Gamco Investors INC. ET AL Sells 2,656 Shares of Franco-Nevada Corporation $FNV

Gamco Investors INC. ET AL reduced its holdings in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 9.0% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 27,017 shares of the basic materials company’s stock after selling 2,656 shares during the period. Gamco Investors INC. ET AL’s holdings in Franco-Nevada were worth $6,017,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Franco-Nevada by 1.6% in the third quarter. Vanguard Group Inc. now owns 8,216,318 shares of the basic materials company’s stock worth $1,828,821,000 after purchasing an additional 129,898 shares in the last quarter. First Eagle Investment Management LLC boosted its holdings in Franco-Nevada by 26.4% during the third quarter. First Eagle Investment Management LLC now owns 4,049,187 shares of the basic materials company’s stock valued at $901,092,000 after purchasing an additional 846,950 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in Franco-Nevada by 35.2% during the second quarter. Arrowstreet Capital Limited Partnership now owns 3,220,029 shares of the basic materials company’s stock valued at $528,289,000 after purchasing an additional 838,853 shares in the last quarter. Norges Bank bought a new stake in shares of Franco-Nevada in the 2nd quarter valued at approximately $460,218,000. Finally, TD Asset Management Inc grew its stake in shares of Franco-Nevada by 0.9% in the 3rd quarter. TD Asset Management Inc now owns 2,030,684 shares of the basic materials company’s stock valued at $452,095,000 after purchasing an additional 18,897 shares during the period. Institutional investors own 77.06% of the company’s stock.

Franco-Nevada Trading Up 1.8%

NYSE:FNV opened at $259.83 on Monday. The stock has a market capitalization of $50.10 billion, a P/E ratio of 54.47, a price-to-earnings-growth ratio of 3.45 and a beta of 0.45. Franco-Nevada Corporation has a 1 year low of $140.03 and a 1 year high of $285.67. The firm has a 50 day moving average of $245.40 and a 200-day moving average of $217.07.

Franco-Nevada Increases Dividend

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

Wall Street Analyst Weigh In

Several equities analysts recently commented on FNV shares. UBS Group restated a “buy” rating and set a $310.00 target price on shares of Franco-Nevada in a research report on Friday, January 30th. Royal Bank Of Canada upgraded Franco-Nevada from a “sector perform” rating to an “outperform” rating and upped their price target for the company from $225.00 to $250.00 in a research report on Wednesday, December 10th. Scotiabank increased their price objective on Franco-Nevada from $225.00 to $283.00 and gave the stock a “sector perform” rating in a research note on Monday, January 26th. Weiss Ratings cut Franco-Nevada from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday. Finally, HC Wainwright boosted their target price on shares of Franco-Nevada from $210.00 to $285.00 and gave the company a “buy” rating in a research note on Friday, February 13th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and seven have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $254.38.

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.