Gabelli Funds LLC lowered its holdings in Franco-Nevada Co. (NYSE:FNV – Free Report) (TSE:FNV) by 10.2% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 269,160 shares of the basic materials company’s stock after selling 30,700 shares during the period. Gabelli Funds LLC owned about 0.14% of Franco-Nevada worth $38,382,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently bought and sold shares of FNV. Sigma Planning Corp acquired a new stake in shares of Franco-Nevada during the second quarter worth approximately $337,000. HighTower Advisors LLC grew its holdings in Franco-Nevada by 4.1% during the 1st quarter. HighTower Advisors LLC now owns 112,901 shares of the basic materials company’s stock worth $16,415,000 after acquiring an additional 4,473 shares in the last quarter. LPL Financial LLC increased its position in shares of Franco-Nevada by 10.9% in the 2nd quarter. LPL Financial LLC now owns 45,588 shares of the basic materials company’s stock worth $6,501,000 after purchasing an additional 4,494 shares during the last quarter. Citigroup Inc. raised its stake in shares of Franco-Nevada by 12.6% in the 1st quarter. Citigroup Inc. now owns 182,534 shares of the basic materials company’s stock valued at $26,588,000 after purchasing an additional 20,378 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its position in shares of Franco-Nevada by 0.3% during the first quarter. Principal Financial Group Inc. now owns 1,326,423 shares of the basic materials company’s stock worth $193,368,000 after purchasing an additional 3,380 shares during the last quarter. Institutional investors and hedge funds own 66.70% of the company’s stock.
Franco-Nevada Trading Down 0.5 %
NYSE:FNV traded down $0.56 during mid-day trading on Friday, hitting $120.42. The stock had a trading volume of 365,507 shares, compared to its average volume of 543,970. The company has a 50 day simple moving average of $132.59 and a 200-day simple moving average of $140.52. The stock has a market capitalization of $23.14 billion, a price-to-earnings ratio of 34.02, a P/E/G ratio of 5.67 and a beta of 0.76. Franco-Nevada Co. has a 52 week low of $116.40 and a 52 week high of $161.25.
Franco-Nevada Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 21st. Stockholders of record on Thursday, December 7th will be paid a $0.34 dividend. The ex-dividend date of this dividend is Wednesday, December 6th. This represents a $1.36 annualized dividend and a dividend yield of 1.13%. Franco-Nevada’s payout ratio is 38.42%.
Wall Street Analysts Forecast Growth
Several brokerages have issued reports on FNV. HC Wainwright upped their price objective on Franco-Nevada from $180.00 to $185.00 and gave the company a “buy” rating in a research note on Thursday, August 10th. TD Securities downgraded shares of Franco-Nevada from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $180.00 to $145.00 in a report on Tuesday, October 31st. Stifel Nicolaus raised shares of Franco-Nevada from a “hold” rating to a “buy” rating in a report on Friday, August 18th. TheStreet downgraded shares of Franco-Nevada from a “b” rating to a “c+” rating in a research report on Tuesday, August 1st. Finally, StockNews.com started coverage on shares of Franco-Nevada in a research report on Thursday, October 5th. They set a “hold” rating for the company. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $168.88.
Franco-Nevada Company Profile
Franco-Nevada Corporation operates as a gold-focused royalty and streaming company in Latin America, the United States, Canada, and internationally. It operates through Mining and Energy segments. The company manages its portfolio with a focus on precious metals, such as gold, silver, and platinum group metals; and engages in the sale of crude oil, natural gas, and natural gas liquids.
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