Capital World Investors Reduces Stock Position in Franco-Nevada Corporation $FNV

Capital World Investors reduced its stake in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 0.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,982,550 shares of the basic materials company’s stock after selling 57,830 shares during the quarter. Capital World Investors owned about 4.14% of Franco-Nevada worth $1,776,787,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Bank of Montreal Can boosted its holdings in shares of Franco-Nevada by 8.9% in the third quarter. Bank of Montreal Can now owns 5,560,980 shares of the basic materials company’s stock valued at $1,237,510,000 after purchasing an additional 454,175 shares during the period. Legal & General Group Plc raised its position in Franco-Nevada by 6.0% during the 3rd quarter. Legal & General Group Plc now owns 986,672 shares of the basic materials company’s stock valued at $219,665,000 after purchasing an additional 55,954 shares in the last quarter. Pinkerton Wealth LLC bought a new position in shares of Franco-Nevada during the 3rd quarter worth $272,000. LGT Group Foundation purchased a new position in shares of Franco-Nevada during the third quarter valued at $263,000. Finally, Russell Investments Group Ltd. raised its holdings in shares of Franco-Nevada by 3.5% in the third quarter. Russell Investments Group Ltd. now owns 105,687 shares of the basic materials company’s stock valued at $23,532,000 after acquiring an additional 3,612 shares in the last quarter. Institutional investors own 77.06% of the company’s stock.

Franco-Nevada Stock Up 1.4%

FNV opened at $263.33 on Tuesday. Franco-Nevada Corporation has a 52-week low of $140.03 and a 52-week high of $285.67. The firm’s fifty day simple moving average is $246.52 and its two-hundred day simple moving average is $217.65. The company has a market cap of $50.77 billion, a price-to-earnings ratio of 55.21, a PEG ratio of 3.45 and a beta of 0.45.

Franco-Nevada Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 26th. Investors of record on Thursday, March 12th will be issued a $0.44 dividend. This is an increase from Franco-Nevada’s previous quarterly dividend of $0.38. The ex-dividend date is Thursday, March 12th. This represents a $1.76 annualized dividend and a yield of 0.7%. Franco-Nevada’s payout ratio is presently 31.87%.

Wall Street Analysts Forecast Growth

FNV has been the subject of several research reports. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of Franco-Nevada in a research report on Wednesday, February 4th. Scotiabank increased their target price on shares of Franco-Nevada from $225.00 to $283.00 and gave the company a “sector perform” rating in a research report on Monday, January 26th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $228.00 price target on shares of Franco-Nevada in a report on Sunday, December 7th. Zacks Research upgraded Franco-Nevada from a “hold” rating to a “strong-buy” rating in a research note on Friday, February 27th. Finally, UBS Group reiterated a “buy” rating and issued a $310.00 price target on shares of Franco-Nevada in a research note on Friday, January 30th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat.com, Franco-Nevada presently has an average rating of “Moderate Buy” and an average target price of $254.38.

Franco-Nevada Profile

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.