MML Investors Services LLC Increases Stock Position in Franco-Nevada Co. (NYSE:FNV)

Posted by Defense World Staff on Mar 6th, 2023

MML Investors Services LLC increased its position in Franco-Nevada Co. (NYSE:FNV – Get Rating) (TSE:FNV) by 30.0% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 5,878 shares of the basic materials company’s stock after acquiring an additional 1,355 shares during the period. MML Investors Services LLC’s holdings in Franco-Nevada were worth $702,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Mach 1 Financial Group LLC purchased a new position in Franco-Nevada in the 3rd quarter worth approximately $25,000. Guardian Wealth Advisors LLC bought a new stake in Franco-Nevada in the 3rd quarter worth approximately $25,000. Castleview Partners LLC grew its position in Franco-Nevada by 35,955.6% in the 2nd quarter. Castleview Partners LLC now owns 3,245 shares of the basic materials company’s stock worth $44,000 after purchasing an additional 3,236 shares during the period. Optiver Holding B.V. bought a new stake in Franco-Nevada in the 2nd quarter worth approximately $46,000. Finally, Prospera Financial Services Inc grew its position in Franco-Nevada by 35.7% in the 2nd quarter. Prospera Financial Services Inc now owns 361 shares of the basic materials company’s stock worth $47,000 after purchasing an additional 95 shares during the period. 66.69% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on FNV shares. National Bank Financial lifted their target price on shares of Franco-Nevada from C$190.00 to C$200.00 in a research report on Friday, January 13th. Raymond James cut their target price on shares of Franco-Nevada from $167.00 to $158.00 and set an “outperform” rating for the company in a research report on Friday, February 24th. Stifel Nicolaus downgraded shares of Franco-Nevada from a “buy” rating to a “hold” rating in a research report on Friday, January 20th. Barclays lifted their target price on shares of Franco-Nevada from $111.00 to $115.00 and gave the stock an “underweight” rating in a research report on Monday, January 30th. Finally, CIBC lifted their target price on shares of Franco-Nevada from C$230.00 to C$240.00 in a research report on Tuesday, February 7th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $175.11.

Franco-Nevada Stock Performance

Shares of Franco-Nevada stock opened at $136.78 on Monday. The company has a market capitalization of $26.25 billion, a P/E ratio of 34.63, a P/E/G ratio of 9.88 and a beta of 0.69. The company has a fifty day moving average of $139.11 and a 200 day moving average of $132.25. Franco-Nevada Co. has a fifty-two week low of $109.70 and a fifty-two week high of $169.32.

Franco-Nevada Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 30th. Investors of record on Thursday, March 16th will be issued a $0.34 dividend. The ex-dividend date of this dividend is Wednesday, March 15th. This represents a $1.36 annualized dividend and a yield of 0.99%. This is an increase from Franco-Nevada’s previous quarterly dividend of $0.32. Franco-Nevada’s dividend payout ratio is currently 32.41%.

About Franco-Nevada

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Franco-Nevada Corp. engages in the management of gold-focused royalties and streams portfolio. It provides investors with gold price and exploration optionality while limiting exposure to many of the risks of operating companies. The company was founded in 1983 and is headquartered in Toronto, Canada.