Bessemer Group Inc. Sells 2,960 Shares of Franco-Nevada Corporation $FNV

Bessemer Group Inc. cut its holdings in Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 22.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 10,084 shares of the basic materials company’s stock after selling 2,960 shares during the period. Bessemer Group Inc.’s holdings in Franco-Nevada were worth $2,242,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the business. AQR Capital Management LLC bought a new position in Franco-Nevada in the 1st quarter worth $241,000. NewEdge Advisors LLC increased its position in Franco-Nevada by 16.7% in the first quarter. NewEdge Advisors LLC now owns 6,585 shares of the basic materials company’s stock worth $1,038,000 after buying an additional 943 shares in the last quarter. Intech Investment Management LLC raised its stake in shares of Franco-Nevada by 118.3% in the first quarter. Intech Investment Management LLC now owns 9,286 shares of the basic materials company’s stock worth $1,460,000 after buying an additional 5,032 shares during the period. Acadian Asset Management LLC lifted its position in shares of Franco-Nevada by 800.0% during the 1st quarter. Acadian Asset Management LLC now owns 2,700 shares of the basic materials company’s stock valued at $424,000 after buying an additional 2,400 shares in the last quarter. Finally, US Bancorp DE lifted its position in shares of Franco-Nevada by 0.7% during the 2nd quarter. US Bancorp DE now owns 22,774 shares of the basic materials company’s stock valued at $3,733,000 after buying an additional 148 shares in the last quarter. Institutional investors own 77.06% of the company’s stock.

Franco-Nevada Stock Performance

Shares of NYSE FNV opened at $232.51 on Monday. The firm’s fifty day moving average is $224.74 and its two-hundred day moving average is $204.20. Franco-Nevada Corporation has a 52-week low of $137.05 and a 52-week high of $273.55. The company has a market cap of $44.83 billion, a P/E ratio of 48.74, a P/E/G ratio of 1.25 and a beta of 0.47.

Franco-Nevada Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 26th. Investors of record on Thursday, March 12th will be paid a dividend of $0.44 per share. The ex-dividend date of this dividend is Thursday, March 12th. This is a boost from Franco-Nevada’s previous quarterly dividend of $0.38. This represents a $1.76 dividend on an annualized basis and a yield of 0.8%. Franco-Nevada’s dividend payout ratio is currently 31.87%.

Analyst Ratings Changes

A number of equities research analysts have commented on FNV shares. HC Wainwright raised their target price on shares of Franco-Nevada from $200.00 to $210.00 and gave the stock a “buy” rating in a research note on Tuesday, November 4th. Canaccord Genuity Group cut shares of Franco-Nevada from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 23rd. Scotiabank lifted their target price 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. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of Franco-Nevada in a report on Wednesday. Finally, UBS Group reissued a “buy” rating and set a $310.00 price target on shares of Franco-Nevada in a report on Friday, January 30th. Six analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $245.00.

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.