CIBC Asset Management Inc decreased its stake in shares of Franco-Nevada Corporation (NYSE:FNV – Free Report) (TSE:FNV) by 15.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 692,194 shares of the basic materials company’s stock after selling 123,584 shares during the quarter. CIBC Asset Management Inc’s holdings in Franco-Nevada were worth $143,884,000 as of its most recent SEC filing.
Several other large investors also recently bought and sold shares of FNV. GAMMA Investing LLC increased its holdings in shares of Franco-Nevada by 112.3% in the 4th quarter. GAMMA Investing LLC now owns 121 shares of the basic materials company’s stock valued at $25,000 after acquiring an additional 64 shares during the last quarter. Burkett Financial Services LLC purchased a new position in shares of Franco-Nevada in the 3rd quarter valued at about $28,000. Private Trust Co. NA purchased a new position in shares of Franco-Nevada in the 4th quarter valued at about $29,000. Smartleaf Asset Management LLC increased its holdings in shares of Franco-Nevada by 600.0% in the 2nd quarter. Smartleaf Asset Management LLC now owns 196 shares of the basic materials company’s stock valued at $32,000 after acquiring an additional 168 shares during the last quarter. Finally, Navalign LLC purchased a new position in shares of Franco-Nevada in the 4th quarter valued at about $34,000. Hedge funds and other institutional investors own 77.06% of the company’s stock.
Franco-Nevada Stock Performance
FNV stock opened at $236.08 on Wednesday. Franco-Nevada Corporation has a one year low of $152.89 and a one year high of $285.67. The stock has a market capitalization of $45.53 billion, a PE ratio of 33.25, a price-to-earnings-growth ratio of 1.99 and a beta of 0.34. The company has a fifty day moving average of $239.65 and a 200-day moving average of $234.62.
Franco-Nevada Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 25th. Stockholders of record on Thursday, June 11th will be issued a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend is Thursday, June 11th. Franco-Nevada’s dividend payout ratio (DPR) is currently 24.79%.
Analyst Upgrades and Downgrades
A number of analysts recently issued reports on the company. Zacks Research cut Franco-Nevada from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 31st. Scotiabank upped their target price on Franco-Nevada from $286.00 to $290.00 and gave the company a “sector perform” rating in a research report on Thursday, May 14th. TD raised Franco-Nevada from a “hold” rating to a “buy” rating and decreased their target price for the company from $292.00 to $291.00 in a research report on Wednesday, May 20th. Wall Street Zen cut Franco-Nevada from a “buy” rating to a “hold” rating in a research report on Monday. Finally, National Bank Financial raised Franco-Nevada from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, May 13th. Eleven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Franco-Nevada has a consensus rating of “Moderate Buy” and an average target price of $271.00.
Read Our Latest Stock Analysis on FNV
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.
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