Franco-Nevada Co. (NYSE:FNV) Short Interest Down 14.1% in January

Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) saw a significant drop in short interest in the month of January. As of January 31st, there was short interest totalling 1,770,000 shares, a drop 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 presently 2.6 days. Currently, 0.9% of the company’s stock are sold short.

Franco-Nevada Stock Performance

NYSE:FNV opened at $138.37 on Tuesday. The company has a market capitalization of $26.64 billion, a price-to-earnings ratio of -43.79, a price-to-earnings-growth ratio of 9.88 and a beta of 0.74. Franco-Nevada has a one year low of $103.64 and a one year high of $144.27. The stock has a 50-day simple moving average of $127.49 and a 200 day simple moving average of $125.36.

Franco-Nevada Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 27th. Investors of record on Thursday, March 13th will be paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 1.10%. This is an increase from Franco-Nevada’s previous quarterly dividend of $0.36. The ex-dividend date is Thursday, March 13th. Franco-Nevada’s dividend payout ratio (DPR) is -45.57%.

Analysts Set New Price Targets

Several research firms have commented on FNV. Royal Bank of Canada raised their price objective on Franco-Nevada from $145.00 to $155.00 and gave the company a “sector perform” rating in a research report on Tuesday, February 11th. Scotiabank cut their price objective on Franco-Nevada from $142.00 to $141.00 and set a “sector perform” rating on the stock in a research report on Friday, November 8th. Canaccord Genuity Group upgraded Franco-Nevada from a “hold” rating to a “buy” rating in a research note on Monday, November 18th. HC Wainwright restated a “buy” rating and set a $155.00 target price on shares of Franco-Nevada in a research note on Tuesday, January 28th. Finally, UBS Group initiated coverage on Franco-Nevada in a research note on Monday, November 18th. They set a “buy” rating and a $160.00 target price for the company. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $146.71.

Hedge Funds Weigh In On Franco-Nevada

A number of hedge funds have recently bought and sold shares of FNV. Laurel Wealth Advisors LLC acquired a new position in Franco-Nevada in the fourth quarter worth about $47,000. Physician Wealth Advisors Inc. acquired a new position in Franco-Nevada in the fourth quarter worth about $49,000. Point72 DIFC Ltd bought a new position in Franco-Nevada in the third quarter worth about $52,000. Harbour Investments Inc. lifted its holdings in Franco-Nevada by 25.8% in the fourth quarter. Harbour Investments Inc. now owns 453 shares of the basic materials company’s stock worth $53,000 after acquiring an additional 93 shares during the last quarter. Finally, Erste Asset Management GmbH bought a new position in Franco-Nevada in the third quarter worth about $55,000. 77.06% of the stock is currently owned by institutional investors and hedge funds.

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.