Van ECK Associates Corp Reduces Holdings in Franco-Nevada Corporation $FNV

Van ECK Associates Corp lowered its position in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 11.0% during the third quarter, Holdings Channel reports. The firm owned 6,599,001 shares of the basic materials company’s stock after selling 818,749 shares during the quarter. Franco-Nevada makes up about 1.4% of Van ECK Associates Corp’s portfolio, making the stock its 18th largest holding. Van ECK Associates Corp’s holdings in Franco-Nevada were worth $1,470,942,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Capital Research Global Investors grew its stake in Franco-Nevada by 0.8% during the 3rd quarter. Capital Research Global Investors now owns 638,396 shares of the basic materials company’s stock worth $142,232,000 after buying an additional 5,361 shares during the last quarter. Bank of Montreal Can lifted its stake in 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 buying an additional 454,175 shares during the last quarter. Legal & General Group Plc boosted its holdings in shares of Franco-Nevada by 6.0% in the third quarter. Legal & General Group Plc now owns 986,672 shares of the basic materials company’s stock valued at $219,665,000 after acquiring an additional 55,954 shares during the period. Pinkerton Wealth LLC purchased a new position in shares of Franco-Nevada during the third quarter worth approximately $272,000. Finally, LGT Group Foundation acquired a new position in shares of Franco-Nevada in the 3rd quarter valued at $263,000. 77.06% of the stock is owned by hedge funds and other institutional investors.

Franco-Nevada Price Performance

Shares of NYSE FNV opened at $263.33 on Tuesday. The stock has a fifty day moving average price of $246.52 and a 200 day moving average price of $217.65. Franco-Nevada Corporation has a 1-year low of $140.03 and a 1-year high of $285.67. The company has a market cap of $50.77 billion, a PE ratio of 55.21, a P/E/G ratio of 3.45 and a beta of 0.45.

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 paid a $0.44 dividend. This is a boost 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 dividend yield of 0.7%. Franco-Nevada’s dividend payout ratio (DPR) is 31.87%.

Analyst Upgrades and Downgrades

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

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.