Allspring Global Investments Holdings LLC Has $32.73 Million Stock Position in Franco-Nevada Corporation $FNV

Allspring Global Investments Holdings LLC increased its position in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 15.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 132,465 shares of the basic materials company’s stock after buying an additional 18,000 shares during the period. Allspring Global Investments Holdings LLC owned 0.07% of Franco-Nevada worth $32,725,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. GAMMA Investing LLC grew its holdings in Franco-Nevada by 112.3% in the 4th quarter. GAMMA Investing LLC now owns 121 shares of the basic materials company’s stock valued at $25,000 after buying an additional 64 shares during the last quarter. Transamerica Financial Advisors LLC bought a new position in Franco-Nevada in the 4th quarter worth approximately $25,000. Private Trust Co. NA acquired a new position in shares of Franco-Nevada during the fourth quarter worth approximately $29,000. Smartleaf Asset Management LLC lifted its holdings in shares of Franco-Nevada by 600.0% during the second quarter. Smartleaf Asset Management LLC now owns 196 shares of the basic materials company’s stock worth $32,000 after buying an additional 168 shares during the last quarter. Finally, Navalign LLC bought a new stake in shares of Franco-Nevada in the fourth quarter valued at approximately $34,000. 77.06% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have weighed in on FNV. TD Cowen raised shares of Franco-Nevada from a “hold” rating to a “buy” rating and reduced their price target for the company from $292.00 to $291.00 in a report on Wednesday, May 20th. TD upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating and dropped their price objective for the stock from $292.00 to $291.00 in a report on Wednesday, May 20th. Royal Bank Of Canada cut their price objective on shares of Franco-Nevada from $295.00 to $285.00 and set an “outperform” rating for the company in a research report on Thursday, July 9th. Canaccord Genuity Group upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating in a research note on Wednesday, April 29th. Finally, Weiss Ratings downgraded Franco-Nevada from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, June 8th. Eleven research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $273.40.

Franco-Nevada Trading Up 0.0%

FNV stock opened at $200.81 on Monday. Franco-Nevada Corporation has a 1-year low of $154.11 and a 1-year high of $285.67. The business’s 50 day moving average is $218.63 and its 200-day moving average is $236.61. The firm has a market cap of $38.73 billion, a P/E ratio of 28.28, a P/E/G ratio of 1.69 and a beta of 0.36.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last posted its earnings results on Tuesday, May 12th. The basic materials company reported $2.38 EPS for the quarter, topping the consensus estimate of $2.09 by $0.29. Franco-Nevada had a return on equity of 18.10% and a net margin of 65.12%.The business had revenue of $650.70 million during the quarter, compared to the consensus estimate of $634.43 million. During the same quarter last year, the company earned $1.07 EPS. Franco-Nevada’s revenue was up 76.6% on a year-over-year basis. Sell-side analysts forecast that Franco-Nevada Corporation will post 8.23 EPS for the current year.

Franco-Nevada Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 25th. Investors of record on Thursday, June 11th were issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Thursday, June 11th. Franco-Nevada’s dividend payout ratio (DPR) is currently 24.79%.

Franco-Nevada Company 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.