3,400 Shares in Franco-Nevada Corporation $FNV Bought by Arizona State Retirement System

Arizona State Retirement System purchased a new stake in Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) during the 3rd quarter, Holdings Channel reports. The firm purchased 3,400 shares of the basic materials company’s stock, valued at approximately $758,000.

Several other institutional investors have also recently modified their holdings of FNV. MTM Investment Management LLC acquired a new stake in Franco-Nevada during the 2nd quarter valued at $32,000. Smartleaf Asset Management LLC boosted its stake in shares of Franco-Nevada by 600.0% during the second quarter. Smartleaf Asset Management LLC now owns 196 shares of the basic materials company’s stock valued at $32,000 after acquiring an additional 168 shares during the last quarter. Golden State Wealth Management LLC increased its position in Franco-Nevada by 78.3% during the 2nd quarter. Golden State Wealth Management LLC now owns 205 shares of the basic materials company’s stock worth $34,000 after purchasing an additional 90 shares in the last quarter. CENTRAL TRUST Co raised its stake in Franco-Nevada by 590.9% in the 2nd quarter. CENTRAL TRUST Co now owns 228 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 195 shares during the last quarter. Finally, City Holding Co. purchased a new position in Franco-Nevada in the 3rd quarter valued at about $56,000. 77.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FNV has been the subject of a number of analyst reports. Canaccord Genuity Group lowered shares of Franco-Nevada from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 23rd. TD Securities reduced their price target on Franco-Nevada from $247.00 to $225.00 and set a “hold” rating on the stock in a research note on Wednesday, November 5th. Bank of America lifted their price objective on Franco-Nevada from $211.00 to $220.00 and gave the company a “neutral” rating in a research report on Thursday, October 16th. Scotiabank upped their target price on Franco-Nevada from $225.00 to $283.00 and gave the company a “sector perform” rating in a research note on Monday, January 26th. Finally, Royal Bank Of Canada raised Franco-Nevada from a “sector perform” rating to an “outperform” rating and raised their price target for the stock from $225.00 to $250.00 in a research note on Wednesday, December 10th. Six research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat.com, Franco-Nevada currently has a consensus rating of “Hold” and a consensus target price of $245.00.

Franco-Nevada Price Performance

Shares of FNV stock opened at $248.26 on Tuesday. The firm has a market cap of $47.86 billion, a P/E ratio of 52.05, a P/E/G ratio of 1.25 and a beta of 0.47. The firm has a fifty day moving average of $225.56 and a two-hundred day moving average of $204.80. Franco-Nevada Corporation has a 1-year low of $137.05 and a 1-year high of $273.55.

Franco-Nevada Increases Dividend

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

Franco-Nevada Company 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.