Miracle Mile Advisors LLC Invests $684,000 in Franco-Nevada Co. (NYSE:FNV)

Miracle Mile Advisors LLC bought a new position in shares of Franco-Nevada Co. (NYSE:FNV - Free Report) TSE: FNV during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 5,814 shares of the basic materials company's stock, valued at approximately $684,000.

Several other hedge funds also recently made changes to their positions in the business. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its position in Franco-Nevada by 3,404.9% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 727,681 shares of the basic materials company's stock worth $86,287,000 after buying an additional 706,919 shares in the last quarter. EdgePoint Investment Group Inc. lifted its position in shares of Franco-Nevada by 19.4% during the 3rd quarter. EdgePoint Investment Group Inc. now owns 3,309,493 shares of the basic materials company's stock valued at $411,003,000 after acquiring an additional 537,047 shares during the period. Victory Capital Management Inc. grew its holdings in shares of Franco-Nevada by 13.9% during the 3rd quarter. Victory Capital Management Inc. now owns 3,489,240 shares of the basic materials company's stock worth $433,538,000 after purchasing an additional 424,810 shares in the last quarter. Two Sigma Advisers LP increased its position in shares of Franco-Nevada by 60.1% in the third quarter. Two Sigma Advisers LP now owns 958,300 shares of the basic materials company's stock worth $119,069,000 after purchasing an additional 359,900 shares during the period. Finally, Clearbridge Investments LLC raised its stake in Franco-Nevada by 4,361.2% in the second quarter. Clearbridge Investments LLC now owns 275,571 shares of the basic materials company's stock valued at $32,659,000 after purchasing an additional 269,394 shares in the last quarter. 77.06% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Canaccord Genuity Group upgraded shares of Franco-Nevada from a "hold" rating to a "buy" rating in a research note on Monday, November 18th. Bank of America cut shares of Franco-Nevada from a "buy" rating to a "neutral" rating and decreased their price objective for the company from $142.00 to $139.00 in a research note on Tuesday, October 1st. HC Wainwright cut their target price on Franco-Nevada from $200.00 to $155.00 and set a "buy" rating for the company in a research note on Friday, December 20th. Scotiabank decreased their price target on Franco-Nevada from $142.00 to $141.00 and set a "sector perform" rating on the stock in a research note on Friday, November 8th. Finally, Canaccord Genuity Group upgraded Franco-Nevada from a "hold" rating to a "buy" rating in a research report on Monday, November 18th. Four equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $145.33.

Franco-Nevada Price Performance

FNV stock traded down $2.20 during midday trading on Thursday, reaching $124.87. 592,795 shares of the stock were exchanged, compared to its average volume of 640,630. Franco-Nevada Co. has a 52 week low of $103.64 and a 52 week high of $137.60. The company has a fifty day moving average price of $120.81 and a 200 day moving average price of $123.75. The stock has a market capitalization of $24.04 billion, a PE ratio of -39.52, a P/E/G ratio of 6.90 and a beta of 0.72.

Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV last released its quarterly earnings data on Wednesday, November 6th. The basic materials company reported $0.80 earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $275.70 million during the quarter, compared to analyst estimates of $279.11 million. During the same period in the prior year, the company earned $0.91 EPS. The business's quarterly revenue was down 10.9% compared to the same quarter last year. As a group, analysts anticipate that Franco-Nevada Co. will post 3.2 earnings per share for the current fiscal year.

Franco-Nevada Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 19th. Stockholders of record on Thursday, December 5th were paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 1.15%. The ex-dividend date was Thursday, December 5th. Franco-Nevada's payout ratio is currently -45.57%.

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.