Gruss & Co. LLC Makes New Investment in Franco-Nevada Corporation $FNV

Gruss & Co. LLC purchased a new stake in Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 2,500 shares of the basic materials company’s stock, valued at approximately $557,000. Franco-Nevada comprises approximately 1.5% of Gruss & Co. LLC’s portfolio, making the stock its 13th biggest position.

Several other hedge funds also recently made changes to their positions in FNV. Smartleaf Asset Management LLC lifted its stake in Franco-Nevada by 27.6% during the third quarter. Smartleaf Asset Management LLC now owns 250 shares of the basic materials company’s stock valued at $55,000 after purchasing an additional 54 shares during the last quarter. Spire Wealth Management grew its position in Franco-Nevada by 13.4% in the third quarter. Spire Wealth Management now owns 475 shares of the basic materials company’s stock worth $106,000 after buying an additional 56 shares during the last quarter. Versant Capital Management Inc increased its holdings in shares of Franco-Nevada by 19.6% in the third quarter. Versant Capital Management Inc now owns 433 shares of the basic materials company’s stock valued at $97,000 after buying an additional 71 shares in the last quarter. Kiker Wealth Management LLC increased its holdings in shares of Franco-Nevada by 20.5% in the second quarter. Kiker Wealth Management LLC now owns 471 shares of the basic materials company’s stock valued at $77,000 after buying an additional 80 shares in the last quarter. Finally, Golden State Wealth Management LLC lifted its position in shares of 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 valued at $34,000 after acquiring an additional 90 shares during the last quarter. Institutional investors and hedge funds own 77.06% of the company’s stock.

Franco-Nevada Price Performance

NYSE:FNV opened at $232.51 on Monday. Franco-Nevada Corporation has a fifty-two week low of $137.05 and a fifty-two week high of $273.55. The stock’s 50-day moving average is $224.74 and its two-hundred day moving average is $204.20. The stock has a market cap of $44.83 billion, a PE ratio of 48.74, a price-to-earnings-growth ratio of 1.25 and a beta of 0.47.

Franco-Nevada Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 26th. Shareholders of record on Thursday, March 12th will be given a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 0.8%. 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 currently 31.87%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Canaccord Genuity Group cut Franco-Nevada from a “strong-buy” rating to a “hold” rating in a report on Friday, January 23rd. Scotiabank lifted their price target on Franco-Nevada from $225.00 to $283.00 and gave the stock a “sector perform” rating in a research note on Monday, January 26th. Jefferies Financial Group restated a “hold” rating and set a $228.00 price objective on shares of Franco-Nevada in a report on Sunday, December 7th. Royal Bank Of Canada upgraded shares of Franco-Nevada from a “sector perform” rating to an “outperform” rating and raised their target price for the stock from $225.00 to $250.00 in a report on Wednesday, December 10th. Finally, Bank of America boosted their price target on shares of Franco-Nevada from $211.00 to $220.00 and gave the company a “neutral” rating in a report on Thursday, October 16th. Six equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus 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.