Franco-Nevada Corporation $FNV Shares Sold by Gabelli Funds LLC

Key Points

• Gabelli Funds LLC cut its stake by 8.9%, selling 25,687 shares and leaving 261,536 shares in Franco‑Nevada (about $58.3M), while other large investors — including Vanguard, First Eagle, Arrowstreet and Norges Bank — boosted or established sizable positions; institutional holders now own roughly 77.06% of the stock.
• Franco‑Nevada to $0.44 (annualized $1.76, yield ~0.7%; ex‑dividend Mar 12, payable Mar 26), and the stock trades near $259.83 with a $50.1B market cap; analysts show a consensus "Moderate Buy" and a $254.38 target amid several recent upgrades and price targets up to $310.

Gabelli Funds LLC cut its holdings in Franco-Nevada Corporation (NYSE:FNV - Free Report) TSE: FNV by 8.9% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 261,536 shares of the basic materials company's stock after selling 25,687 shares during the period. Gabelli Funds LLC owned 0.14% of Franco-Nevada worth $58,275,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the business. Vanguard Group Inc. grew its position in shares of 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 valued at $1,828,821,000 after purchasing an additional 129,898 shares during the period. First Eagle Investment Management LLC lifted its position 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 worth $901,092,000 after buying an additional 846,950 shares during the period. Arrowstreet Capital Limited Partnership lifted its position 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 worth $528,289,000 after buying an additional 838,853 shares during the period. Norges Bank acquired a new stake in Franco-Nevada in the 2nd quarter worth about $460,218,000. Finally, TD Asset Management Inc boosted its stake in 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 worth $452,095,000 after buying an additional 18,897 shares during the last quarter. Hedge funds and other institutional investors own 77.06% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on FNV. HC Wainwright upped their price objective 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. Royal Bank Of Canada raised shares of Franco-Nevada from a "sector perform" rating to an "outperform" rating and raised their target price for the stock from $225.00 to $250.00 in a research report on Wednesday, December 10th. UBS Group restated a "buy" rating and issued a $310.00 target price on shares of Franco-Nevada in a report on Friday, January 30th. Jefferies Financial Group reaffirmed a "hold" rating and set a $228.00 price target on shares of Franco-Nevada in a research report on Sunday, December 7th. Finally, Wall Street Zen raised shares of Franco-Nevada from a "hold" rating to a "buy" rating in a research note on Monday, November 24th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, Franco-Nevada currently has a consensus rating of "Moderate Buy" and a consensus target price of $254.38.

Franco-Nevada Stock Up 1.8%

Shares of FNV stock opened at $259.83 on Friday. Franco-Nevada Corporation has a fifty-two week low of $140.03 and a fifty-two week high of $285.67. The firm's 50 day moving average price is $245.40 and its two-hundred day moving average price is $216.50. The stock has a market cap of $50.10 billion, a price-to-earnings ratio of 54.47, a price-to-earnings-growth ratio of 3.40 and a beta of 0.45.

Franco-Nevada Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 26th. Investors of record on Thursday, March 12th will be issued 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, March 12th. This is a positive change from Franco-Nevada's previous quarterly dividend of $0.38. Franco-Nevada's dividend payout ratio (DPR) is presently 31.87%.

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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