Franco-Nevada Corporation $FNV Shares Purchased by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. lifted its stake in Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 17.3% in the third quarter, HoldingsChannel reports. The fund owned 93,991 shares of the basic materials company’s stock after purchasing an additional 13,895 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Franco-Nevada were worth $20,951,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in FNV. Penserra Capital Management LLC grew its position in Franco-Nevada by 3,540.0% during the 3rd quarter. Penserra Capital Management LLC now owns 546 shares of the basic materials company’s stock worth $121,000 after purchasing an additional 531 shares in the last quarter. Allianz Asset Management GmbH boosted its stake in shares of Franco-Nevada by 51.4% during the 3rd quarter. Allianz Asset Management GmbH now owns 385,898 shares of the basic materials company’s stock valued at $85,913,000 after buying an additional 130,987 shares during the period. United Community Bank boosted its stake in shares of Franco-Nevada by 12.9% during the 3rd quarter. United Community Bank now owns 1,265 shares of the basic materials company’s stock valued at $282,000 after buying an additional 145 shares during the period. Principal Financial Group Inc. grew its holdings in shares of Franco-Nevada by 225.9% during the 3rd quarter. Principal Financial Group Inc. now owns 19,103 shares of the basic materials company’s stock valued at $4,253,000 after acquiring an additional 13,241 shares in the last quarter. Finally, Mutual Advisors LLC grew its holdings in shares of Franco-Nevada by 6.6% during the 3rd quarter. Mutual Advisors LLC now owns 1,674 shares of the basic materials company’s stock valued at $373,000 after acquiring an additional 103 shares in the last quarter. Institutional investors and hedge funds own 77.06% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on FNV. UBS Group restated a “buy” rating and set a $310.00 price target on shares of Franco-Nevada in a research note on Friday, January 30th. Wall Street Zen upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating in a report on Monday, November 24th. Canaccord Genuity Group downgraded shares of Franco-Nevada from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 23rd. Royal Bank Of Canada raised 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 report on Wednesday, December 10th. Finally, Scotiabank upped their price target 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. Seven research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $254.38.

Franco-Nevada Stock Up 5.5%

Franco-Nevada stock opened at $252.51 on Friday. The stock has a 50-day simple moving average of $229.42 and a 200 day simple moving average of $206.69. The stock has a market capitalization of $48.68 billion, a price-to-earnings ratio of 52.94, a P/E/G ratio of 1.19 and a beta of 0.47. Franco-Nevada Corporation has a 12-month low of $137.05 and a 12-month high of $273.55.

Franco-Nevada Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 26th. Investors of record on Thursday, March 12th will be paid a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 0.7%. 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. Franco-Nevada’s payout ratio is 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.