Tri Ri Asset Management Corp purchased a new stake in Franco-Nevada Co. (NYSE:FNV - Free Report) TSE: FNV in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 27,632 shares of the basic materials company's stock, valued at approximately $3,433,000. Franco-Nevada makes up 3.8% of Tri Ri Asset Management Corp's investment portfolio, making the stock its 13th biggest holding.
Other hedge funds also recently made changes to their positions in the company. Mechanics Financial Corp grew its position in shares of Franco-Nevada by 150.0% in the second quarter. Mechanics Financial Corp now owns 250 shares of the basic materials company's stock valued at $30,000 after purchasing an additional 150 shares in the last quarter. Kings Path Partners LLC purchased a new position in shares of Franco-Nevada in the second quarter valued at $36,000. Sunbelt Securities Inc. grew its position in shares of Franco-Nevada by 3,333.3% in the second quarter. Sunbelt Securities Inc. now owns 412 shares of the basic materials company's stock valued at $49,000 after purchasing an additional 400 shares in the last quarter. Point72 DIFC Ltd purchased a new position in shares of Franco-Nevada in the third quarter valued at $52,000. Finally, Erste Asset Management GmbH purchased a new position in shares of Franco-Nevada in the third quarter valued at $55,000. 77.06% of the stock is currently owned by hedge funds and other institutional investors.
Shares of FNV stock opened at $124.45 on Thursday. The business has a 50-day moving average price of $125.10 and a two-hundred day moving average price of $123.53. Franco-Nevada Co. has a 12-month low of $102.29 and a 12-month high of $137.60. The firm has a market cap of $23.96 billion, a P/E ratio of -39.38 and a beta of 0.72.
Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV last released its earnings results on Wednesday, November 6th. The basic materials company reported $0.80 earnings per share for the quarter, missing analysts' consensus estimates of $0.83 by ($0.03). Franco-Nevada had a negative net margin of 55.28% and a positive return on equity of 10.55%. The company had revenue of $275.70 million during the quarter, compared to the consensus estimate of $279.11 million. During the same period last year, the firm posted $0.91 EPS. The company's revenue was down 10.9% on a year-over-year basis. As a group, research analysts expect that Franco-Nevada Co. will post 3.22 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Thursday, December 5th will be paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.16%. The ex-dividend date is Thursday, December 5th. Franco-Nevada's dividend payout ratio (DPR) is presently -45.57%.
Several brokerages have recently weighed in on FNV. HC Wainwright lifted their price target on Franco-Nevada from $185.00 to $200.00 and gave the company a "buy" rating in a research report on Friday, November 8th. Scotiabank dropped their price objective on Franco-Nevada from $142.00 to $141.00 and set a "sector perform" rating for the company in a research note on Friday, November 8th. StockNews.com raised Franco-Nevada from a "sell" rating to a "hold" rating in a research note on Thursday, August 22nd. Bank of America lowered Franco-Nevada from a "buy" rating to a "neutral" rating and dropped their price objective for the company from $142.00 to $139.00 in a research note on Tuesday, October 1st. Finally, TD Securities raised Franco-Nevada from a "hold" rating to a "buy" rating in a research note on Thursday, August 15th. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $152.83.
View Our Latest Stock Analysis on 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.
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