Franco-Nevada Co. (NYSE:FNV) Sees Significant Decrease in Short Interest

Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) was the recipient of a large decline in short interest during the month of January. As of January 31st, there was short interest totalling 1,770,000 shares, a decline of 14.1% from the January 15th total of 2,060,000 shares. Based on an average daily volume of 685,700 shares, the days-to-cover ratio is currently 2.6 days. Approximately 0.9% of the shares of the company are sold short.

Franco-Nevada Stock Performance

FNV opened at $138.37 on Tuesday. The stock’s 50 day simple moving average is $127.49 and its 200-day simple moving average is $125.36. Franco-Nevada has a 1 year low of $103.64 and a 1 year high of $144.27.

Franco-Nevada Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 27th. Shareholders of record on Thursday, March 13th will be given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis 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 dividend payout ratio is -45.57%.

Institutional Trading of Franco-Nevada

A number of large investors have recently bought and sold shares of FNV. Covea Finance grew its holdings in shares of Franco-Nevada by 2.7% during the fourth quarter. Covea Finance now owns 101,320 shares of the basic materials company’s stock worth $11,895,000 after purchasing an additional 2,700 shares during the last quarter. M&G PLC grew its holdings in shares of Franco-Nevada by 3.2% during 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. Telemark Asset Management LLC grew its holdings in shares of Franco-Nevada by 66.7% during the third quarter. Telemark Asset Management LLC now owns 50,000 shares of the basic materials company’s stock worth $6,212,000 after purchasing an additional 20,000 shares during the last quarter. Horizon Kinetics Asset Management LLC grew its holdings in shares of Franco-Nevada by 1.9% during 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 purchasing an additional 17,232 shares during the last quarter. Finally, Victory Capital Management Inc. grew its holdings in shares of Franco-Nevada by 13.9% during the third quarter. Victory Capital Management Inc. now owns 3,489,240 shares of the basic materials company’s stock worth $433,538,000 after purchasing an additional 424,810 shares during the last quarter. 77.06% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on FNV. Canaccord Genuity Group upgraded Franco-Nevada from a “hold” rating to a “buy” rating in a report on Monday, November 18th. Royal Bank of Canada upped their price target on Franco-Nevada from $145.00 to $155.00 and gave the stock a “sector perform” rating in a report on Tuesday, February 11th. Scotiabank cut their price target on Franco-Nevada from $142.00 to $141.00 and set a “sector perform” rating for the company in a report on Friday, November 8th. Canaccord Genuity Group upgraded Franco-Nevada from a “hold” rating to a “buy” rating in a report on Monday, November 18th. Finally, HC Wainwright reiterated a “buy” rating and set a $155.00 price target on shares of Franco-Nevada in a report on Tuesday, January 28th. Five research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $146.71.

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.