Bornite Capital Management LP Takes Position in Franco-Nevada Co. (NYSE:FNV)

Bornite Capital Management LP bought a new position in shares of Franco-Nevada Co. (NYSE:FNV - Free Report) TSE: FNV in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 230,000 shares of the basic materials company's stock, valued at approximately $27,046,000. Franco-Nevada comprises approximately 3.6% of Bornite Capital Management LP's investment portfolio, making the stock its 10th largest position. Bornite Capital Management LP owned about 0.12% of Franco-Nevada at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the stock. Laurel Wealth Advisors LLC bought a new stake in shares of Franco-Nevada in the fourth quarter worth $47,000. Point72 DIFC Ltd acquired a new position in Franco-Nevada in the third quarter valued at approximately $52,000. Physician Wealth Advisors Inc. bought a new stake in shares of Franco-Nevada in the 4th quarter valued at $49,000. Erste Asset Management GmbH acquired a new position in shares of Franco-Nevada during the 3rd quarter valued at $55,000. Finally, Harbour Investments Inc. boosted its stake in Franco-Nevada by 25.8% during the 4th quarter. Harbour Investments Inc. now owns 453 shares of the basic materials company's stock valued at $53,000 after purchasing an additional 93 shares during the last quarter. 77.06% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms recently commented on FNV. Royal Bank of Canada increased their price target on Franco-Nevada from $145.00 to $155.00 and gave the company a "sector perform" rating in a research report on Tuesday, February 11th. Raymond James upped their price objective on shares of Franco-Nevada from $162.00 to $181.00 and gave the stock an "outperform" rating in a research report on Friday, April 4th. Scotiabank boosted their price objective on Franco-Nevada from $145.00 to $150.00 and gave the stock a "sector perform" rating in a research report on Tuesday, March 11th. StockNews.com raised Franco-Nevada from a "hold" rating to a "buy" rating in a report on Monday. Finally, HC Wainwright lifted their target price on Franco-Nevada from $165.00 to $180.00 and gave the company a "buy" rating in a report on Wednesday, March 26th. Six analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Franco-Nevada has an average rating of "Moderate Buy" and a consensus price target of $157.88.

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Franco-Nevada Price Performance

FNV stock traded up $4.45 during midday trading on Wednesday, hitting $147.49. The stock had a trading volume of 438,290 shares, compared to its average volume of 669,739. The business has a 50-day moving average of $146.00 and a two-hundred day moving average of $131.99. The firm has a market cap of $28.40 billion, a price-to-earnings ratio of -46.55, a price-to-earnings-growth ratio of 9.78 and a beta of 0.68. Franco-Nevada Co. has a 52-week low of $112.70 and a 52-week high of $161.36.

Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV last posted its quarterly earnings data on Monday, March 10th. The basic materials company reported $0.95 earnings per share for the quarter, beating analysts' consensus estimates of $0.90 by $0.05. Franco-Nevada had a positive return on equity of 10.55% and a negative net margin of 55.28%. The company had revenue of $321.00 million during the quarter, compared to analyst estimates of $304.33 million. During the same quarter last year, the company earned $0.90 EPS. The firm's revenue for the quarter was up 5.8% on a year-over-year basis. Research analysts predict that Franco-Nevada Co. will post 3.09 earnings per share for the current year.

Franco-Nevada Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th were issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 1.03%. This is a boost from Franco-Nevada's previous quarterly dividend of $0.36. The ex-dividend date of this dividend was Thursday, March 13th. Franco-Nevada's dividend payout ratio is presently 53.15%.

About 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.