Franco-Nevada Corporation $FNV Shares Sold by Gabelli Funds LLC

Gabelli Funds LLC decreased its stake in Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 8.9% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 261,536 shares of the basic materials company’s stock after selling 25,687 shares during the quarter. Gabelli Funds LLC’s holdings in Franco-Nevada were worth $58,275,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. MTM Investment Management LLC purchased a new stake in shares of Franco-Nevada during the 2nd quarter valued at about $32,000. Smartleaf Asset Management LLC lifted its position in Franco-Nevada by 600.0% during the 2nd quarter. Smartleaf Asset Management LLC now owns 196 shares of the basic materials company’s stock worth $32,000 after acquiring an additional 168 shares in the last quarter. Golden State Wealth Management LLC boosted its holdings in Franco-Nevada by 78.3% in the 2nd quarter. Golden State Wealth Management LLC now owns 205 shares of the basic materials company’s stock worth $34,000 after acquiring an additional 90 shares during the period. CENTRAL TRUST Co boosted its holdings in Franco-Nevada by 590.9% in the 2nd quarter. CENTRAL TRUST Co now owns 228 shares of the basic materials company’s stock worth $37,000 after acquiring an additional 195 shares during the period. Finally, City Holding Co. acquired a new stake in Franco-Nevada in the third quarter valued at approximately $56,000. Institutional investors and hedge funds own 77.06% of the company’s stock.

Franco-Nevada Price Performance

FNV opened at $259.83 on Friday. The stock has a market capitalization of $50.10 billion, a PE ratio of 54.47, a P/E/G ratio of 3.40 and a beta of 0.45. The firm’s fifty day moving average price is $245.40 and its 200 day moving average price is $216.50. Franco-Nevada Corporation has a 12-month low of $140.03 and a 12-month high of $285.67.

Franco-Nevada Increases Dividend

The business 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 of this dividend is Thursday, March 12th. This is an increase from Franco-Nevada’s previous quarterly dividend of $0.38. Franco-Nevada’s payout ratio is presently 31.87%.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Royal Bank Of Canada upgraded shares of Franco-Nevada from a “sector perform” rating to an “outperform” rating and lifted their price objective for the company from $225.00 to $250.00 in a research note on Wednesday, December 10th. Jefferies Financial Group reaffirmed a “hold” rating and set a $228.00 price target on shares of Franco-Nevada in a report on Sunday, December 7th. Weiss Ratings raised shares of Franco-Nevada from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, February 10th. UBS Group reiterated a “buy” rating and issued a $310.00 price objective on shares of Franco-Nevada in a report on Friday, January 30th. Finally, Canaccord Genuity Group cut shares of Franco-Nevada from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 23rd. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target 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.