Korea Investment CORP Acquires 120,595 Shares of Franco-Nevada Corporation $FNV

Korea Investment CORP lifted its holdings in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 97.9% during the third quarter, HoldingsChannel reports. The firm owned 243,749 shares of the basic materials company’s stock after acquiring an additional 120,595 shares during the quarter. Korea Investment CORP’s holdings in Franco-Nevada were worth $54,266,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of FNV. Blair William & Co. IL acquired a new position in shares of Franco-Nevada in the 3rd quarter valued at approximately $320,000. HUB Investment Partners LLC acquired a new stake in Franco-Nevada during the 3rd quarter worth approximately $605,000. Intellectus Partners LLC raised its holdings in Franco-Nevada by 36.5% during the 3rd quarter. Intellectus Partners LLC now owns 2,098 shares of the basic materials company’s stock worth $468,000 after buying an additional 561 shares during the period. Integrated Quantitative Investments LLC bought a new position in Franco-Nevada in the third quarter valued at approximately $1,231,000. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Franco-Nevada by 3.2% in the third quarter. Dimensional Fund Advisors LP now owns 270,963 shares of the basic materials company’s stock valued at $60,385,000 after buying an additional 8,321 shares during the period. Institutional investors own 77.06% of the company’s stock.

Franco-Nevada Trading Up 1.8%

Shares of FNV opened at $259.83 on Monday. The company has a market cap of $50.10 billion, a price-to-earnings ratio of 54.47, a PEG ratio of 3.45 and a beta of 0.45. Franco-Nevada Corporation has a 1-year low of $140.03 and a 1-year high of $285.67. The company’s fifty day simple moving average is $245.40 and its 200 day simple moving average is $217.07.

Franco-Nevada Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 26th. Stockholders 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 dividend on an annualized basis and a dividend yield of 0.7%. Franco-Nevada’s payout ratio is 31.87%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on FNV shares. Scotiabank raised their price objective on shares of Franco-Nevada from $225.00 to $283.00 and gave the stock a “sector perform” rating in a report on Monday, January 26th. HC Wainwright upped their target price on shares of Franco-Nevada from $210.00 to $285.00 and gave the stock a “buy” rating in a research note on Friday, February 13th. 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. UBS Group reissued a “buy” rating and issued a $310.00 price target on shares of Franco-Nevada in a research note on Friday, January 30th. Finally, Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of Franco-Nevada in a research report on Wednesday, February 4th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Franco-Nevada presently has a consensus 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.