Picton Mahoney Asset Management Boosts Stake in Franco-Nevada Corporation $FNV

Picton Mahoney Asset Management boosted its position in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 19.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 591,206 shares of the basic materials company’s stock after buying an additional 98,171 shares during the period. Franco-Nevada makes up about 1.2% of Picton Mahoney Asset Management’s portfolio, making the stock its 12th biggest holding. Picton Mahoney Asset Management owned about 0.31% of Franco-Nevada worth $131,567,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in FNV. MTM Investment Management LLC purchased a new stake in shares of Franco-Nevada during the 2nd quarter worth approximately $32,000. Smartleaf Asset Management LLC increased its position in Franco-Nevada by 600.0% in the second quarter. Smartleaf Asset Management LLC now owns 196 shares of the basic materials company’s stock worth $32,000 after purchasing an additional 168 shares during the last quarter. Golden State Wealth Management LLC raised its stake in Franco-Nevada by 78.3% during the second quarter. Golden State Wealth Management LLC now owns 205 shares of the basic materials company’s stock valued at $34,000 after purchasing an additional 90 shares in the last quarter. CENTRAL TRUST Co lifted its position in Franco-Nevada by 590.9% during the second 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 shares of Franco-Nevada in the 3rd quarter worth $56,000. Institutional investors own 77.06% of the company’s stock.

Wall Street Analysts Forecast Growth

FNV has been the topic of several recent research reports. HC Wainwright upped their target price on shares of Franco-Nevada from $210.00 to $285.00 and gave the company a “buy” rating in a research report on Friday, February 13th. Scotiabank raised their price objective 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. Wall Street Zen raised Franco-Nevada from a “hold” rating to a “buy” rating in a research report on Monday, November 24th. TD Securities decreased their price target on Franco-Nevada from $247.00 to $225.00 and set a “hold” rating on the stock in a report on Wednesday, November 5th. Finally, Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Franco-Nevada in a research report on Wednesday, February 4th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, Franco-Nevada has an average rating of “Moderate Buy” and a consensus price target of $254.38.

Franco-Nevada Stock Performance

Shares of NYSE FNV opened at $262.04 on Wednesday. The business’s 50 day moving average price is $242.87 and its 200-day moving average price is $215.32. Franco-Nevada Corporation has a fifty-two week low of $140.03 and a fifty-two week high of $285.67. The company has a market cap of $50.52 billion, a price-to-earnings ratio of 54.94, a PEG ratio of 3.70 and a beta of 0.45.

Franco-Nevada Increases Dividend

The firm 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 dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 0.7%. This is a positive change from Franco-Nevada’s previous quarterly dividend of $0.38. The ex-dividend date is Thursday, March 12th. Franco-Nevada’s dividend payout ratio is 31.87%.

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.