Shell Asset Management Co. Sells 10,026 Shares of Franco-Nevada Corporation $FNV

Shell Asset Management Co. lessened its stake in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 55.1% in the third quarter, HoldingsChannel.com reports. The firm owned 8,165 shares of the basic materials company’s stock after selling 10,026 shares during the quarter. Shell Asset Management Co.’s holdings in Franco-Nevada were worth $1,818,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. TD Waterhouse Canada Inc. increased its position in shares of Franco-Nevada by 8.1% during the third quarter. TD Waterhouse Canada Inc. now owns 275,747 shares of the basic materials company’s stock valued at $59,623,000 after buying an additional 20,664 shares during the period. Allspring Global Investments Holdings LLC grew its holdings 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 worth $25,515,000 after acquiring an additional 4,900 shares during the period. Osaic Holdings Inc. raised its position in shares of Franco-Nevada by 210.4% in the 2nd 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 bought a new position in shares of Franco-Nevada in the 3rd quarter worth approximately $557,000. Finally, Altfest L J & Co. Inc. boosted its position in shares of Franco-Nevada by 189.2% during the third quarter. Altfest L J & Co. Inc. now owns 7,556 shares of the basic materials company’s stock valued at $1,684,000 after purchasing an additional 4,943 shares in the last quarter. 77.06% of the stock is owned by hedge funds and other institutional investors.

Franco-Nevada Stock Performance

NYSE:FNV opened at $252.51 on Monday. The firm has a market cap of $48.68 billion, a P/E ratio of 52.94, a P/E/G ratio of 1.25 and a beta of 0.47. Franco-Nevada Corporation has a fifty-two week low of $137.05 and a fifty-two week high of $273.55. The firm has a 50-day simple moving average of $229.42 and a two-hundred day simple moving average of $207.34.

Franco-Nevada Increases Dividend

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

Wall Street Analysts Forecast Growth

FNV has been the subject of a number of research reports. Canaccord Genuity Group downgraded Franco-Nevada from a “strong-buy” rating to a “hold” rating in a report on Friday, January 23rd. 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. HC Wainwright lifted their price target on shares of Franco-Nevada from $210.00 to $285.00 and gave the company a “buy” rating in a research report on Friday. TD Securities cut their price objective on shares of Franco-Nevada from $247.00 to $225.00 and set a “hold” rating on the stock in a report on Wednesday, November 5th. Finally, Jefferies Financial Group reiterated a “hold” rating and set a $228.00 target price on shares of Franco-Nevada in a report on Sunday, December 7th. Seven investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average 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.