M&G PLC Decreases Stake in Franco-Nevada Corporation $FNV

M&G PLC lessened its position in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 25.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,034,226 shares of the basic materials company’s stock after selling 353,291 shares during the quarter. Franco-Nevada comprises 1.2% of M&G PLC’s portfolio, making the stock its 26th biggest holding. M&G PLC’s holdings in Franco-Nevada were worth $230,322,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. AQR Capital Management LLC purchased a new position in shares of Franco-Nevada in the first quarter valued at $241,000. NewEdge Advisors LLC lifted its position in Franco-Nevada by 16.7% during the first quarter. NewEdge Advisors LLC now owns 6,585 shares of the basic materials company’s stock valued at $1,038,000 after purchasing an additional 943 shares during the last quarter. Intech Investment Management LLC grew its stake in shares of Franco-Nevada by 118.3% in the 1st quarter. Intech Investment Management LLC now owns 9,286 shares of the basic materials company’s stock worth $1,460,000 after buying an additional 5,032 shares in the last quarter. Acadian Asset Management LLC increased its stake in Franco-Nevada by 800.0% during the first quarter. Acadian Asset Management LLC now owns 2,700 shares of the basic materials company’s stock worth $424,000 after acquiring an additional 2,400 shares during the last quarter. Finally, Apollon Wealth Management LLC bought a new position in shares of Franco-Nevada during the 2nd quarter valued at approximately $266,000. 77.06% of the stock is owned by hedge funds and other institutional investors.

Franco-Nevada Stock Up 5.5%

Shares of NYSE:FNV opened at $252.51 on Monday. The business’s 50 day moving average is $229.42 and its 200 day moving average is $207.34. The stock has a market cap of $48.68 billion, a P/E ratio of 52.94, a price-to-earnings-growth ratio of 1.25 and a beta of 0.47. Franco-Nevada Corporation has a 52-week low of $137.05 and a 52-week high of $273.55.

Franco-Nevada Increases Dividend

The company 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. The ex-dividend date is Thursday, March 12th. This is an increase from Franco-Nevada’s previous quarterly dividend of $0.38. This represents a $1.76 annualized dividend and a dividend yield of 0.7%. Franco-Nevada’s dividend payout ratio is presently 31.87%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on FNV shares. Zacks Research lowered shares of Franco-Nevada from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 8th. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Franco-Nevada in a report on Wednesday, February 4th. Jefferies Financial Group reissued a “hold” rating and set a $228.00 price target on shares of Franco-Nevada in a research note on Sunday, December 7th. Wall Street Zen raised Franco-Nevada from a “hold” rating to a “buy” rating in a research report on Monday, November 24th. Finally, UBS Group reiterated a “buy” rating and set a $310.00 target price on shares of Franco-Nevada in a research report on Friday, January 30th. Seven research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus 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.