Royal London Asset Management Ltd. boosted its position in Franco-Nevada Co. (NYSE:FNV - Free Report) TSE: FNV by 31.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 43,023 shares of the basic materials company's stock after purchasing an additional 10,285 shares during the period. Royal London Asset Management Ltd.'s holdings in Franco-Nevada were worth $5,743,000 as of its most recent filing with the Securities & Exchange Commission.
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Other hedge funds have also recently added to or reduced their stakes in the company. Sheets Smith Wealth Management acquired a new stake in Franco-Nevada in the first quarter valued at about $238,000. Castleview Partners LLC acquired a new stake in Franco-Nevada in the third quarter valued at about $33,000. State of Wyoming acquired a new stake in Franco-Nevada in the fourth quarter valued at about $38,000. Penserra Capital Management LLC acquired a new stake in Franco-Nevada in the first quarter valued at about $47,000. Finally, FinTrust Capital Advisors LLC lifted its position in Franco-Nevada by 209.0% in the third quarter. FinTrust Capital Advisors LLC now owns 309 shares of the basic materials company's stock valued at $41,000 after purchasing an additional 209 shares during the period. Institutional investors and hedge funds own 66.70% of the company's stock.
Franco-Nevada Stock Performance
NYSE:FNV opened at $115.02 on Monday. The firm's fifty day simple moving average is $108.54 and its 200 day simple moving average is $120.52. Franco-Nevada Co. has a twelve month low of $102.29 and a twelve month high of $161.25.
Franco-Nevada Increases Dividend
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The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 28th. Shareholders of record on Thursday, March 14th will be issued a $0.36 dividend. The ex-dividend date of this dividend is Wednesday, March 13th. This represents a $1.44 dividend on an annualized basis and a yield of 1.25%. This is a positive change from Franco-Nevada's previous quarterly dividend of $0.34. Franco-Nevada's payout ratio is currently -55.97%.
Analysts Set New Price Targets
A number of equities research analysts have recently issued reports on FNV shares. Scotiabank reduced their price target on shares of Franco-Nevada from $141.00 to $139.00 and set a "sector perform" rating for the company in a research report on Thursday. TD Securities reduced their price target on shares of Franco-Nevada from $135.00 to $125.00 and set a "hold" rating for the company in a research report on Thursday, November 30th. Raymond James reduced their price target on shares of Franco-Nevada from $148.00 to $141.00 and set an "outperform" rating for the company in a research report on Tuesday, December 12th. BMO Capital Markets reduced their price target on shares of Franco-Nevada from $219.00 to $214.00 and set an "outperform" rating for the company in a research report on Tuesday, November 21st. Finally, Jefferies Financial Group began coverage on shares of Franco-Nevada in a research note on Thursday, February 29th. They set a "hold" rating and a $117.00 price objective for the company. One research analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $148.56.
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Check Out Our Latest Research Report on FNV
Franco-Nevada Company Profile
(Free Report)
Franco-Nevada Corporation operates as a gold-focused royalty and streaming company in Latin America, the United States, Canada, and internationally. It operates through Mining and Energy segments. The company manages its portfolio with a focus on precious metals, such as gold, silver, and platinum group metals; and engages in the sale of crude oil, natural gas, and natural gas liquids.
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