QV Investors Inc. lessened its stake in Franco-Nevada Corporation (NYSE:FNV – Free Report) (TSE:FNV) by 4.7% during the 2nd quarter, Holdings Channel.com reports. The firm owned 211,562 shares of the basic materials company’s stock after selling 10,350 shares during the quarter. Franco-Nevada accounts for 3.4% of QV Investors Inc.’s investment portfolio, making the stock its 9th biggest holding. QV Investors Inc.’s holdings in Franco-Nevada were worth $44,129,000 at the end of the most recent reporting period.
A number of other large investors have also added to or reduced their stakes in the company. Transamerica Financial Advisors LLC bought a new stake in shares of Franco-Nevada in the 4th quarter valued at about $25,000. Smartleaf Asset Management LLC raised its stake in shares of Franco-Nevada by 600.0% during the 2nd quarter. Smartleaf Asset Management LLC now owns 196 shares of the basic materials company’s stock worth $32,000 after acquiring an additional 168 shares in the last quarter. Navalign LLC bought a new position in shares of Franco-Nevada during the 4th quarter worth approximately $34,000. Global Retirement Partners LLC purchased a new stake in Franco-Nevada during the second quarter valued at approximately $35,000. Finally, Dunhill Financial LLC purchased a new stake in Franco-Nevada during the second quarter valued at approximately $36,000. 77.06% of the stock is currently owned by institutional investors.
Franco-Nevada Stock Up 0.1%
Shares of Franco-Nevada stock opened at $266.33 on Monday. The company has a 50 day moving average price of $224.15 and a 200 day moving average price of $236.23. The firm has a market capitalization of $51.37 billion, a P/E ratio of 34.81, a PEG ratio of 2.46 and a beta of 0.35. Franco-Nevada Corporation has a 52 week low of $181.50 and a 52 week high of $285.67.
Franco-Nevada Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, September 10th will be paid a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Thursday, September 10th. Franco-Nevada’s payout ratio is presently 23.01%.
Analyst Ratings Changes
Several equities research analysts have weighed in on the stock. TD upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating and lowered their target price for the company from $292.00 to $291.00 in a research note on Wednesday, May 20th. TD Securities raised Franco-Nevada from a “hold” rating to a “buy” rating and set a $291.00 price target on the stock in a research report on Wednesday, May 20th. Wall Street Zen lowered Franco-Nevada from a “buy” rating to a “hold” rating in a report on Monday, June 1st. Scotiabank lowered their price objective on Franco-Nevada from $290.00 to $274.00 and set a “sector perform” rating for the company in a research report on Tuesday, July 14th. Finally, Jefferies Financial Group dropped their target price on Franco-Nevada from $258.00 to $245.00 and set a “hold” rating on the stock in a research note on Monday, July 6th. Eleven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $273.40.
Check Out Our Latest Research Report on FNV
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.
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