First Eagle Investment Management LLC Raises Stock Position in Franco-Nevada Corporation $FNV

First Eagle Investment Management LLC lifted its holdings in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 26.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,049,187 shares of the basic materials company’s stock after acquiring an additional 846,950 shares during the quarter. Franco-Nevada comprises approximately 1.6% of First Eagle Investment Management LLC’s holdings, making the stock its 21st biggest holding. First Eagle Investment Management LLC owned approximately 2.10% of Franco-Nevada worth $901,092,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. TD Waterhouse Canada Inc. lifted its position in Franco-Nevada by 8.1% in the 3rd quarter. TD Waterhouse Canada Inc. now owns 275,747 shares of the basic materials company’s stock valued at $59,623,000 after purchasing an additional 20,664 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Franco-Nevada by 4.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 114,465 shares of the basic materials company’s stock valued at $25,515,000 after purchasing an additional 4,900 shares during the period. Osaic Holdings Inc. raised its position in Franco-Nevada by 210.4% in the second quarter. Osaic Holdings Inc. now owns 18,235 shares of the basic materials company’s stock worth $2,989,000 after acquiring an additional 12,360 shares in the last quarter. Gruss & Co. LLC acquired a new stake in shares of Franco-Nevada during the 3rd quarter valued at $557,000. Finally, Altfest L J & Co. Inc. boosted its holdings in shares of Franco-Nevada by 189.2% in the third quarter. Altfest L J & Co. Inc. now owns 7,556 shares of the basic materials company’s stock worth $1,684,000 after buying an additional 4,943 shares during the period. 77.06% of the stock is owned by hedge funds and other institutional investors.

Franco-Nevada Stock Down 1.0%

Shares of FNV opened at $277.67 on Tuesday. The firm has a market cap of $53.53 billion, a price-to-earnings ratio of 58.21, a price-to-earnings-growth ratio of 3.73 and a beta of 0.45. The company’s fifty day moving average is $241.94 and its 200-day moving average is $214.72. Franco-Nevada Corporation has a 12 month low of $140.03 and a 12 month high of $285.67.

Franco-Nevada Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 26th. Shareholders of record on Thursday, March 12th will be issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 0.6%. This is an increase from Franco-Nevada’s previous quarterly dividend of $0.38. The ex-dividend date is Thursday, March 12th. Franco-Nevada’s dividend payout ratio is 31.87%.

Wall Street Analysts Forecast Growth

FNV has been the topic of several research analyst reports. Jefferies Financial Group reiterated a “hold” rating and set a $228.00 price objective on shares of Franco-Nevada in a research report on Sunday, December 7th. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Franco-Nevada in a report on Wednesday, February 4th. Scotiabank increased their price objective on Franco-Nevada from $225.00 to $283.00 and gave the stock a “sector perform” rating in a research note on Monday, January 26th. Zacks Research raised Franco-Nevada from a “hold” rating to a “strong-buy” rating in a research note on Friday. Finally, Canaccord Genuity Group cut shares of Franco-Nevada from a “strong-buy” rating to a “hold” rating in a report on Friday, January 23rd. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, Franco-Nevada has a consensus rating of “Moderate Buy” and an average target price of $254.38.

About Franco-Nevada

Franco-Nevada Corporation is a Toronto-based royalty and streaming company that specializes in securing and managing long-term interests in mining properties. The firm focuses primarily on precious metals, particularly gold, while also holding interests related to silver, copper, platinum-group metals and select base metals. Rather than operating mines directly, Franco-Nevada acquires royalty and streaming agreements that entitle it to a percentage of production or revenue from producing and developing assets in exchange for upfront or staged financing.

The company’s business model centers on providing capital to mining companies in return for a sustained share of production or metal revenue, which can reduce exposure to operating and capital cost risks typical of mine operators.