Allianz Asset Management GmbH Sells 201,658 Shares of Franco-Nevada Co. (NYSE:FNV)

Allianz Asset Management GmbH lowered its stake in shares of Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) by 43.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 258,666 shares of the basic materials company’s stock after selling 201,658 shares during the quarter. Allianz Asset Management GmbH owned about 0.13% of Franco-Nevada worth $30,381,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Van ECK Associates Corp boosted its holdings in shares of Franco-Nevada by 2.3% in the 4th quarter. Van ECK Associates Corp now owns 8,538,788 shares of the basic materials company’s stock valued at $1,004,046,000 after buying an additional 193,968 shares in the last quarter. Victory Capital Management Inc. boosted 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 in the last quarter. EdgePoint Investment Group Inc. boosted its stake in Franco-Nevada by 19.4% in the third quarter. EdgePoint Investment Group Inc. now owns 3,309,493 shares of the basic materials company’s stock valued at $411,003,000 after acquiring an additional 537,047 shares in the last quarter. M&G PLC grew its holdings in Franco-Nevada by 3.2% in the third quarter. M&G PLC now owns 1,679,858 shares of the basic materials company’s stock worth $208,645,000 after purchasing an additional 51,996 shares during the last quarter. Finally, National Bank of Canada FI increased its position in shares of Franco-Nevada by 2.2% during the third quarter. National Bank of Canada FI now owns 1,380,730 shares of the basic materials company’s stock worth $171,513,000 after purchasing an additional 29,512 shares in the last quarter. Hedge funds and other institutional investors own 77.06% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Royal Bank of Canada raised their price objective on Franco-Nevada from $145.00 to $155.00 and gave the stock a “sector perform” rating in a research report on Tuesday, February 11th. HC Wainwright reissued a “buy” rating and issued a $155.00 price target on shares of Franco-Nevada in a report on Tuesday, January 28th. Scotiabank dropped their price target on 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. UBS Group initiated coverage on shares of Franco-Nevada in a report on Monday, November 18th. They set a “buy” rating and a $160.00 price objective on the stock. Finally, Canaccord Genuity Group upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating in a research note on Monday, November 18th. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $146.71.

Franco-Nevada Stock Down 2.3 %

Franco-Nevada stock opened at $138.51 on Monday. Franco-Nevada Co. has a 52 week low of $103.64 and a 52 week high of $144.27. The stock has a 50-day moving average price of $128.96 and a 200 day moving average price of $125.90. The company has a market capitalization of $26.67 billion, a price-to-earnings ratio of -43.83, a price-to-earnings-growth ratio of 9.78 and a beta of 0.74.

Franco-Nevada Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 27th. Shareholders of record on Thursday, March 13th will be paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 1.10%. This is a boost from Franco-Nevada’s previous quarterly dividend of $0.36. The ex-dividend date is Thursday, March 13th. Franco-Nevada’s payout ratio is presently -48.10%.

About Franco-Nevada

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.