Franco-Nevada Corporation $FNV Shares Sold by Citigroup Inc.

Citigroup Inc. reduced its stake in Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 33.2% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 75,540 shares of the basic materials company’s stock after selling 37,597 shares during the period. Citigroup Inc.’s holdings in Franco-Nevada were worth $16,818,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of FNV. Norges Bank acquired a new stake in shares of Franco-Nevada during the second quarter valued at about $460,218,000. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Franco-Nevada by 35.2% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 3,220,029 shares of the basic materials company’s stock worth $528,289,000 after acquiring an additional 838,853 shares during the last quarter. Picton Mahoney Asset Management purchased a new position in shares of Franco-Nevada during the 2nd quarter worth approximately $80,621,000. Invesco Ltd. boosted its position in shares of Franco-Nevada by 110.6% during the 2nd quarter. Invesco Ltd. now owns 902,017 shares of the basic materials company’s stock worth $147,859,000 after purchasing an additional 473,697 shares during the period. Finally, Gilder Gagnon Howe & Co. LLC increased its holdings in Franco-Nevada by 1,084.0% in the 2nd quarter. Gilder Gagnon Howe & Co. LLC now owns 350,236 shares of the basic materials company’s stock valued at $57,411,000 after purchasing an additional 320,656 shares during the last quarter. Institutional investors and hedge funds own 77.06% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on FNV. Canaccord Genuity Group cut Franco-Nevada from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 23rd. HC Wainwright increased their target price on Franco-Nevada from $210.00 to $285.00 and gave the stock a “buy” rating in a research note on Friday, February 13th. TD Securities lowered their target price on Franco-Nevada from $247.00 to $225.00 and set a “hold” rating for the company in a report on Wednesday, November 5th. Royal Bank Of Canada upgraded shares of Franco-Nevada from a “sector perform” rating to an “outperform” rating and boosted their price target for the stock from $225.00 to $250.00 in a research note on Wednesday, December 10th. 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. Seven analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $254.38.

Franco-Nevada Stock Performance

Shares of FNV opened at $280.83 on Friday. Franco-Nevada Corporation has a 1 year low of $138.59 and a 1 year high of $284.50. The stock has a market capitalization of $54.14 billion, a PE ratio of 58.87, a PEG ratio of 1.40 and a beta of 0.47. The stock has a 50-day simple moving average of $240.67 and a 200-day simple moving average of $213.52.

Franco-Nevada Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 26th. Stockholders of record on Thursday, March 12th will be issued a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend is Thursday, March 12th. This is an increase 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.