Arizona State Retirement System Purchases Shares of 3,400 Franco-Nevada Corporation $FNV

Arizona State Retirement System purchased a new position in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 3,400 shares of the basic materials company’s stock, valued at approximately $758,000.

A number of other hedge funds have also made changes to their positions in FNV. MTM Investment Management LLC purchased a new position in Franco-Nevada in the second quarter valued at approximately $32,000. Smartleaf Asset Management LLC grew its position 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 buying an additional 168 shares during the last quarter. Golden State Wealth Management LLC raised its stake in Franco-Nevada by 78.3% during the 2nd quarter. Golden State Wealth Management LLC now owns 205 shares of the basic materials company’s stock worth $34,000 after acquiring an additional 90 shares in the last quarter. CENTRAL TRUST Co lifted its position in Franco-Nevada by 590.9% in the second quarter. CENTRAL TRUST Co now owns 228 shares of the basic materials company’s stock valued at $37,000 after acquiring an additional 195 shares during the last quarter. Finally, City Holding Co. acquired a new position in Franco-Nevada in the third quarter valued at $56,000. Hedge funds and other institutional investors own 77.06% of the company’s stock.

Franco-Nevada Stock Up 7.0%

Shares of Franco-Nevada stock opened at $248.26 on Tuesday. The firm has a market cap of $47.86 billion, a price-to-earnings ratio of 52.05, a price-to-earnings-growth ratio of 1.25 and a beta of 0.47. Franco-Nevada Corporation has a 52-week low of $137.05 and a 52-week high of $273.55. The company’s 50-day simple moving average is $225.56 and its 200-day simple moving average is $204.80.

Franco-Nevada Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 26th. Shareholders of record on Thursday, March 12th will be issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 0.7%. This is an increase from Franco-Nevada’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Thursday, March 12th. Franco-Nevada’s dividend payout ratio is 31.87%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on FNV. Zacks Research downgraded Franco-Nevada from a “strong-buy” rating to a “hold” rating in a report on Monday, December 8th. Wall Street Zen upgraded Franco-Nevada from a “hold” rating to a “buy” rating in a research note on Monday, November 24th. Bank of America raised their target price on shares of Franco-Nevada from $211.00 to $220.00 and gave the stock a “neutral” rating in a research report on Thursday, October 16th. HC Wainwright upped their price target on shares of Franco-Nevada from $200.00 to $210.00 and gave the company a “buy” rating in a research report on Tuesday, November 4th. Finally, Scotiabank raised their price objective on shares of Franco-Nevada from $225.00 to $283.00 and gave the stock a “sector perform” rating in a research report on Monday, January 26th. Six research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $245.00.

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.