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

Miracle Mile Advisors LLC acquired a new stake in Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 5,814 shares of the basic materials company’s stock, valued at approximately $684,000.

A number of other hedge funds have also made changes to their positions in the stock. Victory Capital Management Inc. boosted its stake in Franco-Nevada by 13.9% during the third quarter. Victory Capital Management Inc. now owns 3,489,240 shares of the basic materials company’s stock valued at $433,538,000 after buying an additional 424,810 shares in the last quarter. EdgePoint Investment Group Inc. lifted its holdings in Franco-Nevada by 19.4% in 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 last quarter. First Eagle Investment Management LLC boosted its position in shares of Franco-Nevada by 1.5% during the 2nd quarter. First Eagle Investment Management LLC now owns 3,260,300 shares of the basic materials company’s stock valued at $386,597,000 after purchasing an additional 47,311 shares in the last quarter. M&G PLC grew its stake in shares of Franco-Nevada by 3.2% in the 3rd quarter. M&G PLC now owns 1,679,858 shares of the basic materials company’s stock worth $208,645,000 after purchasing an additional 51,996 shares during the last quarter. Finally, Mackenzie Financial Corp raised its holdings in shares of Franco-Nevada by 1.6% in the 2nd quarter. Mackenzie Financial Corp now owns 1,639,294 shares of the basic materials company’s stock worth $194,381,000 after purchasing an additional 25,233 shares in the last quarter. Institutional investors and hedge funds own 77.06% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. HC Wainwright decreased their price target on shares of Franco-Nevada from $200.00 to $155.00 and set a “buy” rating on the stock in a research report on Friday, December 20th. UBS Group assumed coverage on Franco-Nevada in a report on Monday, November 18th. They issued a “buy” rating and a $160.00 target price on the stock. Canaccord Genuity Group raised Franco-Nevada from a “hold” rating to a “buy” rating in a report on Monday, November 18th. Bank of America cut Franco-Nevada from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $142.00 to $139.00 in a research note on Tuesday, October 1st. Finally, Canaccord Genuity Group raised shares of Franco-Nevada from a “hold” rating to a “buy” rating in a research note on Monday, November 18th. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $145.33.

Franco-Nevada Stock Performance

Franco-Nevada stock opened at $127.11 on Thursday. Franco-Nevada Co. has a twelve month low of $103.64 and a twelve month high of $137.60. The firm has a market cap of $24.47 billion, a PE ratio of -40.22 and a beta of 0.72. The firm’s 50 day moving average price is $120.94 and its two-hundred day moving average price is $123.72.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last posted its quarterly 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 positive return on equity of 10.55% and a negative net margin of 55.28%. The company had revenue of $275.70 million during the quarter, compared to analyst estimates of $279.11 million. During the same period last year, the company posted $0.91 earnings per share. The company’s revenue was down 10.9% compared to the same quarter last year. Equities analysts anticipate that Franco-Nevada Co. will post 3.22 EPS for the current fiscal year.

Franco-Nevada Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, December 19th. Investors of record on Thursday, December 5th were paid a $0.36 dividend. The ex-dividend date of this dividend was Thursday, December 5th. This represents a $1.44 annualized dividend and a dividend yield of 1.13%. Franco-Nevada’s payout ratio is -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.