Verition Fund Management LLC Takes $3 Million Position in Franco-Nevada Co. (NYSE:FNV)

Verition Fund Management LLC purchased a new stake in Franco-Nevada Co. (NYSE:FNV - Free Report) TSE: FNV in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 24,105 shares of the basic materials company's stock, valued at approximately $2,995,000.

A number of other hedge funds have also modified their holdings of FNV. Mather Group LLC. bought a new position in Franco-Nevada in the second quarter valued at $33,000. QV Investors Inc. boosted its position in shares of Franco-Nevada by 24.6% in the second quarter. QV Investors Inc. now owns 249,909 shares of the basic materials company's stock valued at $29,624,000 after acquiring an additional 49,308 shares during the period. ORG Partners LLC acquired a new position in shares of Franco-Nevada during the 2nd quarter worth approximately $79,000. Addenda Capital Inc. increased its stake in Franco-Nevada by 85.7% during the 2nd quarter. Addenda Capital Inc. now owns 104,369 shares of the basic materials company's stock worth $12,370,000 after acquiring an additional 48,160 shares during the period. Finally, Clear Harbor Asset Management LLC raised its stake in Franco-Nevada by 1.2% in the second quarter. Clear Harbor Asset Management LLC now owns 11,831 shares of the basic materials company's stock valued at $1,402,000 after purchasing an additional 143 shares in the last quarter. 77.06% of the stock is currently owned by institutional investors and hedge funds.

Franco-Nevada Price Performance

Shares of NYSE FNV traded up $1.31 during midday trading on Thursday, reaching $123.29. The company's stock had a trading volume of 404,564 shares, compared to its average volume of 665,400. The firm has a 50 day moving average price of $125.41 and a 200-day moving average price of $123.62. Franco-Nevada Co. has a 12-month low of $102.29 and a 12-month high of $137.60.

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 analysts' expectations of $279.11 million. During the same quarter in the previous year, the firm earned $0.91 earnings per share. The firm's revenue was down 10.9% compared to the same quarter last year. On average, equities analysts anticipate that Franco-Nevada Co. will post 3.22 EPS for the current year.

Franco-Nevada Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Thursday, December 5th will be issued a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 1.17%. The ex-dividend date is Thursday, December 5th. Franco-Nevada's dividend payout ratio (DPR) is presently -45.57%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on FNV shares. TD Cowen upgraded shares of Franco-Nevada from a "hold" rating to a "buy" rating in a research note on Thursday, August 15th. HC Wainwright increased their target price on shares of Franco-Nevada from $185.00 to $200.00 and gave the company a "buy" rating in a research report on Friday, November 8th. StockNews.com raised Franco-Nevada from a "sell" rating to a "hold" rating in a research report on Thursday, August 22nd. Canaccord Genuity Group upgraded shares of Franco-Nevada from a "hold" rating to a "buy" rating in a research report on Monday, November 18th. Finally, Jefferies Financial Group dropped their price target on Franco-Nevada from $137.00 to $136.00 and set a "hold" rating on the stock in a research note on Thursday, October 17th. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $152.83.

Franco-Nevada Company Profile

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.