Picton Mahoney Asset Management Grows Stock Holdings in Franco-Nevada Corporation $FNV

Picton Mahoney Asset Management lifted its stake in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 19.9% during the third quarter, HoldingsChannel.com reports. The fund owned 591,206 shares of the basic materials company’s stock after buying an additional 98,171 shares during the quarter. Franco-Nevada makes up approximately 1.2% of Picton Mahoney Asset Management’s investment portfolio, making the stock its 12th biggest holding. Picton Mahoney Asset Management’s holdings in Franco-Nevada were worth $131,567,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. MTM Investment Management LLC purchased a new stake in shares of Franco-Nevada in the second quarter valued at approximately $32,000. Smartleaf Asset Management LLC raised its position in Franco-Nevada by 600.0% during the 2nd quarter. Smartleaf Asset Management LLC now owns 196 shares of the basic materials company’s stock valued at $32,000 after purchasing an additional 168 shares in the last quarter. Golden State Wealth Management LLC lifted its holdings in shares of Franco-Nevada by 78.3% in the 2nd quarter. Golden State Wealth Management LLC now owns 205 shares of the basic materials company’s stock worth $34,000 after buying an additional 90 shares during the period. CENTRAL TRUST Co grew its position in shares of Franco-Nevada by 590.9% during the 2nd quarter. CENTRAL TRUST Co now owns 228 shares of the basic materials company’s stock worth $37,000 after buying an additional 195 shares in the last quarter. Finally, City Holding Co. purchased a new position in shares of Franco-Nevada during the third quarter valued at $56,000. Institutional investors own 77.06% of the company’s stock.

Wall Street Analyst Weigh In

FNV has been the subject of a number of research reports. Weiss Ratings raised shares of Franco-Nevada from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, February 10th. Scotiabank boosted their price target on shares of Franco-Nevada from $225.00 to $283.00 and gave the company a “sector perform” rating in a report on Monday, January 26th. Zacks Research raised shares of Franco-Nevada from a “hold” rating to a “strong-buy” rating in a research report on Friday, February 27th. TD Securities dropped their price objective on shares of Franco-Nevada from $247.00 to $225.00 and set a “hold” rating on the stock in a research note on Wednesday, November 5th. Finally, Jefferies Financial Group reissued a “hold” rating and issued a $228.00 price objective on shares of Franco-Nevada in a research note on Sunday, December 7th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $254.38.

Franco-Nevada Stock Performance

FNV stock opened at $262.04 on Wednesday. Franco-Nevada Corporation has a one year low of $140.03 and a one year high of $285.67. The firm has a market cap of $50.52 billion, a price-to-earnings ratio of 54.94, a PEG ratio of 3.70 and a beta of 0.45. The firm has a 50-day simple moving average of $242.87 and a two-hundred day simple moving average of $215.32.

Franco-Nevada Increases Dividend

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

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.