Franco-Nevada Corporation $FNV is Armor Advisors L.L.C.’s 3rd Largest Position

Armor Advisors L.L.C. cut its position in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 24.3% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 63,812 shares of the basic materials company’s stock after selling 20,500 shares during the period. Franco-Nevada accounts for 7.9% of Armor Advisors L.L.C.’s holdings, making the stock its 3rd biggest position. Armor Advisors L.L.C.’s holdings in Franco-Nevada were worth $14,224,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Franco-Nevada during the 2nd quarter worth about $460,218,000. Arrowstreet Capital Limited Partnership raised its holdings in Franco-Nevada by 35.2% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 3,220,029 shares of the basic materials company’s stock worth $528,289,000 after purchasing an additional 838,853 shares during the period. Picton Mahoney Asset Management purchased a new position in Franco-Nevada during the second quarter worth approximately $80,621,000. Invesco Ltd. grew its holdings in Franco-Nevada by 110.6% in the second quarter. Invesco Ltd. now owns 902,017 shares of the basic materials company’s stock valued at $147,859,000 after purchasing an additional 473,697 shares during the period. Finally, Gilder Gagnon Howe & Co. LLC increased its position in shares of Franco-Nevada by 1,084.0% in the second quarter. Gilder Gagnon Howe & Co. LLC now owns 350,236 shares of the basic materials company’s stock valued at $57,411,000 after buying an additional 320,656 shares in the last quarter. Hedge funds and other institutional investors own 77.06% of the company’s stock.

Franco-Nevada Trading Up 2.1%

FNV stock opened at $260.36 on Friday. The firm has a 50-day moving average of $234.06 and a two-hundred day moving average of $210.18. Franco-Nevada Corporation has a 12 month low of $137.05 and a 12 month high of $273.55. The company has a market cap of $50.20 billion, a price-to-earnings ratio of 54.58, a PEG ratio of 1.29 and a beta of 0.47.

Franco-Nevada Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 26th. Shareholders of record on Thursday, March 12th will be paid a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a yield of 0.7%. This is an increase from Franco-Nevada’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Thursday, March 12th. Franco-Nevada’s dividend payout ratio is presently 31.87%.

Analysts Set New Price Targets

FNV has been the topic of a number of research analyst reports. HC Wainwright lifted their price target on shares of Franco-Nevada from $210.00 to $285.00 and gave the company a “buy” rating in a research note on Friday, February 13th. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Franco-Nevada in a research note on Wednesday, February 4th. TD Securities decreased their price target on shares of Franco-Nevada from $247.00 to $225.00 and set a “hold” rating on the stock in a research note on Wednesday, November 5th. Wall Street Zen upgraded Franco-Nevada from a “hold” rating to a “buy” rating in a report on Monday, November 24th. Finally, Weiss Ratings raised Franco-Nevada from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, February 10th. Seven investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average 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.