Zacks Investment Research lowered shares of Franco-Nevada Corp. (NYSE:FNV) from a buy rating to a hold rating in a research note issued to investors on Monday morning.
According to Zacks, “Franco-Nevada Corporation is a gold focused royalty and stream company with additional interests in platinum group metals and other resource assets. The Company’s assets are mostly mineral and oil & gas royalties or streams but also include some working and equity interests, undeveloped properties, options to acquire royalties and other assets. The mineral assets are further characterized by commodity as being in the Gold, PGM or Other Minerals categories and these in turn are further subdivided by their project status as being either, Operating, Advanced or Exploration royalties. Majorities of the Mineral Royalties are characterized as being Gold and the majority of revenues are from gold operations. The Oil & Gas interests are located primarily in the Western Canadian sedimentary basin with a larger amount of revenue generated from conventional oil than from natural gas properties. Franco-Nevada Corporation is headquartered in Toronto, Canada. “
A number of other analysts have also weighed in on FNV. TheStreet upgraded shares of Franco-Nevada Corp. from a hold rating to a buy rating in a research note on Tuesday, August 9th. Barclays PLC upped their price target on Franco-Nevada Corp. from $65.00 to $75.00 and gave the company an equal weight rating in a report on Monday, August 8th. Deutsche Bank AG raised Franco-Nevada Corp. from a sell rating to a hold rating and upped their price target for the company from $62.00 to $74.00 in a report on Friday, September 9th. BMO Capital Markets set a $108.00 price target on Franco-Nevada Corp. and gave the company a hold rating in a report on Monday, August 8th. Finally, Citigroup Inc. raised Franco-Nevada Corp. to a hold rating and lowered their price target for the company from $74.00 to $62.00 in a report on Friday, September 9th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and three have issued a buy rating to the company. Franco-Nevada Corp. presently has an average rating of Hold and a consensus target price of $69.11.
Franco-Nevada Corp. (NYSE:FNV) opened at 63.61 on Monday. The firm’s 50-day moving average is $70.25 and its 200-day moving average is $70.62. The stock has a market cap of $11.33 billion, a P/E ratio of 188.20 and a beta of 0.18. Franco-Nevada Corp. has a 52-week low of $41.47 and a 52-week high of $81.16.
Franco-Nevada Corp. (NYSE:FNV) last released its earnings results on Monday, August 8th. The company reported $0.22 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.19 by $0.03. Franco-Nevada Corp. had a net margin of 11.05% and a return on equity of 3.02%. The firm had revenue of $150.90 million for the quarter, compared to analyst estimates of $149.36 million. During the same period in the prior year, the firm earned $0.15 earnings per share. The business’s quarterly revenue was up 37.9% compared to the same quarter last year. Equities research analysts predict that Franco-Nevada Corp. will post $0.90 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 29th. Investors of record on Thursday, September 15th were issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.38%. The ex-dividend date of this dividend was Tuesday, September 13th. Franco-Nevada Corp.’s dividend payout ratio is presently 275.00%.
Several large investors have recently modified their holdings of FNV. IFP Advisors Inc boosted its position in Franco-Nevada Corp. by 15.3% in the second quarter. IFP Advisors Inc now owns 1,317 shares of the company’s stock valued at $100,000 after buying an additional 175 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in Franco-Nevada Corp. by 65.2% in the second quarter. PNC Financial Services Group Inc. now owns 2,788 shares of the company’s stock valued at $211,000 after buying an additional 1,100 shares during the last quarter. Seven Eight Capital LLC acquired a new position in Franco-Nevada Corp. during the second quarter valued at about $221,000. Carnick & Kubik Group LLC acquired a new position in Franco-Nevada Corp. during the second quarter valued at about $230,000. Finally, Independence Advisors LLC acquired a new position in Franco-Nevada Corp. during the third quarter valued at about $231,000. 64.49% of the stock is owned by hedge funds and other institutional investors.
About Franco-Nevada Corp.
Franco-Nevada Corporation (Franco-Nevada) is a gold-focused royalty and stream company. The Company’s additional interests are in platinum group metals and other resource assets. The Company operates in the segment of resource sector royalty/stream acquisitions and management activities. The Company’s business model provides investors with gold price and exploration optionality.