In the first quarter of this year, Sheets Smith Wealth Management made a significant investment in Franco-Nevada Co. (NYSE:FNV) (TSE:FNV), as per the company’s recent filing with the Securities and Exchange Commission (SEC). The firm acquired 1,630 shares of the basic materials company’s stock, valuing approximately $238,000.
Franco-Nevada recently released its quarterly earnings data on August 8th. According to these reports, the company reported an earnings per share (EPS) of $0.95 for the quarter. This exceeded the consensus estimate of $0.83 by $0.12. The firm generated revenue amounting to $329.90 million during this period, outperforming analyst predictions of $324.06 million.
Despite its positive EPS and revenue figures, Franco-Nevada experienced a decline in revenue compared to the previous year, down by 6.4%. In the corresponding period last year, the company posted an EPS of $1.02.
Analysts specializing in equities research anticipate that Franco-Nevada Co. will achieve an earnings per share of 3.39 for this fiscal year.
These latest developments indicate a growing interest in Franco-Nevada from investors like Sheets Smith Wealth Management. As a leading wealth management firm, their decision to acquire shares in the basic material company reflects confidence in its future growth potential.
It is important to conduct thorough research and analysis before making any investment decisions. For those interested in learning more about Franco-Nevada Co., we recommend accessing our latest research report on FNV for comprehensive insights into the company’s performance and prospects.
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Hedge Funds Increase Positions in Franco-Nevada: Analyst Ratings and Stock Performance Review
In recent months, several hedge funds have made noteworthy changes to their positions in Franco-Nevada, a leading basic materials company. FIL Ltd, for instance, increased its stake in the company by 2.7% during the first quarter of the year. Consequently, FIL Ltd now owns approximately 7.58 million shares of Franco-Nevada’s stock valued at $1.11 billion, after acquiring an additional 198,387 shares in the last quarter.
Vanguard Group Inc., another prominent hedge fund, also boosted its position in Franco-Nevada by 3.0% during the third quarter. This move resulted in Vanguard Group Inc. now owning around 6.67 million shares of the company’s stock valued at $796.98 million, after acquiring an additional 192,144 shares in the last quarter.
Similarly, Jarislowsky Fraser Ltd saw fit to increase its stake in Franco-Nevada by 5.1% during the fourth quarter of last year. As a result, Jarislowsky Fraser Ltd currently owns roughly 3.19 million shares of the basic materials company’s stock with an estimated value of $434.03 million.
Additionally, The Manufacturers Life Insurance Company raised its position in Franco-Nevada by a significant 15% during the same period – fourth quarter – thereby owning approximately 2.94 million shares worth $400.60 million after acquiring an extra 382,969 shares.
Lastly, Bank of America Corp DE significantly boosted its position by a staggering 69.9% during the first quarter this year alone – making it a remarkable acquisition for the bank considering institutional investments were already holding a majority stake at that point.
These notable changes in ownership highlight both investors’ confidence and interest in Franco-Nevada as a potentially lucrative investment opportunity within the basic materials sector.
As for FRAN’s stock performance on September 14th – when NYSE:FNV opened at $140.68 – the company boasted a market capitalization of $27.02 billion, a price-to-earnings ratio of 40.78, and a price-to-earnings-growth ratio of 10.34. Furthermore, Franco-Nevada’s stock experienced both a one-year low of $109.70 and a high of $161.25.
In terms of dividend announcements, Franco-Nevada disclosed that it would be paying its shareholders a quarterly dividend on September 28th. Stockholders who were recorded on September 14th will receive a dividend payment of $0.34 per share. Consequently, the ex-dividend date for shareholders was set as September 13th.
Given Franco-Nevada’s most recent dividend payout ratio (DPR) of 39.42%, which demonstrates the proportion of earnings distributed as dividends to shareholders, investors may have reason to be optimistic about further potential returns from their investment in the company.
It is worth noting that various analyst reports have shed light on Franco-Nevada’s performance and prospects in the market. For example, Stifel Nicolaus upgraded its rating for FRAN’s stock from “hold” to “buy” in August this year, reflecting the firm’s positive outlook on the company’s future growth potential.
StockNews.com, another renowned research provider, initiated coverage on Franco-Nevada and issued a “hold” rating for its stock in mid-August.
Conversely, TD Securities recently decreased its target price for FRAN shares from $190.00 to $180.00 but maintained its “buy” rating for the company.
On Tuesday, August 1st, TheStreet downgraded Franco-Nevada from a “b” rating to a “c+,” possibly indicating some concerns regarding the company’s performance during that period.
Barclays also revised its target price downward for Franco-Nevada from $127.00 to $126.00, signifying a slightly less optimistic stance on the stock value.
Overall, Franco-Nevada has received mixed ratings from various analysts, with one analyst giving it a sell rating, two assigning a hold rating, and four assigning a buy rating. Based on the average rating of “Hold” and the consensus price target of $178.00 reported by Bloomberg data, it seems that analysts are undecided about the company’s immediate future prospects.
In summary, recent changes to hedge fund positions in Franco-Nevada suggest growing interest and confidence in the company’s potential as an investment opportunity. With its market capitalization and dividend payout ratio also leaving room for optimism, investors continue to monitor FRAN’s ratings and target prices closely to make informed decisions about their portfolios moving forward.
