Allianz Asset Management GmbH Lowers Stock Holdings in Franco-Nevada Co. (NYSE:FNV)

Allianz Asset Management GmbH reduced its holdings in Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) by 43.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 258,666 shares of the basic materials company’s stock after selling 201,658 shares during the period. Allianz Asset Management GmbH’s holdings in Franco-Nevada were worth $30,381,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in FNV. Creative Planning grew its position in shares of Franco-Nevada by 3.4% in the third quarter. Creative Planning now owns 12,456 shares of the basic materials company’s stock valued at $1,548,000 after purchasing an additional 409 shares during the period. International Assets Investment Management LLC purchased a new position in Franco-Nevada in the 3rd quarter valued at about $1,256,000. Assenagon Asset Management S.A. boosted its holdings in Franco-Nevada by 5.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 7,325 shares of the basic materials company’s stock worth $911,000 after buying an additional 369 shares during the last quarter. Forsta AP Fonden boosted its holdings in Franco-Nevada by 11.9% in the 3rd quarter. Forsta AP Fonden now owns 38,500 shares of the basic materials company’s stock worth $4,787,000 after buying an additional 4,100 shares during the last quarter. Finally, PFG Investments LLC increased its stake in Franco-Nevada by 7.4% during the 3rd quarter. PFG Investments LLC now owns 6,089 shares of the basic materials company’s stock worth $757,000 after buying an additional 420 shares in the last quarter. 77.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

FNV has been the topic of several research reports. Canaccord Genuity Group upgraded Franco-Nevada from a “hold” rating to a “buy” rating in a research report on Monday, November 18th. UBS Group initiated coverage on Franco-Nevada in a report on Monday, November 18th. They issued a “buy” rating and a $160.00 price objective on the stock. Royal Bank of Canada upped their target price on shares of Franco-Nevada from $145.00 to $155.00 and gave the stock a “sector perform” rating in a report on Tuesday, February 11th. Canaccord Genuity Group raised shares of Franco-Nevada from a “hold” rating to a “buy” rating in a research note on Monday, November 18th. Finally, HC Wainwright restated a “buy” rating and set a $155.00 price target on shares of Franco-Nevada in a research report on Tuesday, January 28th. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $146.71.

Franco-Nevada Trading Down 2.3 %

Shares of FNV stock opened at $138.51 on Monday. Franco-Nevada Co. has a twelve month low of $103.64 and a twelve month high of $144.27. The company’s 50-day moving average price is $128.96 and its 200-day moving average price is $125.90. The stock has a market cap of $26.67 billion, a price-to-earnings ratio of -43.83, a PEG ratio of 9.78 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. Shareholders of record on Thursday, March 13th will be issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 1.10%. This is a positive change 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.