Addenda Capital Inc. Has $42.21 Million Position in Franco-Nevada Corporation $FNV

Addenda Capital Inc. lifted its stake in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 88.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 203,643 shares of the basic materials company’s stock after purchasing an additional 95,405 shares during the quarter. Franco-Nevada accounts for about 1.5% of Addenda Capital Inc.’s portfolio, making the stock its 21st largest position. Addenda Capital Inc. owned about 0.11% of Franco-Nevada worth $42,211,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. GAMMA Investing LLC grew its holdings in shares of Franco-Nevada by 112.3% during the 4th quarter. GAMMA Investing LLC now owns 121 shares of the basic materials company’s stock valued at $25,000 after purchasing an additional 64 shares during the last quarter. Burkett Financial Services LLC bought a new stake in shares of Franco-Nevada in the 3rd quarter valued at $28,000. Smartleaf Asset Management LLC lifted its position in shares of Franco-Nevada by 600.0% during the 2nd quarter. Smartleaf Asset Management LLC now owns 196 shares of the basic materials company’s stock valued at $32,000 after acquiring an additional 168 shares during the period. Stephens Consulting LLC acquired a new position in shares of Franco-Nevada during the 4th quarter valued at $36,000. Finally, City Holding Co. acquired a new position in shares of Franco-Nevada during the 3rd quarter valued at $56,000. 77.06% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts recently issued reports on FNV shares. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Franco-Nevada in a research report on Wednesday, February 4th. Canaccord Genuity Group downgraded shares of Franco-Nevada from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 23rd. UBS Group reiterated a “buy” rating and set a $310.00 target price on shares of Franco-Nevada in a research report on Friday, January 30th. Zacks Research downgraded shares of Franco-Nevada from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 31st. Finally, Weiss Ratings upgraded shares of Franco-Nevada from a “hold (c+)” rating to a “buy (b)” rating in a research report on Friday, March 20th. Seven research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $257.25.

Franco-Nevada Price Performance

Shares of FNV stock opened at $265.30 on Thursday. The firm has a 50-day moving average of $251.63 and a 200-day moving average of $225.57. The company has a market cap of $51.15 billion, a P/E ratio of 46.06, a P/E/G ratio of 2.76 and a beta of 0.47. Franco-Nevada Corporation has a one year low of $145.39 and a one year high of $285.67.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last announced its earnings results on Tuesday, March 10th. The basic materials company reported $1.85 EPS for the quarter, beating the consensus estimate of $1.67 by $0.18. The company had revenue of $597.30 million during the quarter, compared to the consensus estimate of $542.02 million. Franco-Nevada had a net margin of 61.01% and a return on equity of 15.62%. The firm’s revenue for the quarter was up 86.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.95 earnings per share. As a group, research analysts expect that Franco-Nevada Corporation will post 3.09 earnings per share for the current fiscal year.

Franco-Nevada Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 26th. Stockholders of record on Thursday, March 12th were issued a $0.44 dividend. This is an increase from Franco-Nevada’s previous quarterly dividend of $0.38. This represents a $1.76 annualized dividend and a dividend yield of 0.7%. The ex-dividend date was Thursday, March 12th. Franco-Nevada’s dividend payout ratio is currently 30.56%.

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.