Carrhae Capital LLP Buys 89,368 Shares of Franco-Nevada Co. (NYSE:FNV)

Carrhae Capital LLP grew its stake in Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) by 66.3% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 224,084 shares of the basic materials company’s stock after purchasing an additional 89,368 shares during the quarter. Franco-Nevada makes up about 3.2% of Carrhae Capital LLP’s holdings, making the stock its 15th largest position. Carrhae Capital LLP’s holdings in Franco-Nevada were worth $27,842,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of the stock. Allspring Global Investments Holdings LLC purchased a new stake in shares of Franco-Nevada during the second quarter valued at approximately $276,446,000. M&G Plc purchased a new stake in shares of Franco-Nevada during the first quarter valued at approximately $219,971,000. EdgePoint Investment Group Inc. increased its position in shares of Franco-Nevada by 68.1% during the first quarter. EdgePoint Investment Group Inc. now owns 2,759,677 shares of the basic materials company’s stock valued at $328,972,000 after acquiring an additional 1,117,523 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in Franco-Nevada by 3,404.9% in 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 during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Franco-Nevada in the first quarter worth $47,681,000. Institutional investors own 77.06% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on FNV. Jefferies Financial Group decreased their target price on Franco-Nevada from $137.00 to $136.00 and set a “hold” rating for the company in a research report on Thursday. TD Cowen upgraded Franco-Nevada from a “hold” rating to a “buy” rating in a research report on Thursday, August 15th. StockNews.com upgraded Franco-Nevada from a “sell” rating to a “hold” rating in a research report on Thursday, August 22nd. TD Securities upgraded Franco-Nevada from a “hold” rating to a “buy” rating in a research report on Thursday, August 15th. Finally, Scotiabank lifted their price target on Franco-Nevada from $141.00 to $142.00 and gave the company a “sector perform” rating in a research report on Monday, August 19th. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, Franco-Nevada presently has an average rating of “Moderate Buy” and a consensus price target of $152.75.

Franco-Nevada Stock Performance

NYSE:FNV opened at $132.13 on Monday. The firm has a market capitalization of $25.43 billion, a price-to-earnings ratio of -53.06, a P/E/G ratio of 20.13 and a beta of 0.76. Franco-Nevada Co. has a 52-week low of $102.29 and a 52-week high of $140.40. The stock has a fifty day moving average of $123.53 and a 200 day moving average of $122.80.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last posted its quarterly earnings data on Tuesday, August 13th. The basic materials company reported $0.75 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($0.03). The business had revenue of $260.10 million for the quarter, compared to the consensus estimate of $277.44 million. Franco-Nevada had a negative net margin of 51.64% and a positive return on equity of 10.56%. Franco-Nevada’s quarterly revenue was down 21.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.95 EPS. Equities analysts forecast that Franco-Nevada Co. will post 3.26 earnings per share for the current fiscal year.

Franco-Nevada Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 26th. Investors of record on Thursday, September 12th were paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 1.09%. The ex-dividend date of this dividend was Thursday, September 12th. Franco-Nevada’s dividend payout ratio is -57.83%.

Franco-Nevada 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.