Citigroup Inc. Decreases Holdings in Franco-Nevada Corporation $FNV

Citigroup Inc. decreased its stake in Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 33.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 75,540 shares of the basic materials company’s stock after selling 37,597 shares during the quarter. Citigroup Inc.’s holdings in Franco-Nevada were worth $16,818,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. AQR Capital Management LLC acquired a new stake in Franco-Nevada in the 1st quarter worth about $241,000. NewEdge Advisors LLC lifted its position in shares of Franco-Nevada by 16.7% in the first quarter. NewEdge Advisors LLC now owns 6,585 shares of the basic materials company’s stock valued at $1,038,000 after acquiring an additional 943 shares in the last quarter. Intech Investment Management LLC boosted 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 acquiring an additional 5,032 shares during the last quarter. Acadian Asset Management LLC increased its position in shares of Franco-Nevada by 800.0% during the first quarter. Acadian Asset Management LLC now owns 2,700 shares of the basic materials company’s stock worth $424,000 after purchasing an additional 2,400 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its stake in Franco-Nevada by 37.2% in the 2nd quarter. Envestnet Asset Management Inc. now owns 80,096 shares of the basic materials company’s stock valued at $13,129,000 after purchasing an additional 21,708 shares during the last quarter. Institutional investors and hedge funds own 77.06% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on FNV. Jefferies Financial Group reaffirmed a “hold” rating and set a $228.00 target price on shares of Franco-Nevada in a research note on Sunday, December 7th. Zacks Research lowered shares of Franco-Nevada from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 8th. Canaccord Genuity Group downgraded shares of Franco-Nevada from a “strong-buy” rating to a “hold” rating in a report on Friday, January 23rd. Royal Bank Of Canada raised 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 research note on Wednesday, December 10th. Finally, Wall Street Zen upgraded Franco-Nevada from a “hold” rating to a “buy” rating in a research report on Monday, November 24th. Seven research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $254.38.

Franco-Nevada Price Performance

NYSE:FNV opened at $280.83 on Friday. The company’s 50-day moving average is $240.67 and its two-hundred day moving average is $213.52. Franco-Nevada Corporation has a 1-year low of $138.59 and a 1-year high of $284.50. The firm has a market capitalization of $54.14 billion, a price-to-earnings ratio of 58.87, a PEG ratio of 1.40 and a beta of 0.47.

Franco-Nevada Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 26th. Investors of record on Thursday, March 12th will be given a $0.44 dividend. The ex-dividend date is Thursday, March 12th. This is a positive change from Franco-Nevada’s previous quarterly dividend of $0.38. This represents a $1.76 annualized dividend and a yield of 0.6%. Franco-Nevada’s dividend payout ratio (DPR) is currently 31.87%.

Franco-Nevada Company 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.