Norges Bank Acquires Shares of 2,024,865 Franco-Nevada Co. (NYSE:FNV)

Norges Bank purchased a new stake in Franco-Nevada Co. (NYSE:FNV - Free Report) TSE: FNV during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 2,024,865 shares of the basic materials company's stock, valued at approximately $237,643,000. Norges Bank owned approximately 1.05% of Franco-Nevada at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Laurel Wealth Advisors LLC bought a new position in Franco-Nevada in the fourth quarter valued at about $47,000. Point72 DIFC Ltd bought a new position in Franco-Nevada in the 3rd quarter valued at approximately $52,000. Harbour Investments Inc. raised its holdings in Franco-Nevada by 25.8% in the 4th quarter. Harbour Investments Inc. now owns 453 shares of the basic materials company's stock valued at $53,000 after buying an additional 93 shares during the last quarter. Erste Asset Management GmbH acquired a new stake in Franco-Nevada during the 3rd quarter worth approximately $55,000. Finally, SBI Securities Co. Ltd. bought a new stake in Franco-Nevada during the 4th quarter worth approximately $73,000. 77.06% of the stock is currently owned by institutional investors and hedge funds.

Franco-Nevada Trading Down 0.5 %

NYSE FNV traded down $0.71 during trading hours on Wednesday, hitting $156.92. 588,568 shares of the company's stock were exchanged, compared to its average volume of 658,611. Franco-Nevada Co. has a 1-year low of $112.70 and a 1-year high of $159.38. The stock has a 50-day simple moving average of $143.77 and a 200 day simple moving average of $131.06. The firm has a market cap of $30.22 billion, a price-to-earnings ratio of -49.66, a PEG ratio of 9.78 and a beta of 0.73.

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

Franco-Nevada Increases Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend was Thursday, March 13th. This represents a $1.52 annualized dividend and a dividend yield of 0.97%. This is a positive change from Franco-Nevada's previous quarterly dividend of $0.36. Franco-Nevada's dividend payout ratio is currently 53.15%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on FNV. Raymond James lifted their price target on shares of Franco-Nevada from $160.00 to $162.00 and gave the stock an "outperform" rating in a report on Tuesday, March 11th. TD Securities downgraded Franco-Nevada from a "buy" rating to a "hold" rating and set a $152.00 target price on the stock. in a report on Tuesday, March 11th. StockNews.com upgraded Franco-Nevada from a "hold" rating to a "buy" rating in a research report on Wednesday, March 19th. Scotiabank raised 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. Finally, UBS Group upped their target price on Franco-Nevada from $165.00 to $170.00 and gave the company a "buy" rating in a report on Tuesday, March 11th. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, Franco-Nevada presently has a consensus rating of "Moderate Buy" and an average price target of $155.50.

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.