Van ECK Associates Corp Purchases 193,968 Shares of Franco-Nevada Co. (NYSE:FNV)

Van ECK Associates Corp boosted its holdings in shares of Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) by 2.3% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 8,538,788 shares of the basic materials company’s stock after buying an additional 193,968 shares during the period. Franco-Nevada makes up about 1.3% of Van ECK Associates Corp’s holdings, making the stock its 15th largest holding. Van ECK Associates Corp owned 4.44% of Franco-Nevada worth $1,004,046,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Covea Finance lifted its position in Franco-Nevada by 2.7% during the fourth quarter. Covea Finance now owns 101,320 shares of the basic materials company’s stock valued at $11,895,000 after purchasing an additional 2,700 shares during the last quarter. M&G PLC raised its position in shares of Franco-Nevada by 3.2% during the 3rd quarter. M&G PLC now owns 1,679,858 shares of the basic materials company’s stock valued at $208,645,000 after buying an additional 51,996 shares in the last quarter. Telemark Asset Management LLC lifted its holdings in shares of Franco-Nevada by 66.7% during the 3rd quarter. Telemark Asset Management LLC now owns 50,000 shares of the basic materials company’s stock worth $6,212,000 after acquiring an additional 20,000 shares during the last quarter. Horizon Kinetics Asset Management LLC grew its position in Franco-Nevada by 1.9% in the third quarter. Horizon Kinetics Asset Management LLC now owns 935,834 shares of the basic materials company’s stock worth $116,277,000 after acquiring an additional 17,232 shares in the last quarter. Finally, Victory Capital Management Inc. increased its stake in Franco-Nevada by 13.9% in the third quarter. Victory Capital Management Inc. now owns 3,489,240 shares of the basic materials company’s stock valued at $433,538,000 after acquiring an additional 424,810 shares during the last quarter. 77.06% of the stock is currently owned by hedge funds and other institutional investors.

Franco-Nevada Price Performance

Shares of FNV opened at $142.43 on Thursday. Franco-Nevada Co. has a one year low of $103.64 and a one year high of $143.77. The company has a 50-day simple moving average of $126.40 and a two-hundred day simple moving average of $125.10. The firm has a market capitalization of $27.42 billion, a PE ratio of -45.07, a price-to-earnings-growth ratio of 9.88 and a beta of 0.74.

Franco-Nevada Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th will be paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.07%. The ex-dividend date is Thursday, March 13th. This is a boost from Franco-Nevada’s previous quarterly dividend of $0.36. Franco-Nevada’s dividend payout ratio (DPR) is presently -45.57%.

Analysts Set New Price Targets

Several brokerages have recently commented on FNV. UBS Group began coverage on Franco-Nevada in a research report on Monday, November 18th. They set a “buy” rating and a $160.00 price objective on the stock. Canaccord Genuity Group upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating in a research report on Monday, November 18th. Scotiabank decreased their price target on shares of Franco-Nevada from $142.00 to $141.00 and set a “sector perform” rating on the stock in a research note on Friday, November 8th. Jefferies Financial Group lowered their price target on shares of Franco-Nevada from $137.00 to $136.00 and set a “hold” rating for the company in a research note on Thursday, October 17th. Finally, Royal Bank of Canada raised their price objective on Franco-Nevada from $145.00 to $155.00 and gave the company a “sector perform” rating in a research note on Tuesday. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Franco-Nevada has a consensus rating of “Moderate Buy” and an average target price of $146.71.

Franco-Nevada Profile

Franco-Nevada Corporation operates as a gold-focused royalty and streaming company in South America, Central America, Mexico, 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 through a third-party marketing agent.