Zurcher Kantonalbank Zurich Cantonalbank Buys 6,676 Shares of Franco-Nevada Co. (NYSE:FNV)

Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) by 8.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 89,489 shares of the basic materials company’s stock after buying an additional 6,676 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Franco-Nevada were worth $11,127,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Mechanics Financial Corp grew its stake in Franco-Nevada by 150.0% during the second quarter. Mechanics Financial Corp now owns 250 shares of the basic materials company’s stock worth $30,000 after buying an additional 150 shares in the last quarter. Mather Group LLC. bought a new position in Franco-Nevada in the 2nd quarter valued at approximately $33,000. Kings Path Partners LLC bought a new stake in shares of Franco-Nevada during the second quarter worth $36,000. Sunbelt Securities Inc. boosted its holdings in shares of Franco-Nevada by 3,333.3% during the 2nd quarter. Sunbelt Securities Inc. now owns 412 shares of the basic materials company’s stock valued at $49,000 after acquiring an additional 400 shares in the last quarter. Finally, Ridgewood Investments LLC acquired a new position in Franco-Nevada in the 2nd quarter worth about $68,000. Institutional investors own 77.06% of the company’s stock.

Analysts Set New Price Targets

FNV has been the subject of several recent research reports. Scotiabank decreased their price target on shares of Franco-Nevada from $142.00 to $141.00 and set a “sector perform” rating for the company in a research report on Friday, November 8th. Bank of America lowered shares of Franco-Nevada from a “buy” rating to a “neutral” rating and dropped their target price for the company from $142.00 to $139.00 in a report on Tuesday, October 1st. UBS Group initiated coverage on Franco-Nevada in a report on Monday, November 18th. They set a “buy” rating and a $160.00 price target on the stock. HC Wainwright boosted their target price on Franco-Nevada from $185.00 to $200.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Finally, Canaccord Genuity Group upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating in a report on Monday, November 18th. Four research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Franco-Nevada presently has a consensus rating of “Moderate Buy” and an average price target of $152.83.

Franco-Nevada Price Performance

NYSE FNV opened at $122.62 on Friday. The company’s 50 day simple moving average is $125.77 and its two-hundred day simple moving average is $123.73. The stock has a market capitalization of $23.60 billion, a PE ratio of -38.80, a P/E/G ratio of 20.78 and a beta of 0.75. Franco-Nevada Co. has a 1 year low of $102.29 and a 1 year high of $137.60.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last announced its earnings results 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 company had revenue of $275.70 million for the quarter, compared to the consensus estimate of $279.11 million. During the same quarter in the previous year, the firm earned $0.91 earnings per share. The company’s revenue for the quarter was down 10.9% compared to the same quarter last year. On average, research 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. Stockholders of record on Thursday, December 5th will be paid a $0.36 dividend. The ex-dividend date is Thursday, December 5th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.17%. Franco-Nevada’s dividend payout ratio (DPR) 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.