Principal Financial Group Inc. Trims Stock Holdings in Franco-Nevada Co. (NYSE:FNV)

Principal Financial Group Inc. lessened its stake in shares of Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) by 39.3% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 7,971 shares of the basic materials company’s stock after selling 5,152 shares during the quarter. Principal Financial Group Inc.’s holdings in Franco-Nevada were worth $936,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. M&G PLC lifted its holdings in shares of Franco-Nevada by 3.2% in the 3rd quarter. M&G PLC now owns 1,679,858 shares of the basic materials company’s stock worth $208,645,000 after acquiring an additional 51,996 shares during the last quarter. Malaga Cove Capital LLC purchased a new stake in Franco-Nevada in the third quarter valued at approximately $208,000. Confluence Investment Management LLC lifted its stake in Franco-Nevada by 9.4% during the third quarter. Confluence Investment Management LLC now owns 5,325 shares of the basic materials company’s stock worth $662,000 after purchasing an additional 456 shares in the last quarter. Hudson Value Partners LLC boosted its position in shares of Franco-Nevada by 1.8% during the third quarter. Hudson Value Partners LLC now owns 30,489 shares of the basic materials company’s stock worth $3,788,000 after buying an additional 539 shares during the period. Finally, Capital Performance Advisors LLP acquired a new stake in shares of Franco-Nevada in the third quarter valued at $147,000. 77.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on FNV shares. Canaccord Genuity Group raised Franco-Nevada from a “hold” rating to a “buy” rating in a research note on Monday, November 18th. Canaccord Genuity Group upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating in a research note on Monday, November 18th. Scotiabank lowered their price objective on shares of Franco-Nevada from $142.00 to $141.00 and set a “sector perform” rating for the company in a research note on Friday, November 8th. Royal Bank of Canada lifted their price objective on shares of Franco-Nevada from $145.00 to $155.00 and gave the company a “sector perform” rating in a report on Tuesday, February 11th. Finally, HC Wainwright reiterated a “buy” rating and set a $155.00 target price 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 company. Based on data from MarketBeat.com, Franco-Nevada presently has an average rating of “Moderate Buy” and an average price target of $146.71.

Franco-Nevada Stock Performance

FNV stock opened at $142.63 on Friday. The company’s 50 day moving average price is $132.83 and its 200 day moving average price is $127.01. The firm has a market capitalization of $27.46 billion, a price-to-earnings ratio of -45.14, a PEG ratio of 9.78 and a beta of 0.74. Franco-Nevada Co. has a fifty-two week low of $111.00 and a fifty-two week high of $146.70.

Franco-Nevada Increases Dividend

The company also recently disclosed 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. The ex-dividend date of this dividend is Thursday, March 13th. This is an increase from Franco-Nevada’s previous quarterly dividend of $0.36. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.07%. Franco-Nevada’s dividend payout ratio is currently -48.10%.

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.