materials company’s stock after purchasing an additional 10,775 shares during the quarter. Bank of Nova Scotia owned about 0.32% of Franco-Nevada worth $102,557,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in Franco-Nevada by 3.1% during the 2nd quarter. Vanguard Group Inc. now owns 8,086,420 shares of the basic materials company’s stock worth $1,327,612,000 after buying an additional 241,081 shares during the period. Arrowstreet Capital Limited Partnership raised its stake in shares of Franco-Nevada by 35.2% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 3,220,029 shares of the basic materials company’s stock worth $528,289,000 after purchasing an additional 838,853 shares in the last quarter. Norges Bank bought a new position in Franco-Nevada during the second quarter valued at approximately $460,218,000. TD Asset Management Inc lifted its stake in Franco-Nevada by 4.4% in the second quarter. TD Asset Management Inc now owns 2,011,787 shares of the basic materials company’s stock valued at $329,626,000 after acquiring an additional 85,117 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its stake in shares of Franco-Nevada by 1.7% during the 1st quarter. The Manufacturers Life Insurance Company now owns 1,980,772 shares of the basic materials company’s stock worth $313,071,000 after purchasing an additional 33,044 shares during the last quarter. 77.06% of the stock is currently owned by institutional investors.

Franco-Nevada Stock Performance

NYSE:FNV opened at $203.06 on Monday. The firm’s 50-day moving average is $201.01 and its 200-day moving average is $184.57. Franco-Nevada Corporation has a 52-week low of $114.81 and a 52-week high of $225.63. The company has a market cap of $39.15 billion, a price-to-earnings ratio of 42.57, a PEG ratio of 1.57 and a beta of 0.45.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last announced its quarterly earnings data on Monday, November 3rd. The basic materials company reported $1.43 EPS for the quarter, topping analysts’ consensus estimates of $1.37 by $0.06. Franco-Nevada had a return on equity of 13.94% and a net margin of 59.48%.The company had revenue of $487.70 million during the quarter, compared to the consensus estimate of $448.51 million. During the same quarter last year, the company earned $0.80 EPS. The company’s quarterly revenue was up 76.9% on a year-over-year basis. Equities analysts predict that Franco-Nevada Corporation will post 3.09 EPS for the current year.

Franco-Nevada Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 18th. Stockholders of record on Thursday, December 4th will be issued a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend is Thursday, December 4th. Franco-Nevada’s payout ratio is presently 31.87%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. TD Securities reduced their price objective on shares of Franco-Nevada from $247.00 to $225.00 and set a “hold” rating for the company in a research note on Wednesday, November 5th. Canaccord Genuity Group raised Franco-Nevada from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 22nd. Jefferies Financial Group reissued a “hold” rating and set a $228.00 price objective on shares of Franco-Nevada in a report on Sunday. Weiss Ratings restated a “buy (b)” rating on shares of Franco-Nevada in a report on Tuesday, November 25th. Finally, Scotiabank increased their price target on Franco-Nevada from $184.00 to $225.00 and gave the company a “sector perform” rating in a report on Thursday, October 23rd. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $225.25.

Franco-Nevada Company 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.