Cidel Asset Management Inc. raised its holdings in Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) by 44.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 204,906 shares of the basic materials company’s stock after buying an additional 62,626 shares during the quarter. Franco-Nevada accounts for approximately 1.2% of Cidel Asset Management Inc.’s holdings, making the stock its 28th biggest holding. Cidel Asset Management Inc. owned approximately 0.11% of Franco-Nevada worth $29,767,000 at the end of the most recent quarter.
Other institutional investors have also made changes to their positions in the company. EdgePoint Investment Group Inc. lifted its position in Franco-Nevada by 2,605.7% during the 1st quarter. EdgePoint Investment Group Inc. now owns 1,722,211 shares of the basic materials company’s stock worth $215,280,000 after buying an additional 1,658,559 shares in the last quarter. Jarislowsky Fraser Ltd grew its stake in shares of Franco-Nevada by 134.9% during the 2nd quarter. Jarislowsky Fraser Ltd now owns 2,703,847 shares of the basic materials company’s stock worth $392,792,000 after acquiring an additional 1,552,784 shares in the last quarter. FIL Ltd grew its stake in shares of Franco-Nevada by 25.6% during the 1st quarter. FIL Ltd now owns 6,826,131 shares of the basic materials company’s stock worth $855,384,000 after acquiring an additional 1,389,449 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of Franco-Nevada by 21.0% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 7,960,783 shares of the basic materials company’s stock worth $997,406,000 after acquiring an additional 1,383,808 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its holdings in shares of Franco-Nevada by 20.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,401,881 shares of the basic materials company’s stock valued at $676,884,000 after buying an additional 926,261 shares during the last quarter. 68.15% of the stock is currently owned by hedge funds and other institutional investors.
NYSE FNV traded up $2.01 during trading on Wednesday, reaching $143.48. The company’s stock had a trading volume of 37,180 shares, compared to its average volume of 605,693. The stock has a market capitalization of $27.42 billion, a PE ratio of 39.85, a P/E/G ratio of 10.04 and a beta of 0.58. The firm has a fifty day moving average of $149.43 and a 200 day moving average of $142.11. Franco-Nevada Co. has a one year low of $105.62 and a one year high of $163.79.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 30th. Shareholders of record on Thursday, September 16th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.84%. The ex-dividend date is Wednesday, September 15th. Franco-Nevada’s payout ratio is 44.28%.
Several equities research analysts have issued reports on the company. Stifel Nicolaus raised their price target on Franco-Nevada from C$189.00 to C$195.00 and gave the company a “hold” rating in a report on Wednesday, July 14th. National Bank Financial lifted their target price on Franco-Nevada from C$200.00 to C$205.00 and gave the company a “sector perform” rating in a research report on Friday, July 16th. Canaccord Genuity lowered Franco-Nevada from a “buy” rating to a “hold” rating and set a $200.00 price target on the stock. in a research note on Friday, July 16th. Industrial Alliance Securities reissued a “buy” rating and set a C$250.00 price target on shares of Franco-Nevada in a research note on Friday, June 11th. Finally, Barclays lowered Franco-Nevada from an “equal weight” rating to an “underweight” rating and set a $107.00 price target on the stock. in a research note on Thursday, July 8th. Three analysts have rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $178.67.
Franco-Nevada Corp. engages in the management of gold-focused royalties and streams portfolio. It provides investors with gold price and exploration optionality while limiting exposure to many of the risks of operating companies. The company was founded on October 17, 2007 and is headquartered in Toronto, Canada.
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