Franco-Nevada (NYSE:FNV) Upgraded at Canaccord Genuity Group

Canaccord Genuity Group upgraded shares of Franco-Nevada (NYSE:FNV) (TSE:FNV) from a hold rating to a buy rating in a research report sent to investors on Monday morning, Marketbeat Ratings reports.

Several other analysts have also recently issued reports on FNV. Bank of America cut shares of Franco-Nevada from a “buy” rating to a “neutral” rating and cut their price target for the company from $142.00 to $139.00 in a report on Tuesday, October 1st. HC Wainwright upped their target price on shares of Franco-Nevada from $185.00 to $200.00 and gave the company a “buy” rating in a research note on Friday, November 8th. StockNews.com upgraded Franco-Nevada from a “sell” rating to a “hold” rating in a research note on Thursday, August 22nd. Jefferies Financial Group cut their price objective on Franco-Nevada from $137.00 to $136.00 and set a “hold” rating on the stock in a research note on Thursday, October 17th. Finally, Scotiabank reduced their target price on Franco-Nevada from $142.00 to $141.00 and set a “sector perform” rating on the stock in a report on Friday, November 8th. Four analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, Franco-Nevada has an average rating of “Moderate Buy” and an average price target of $148.86.

Franco-Nevada Price Performance

Franco-Nevada stock opened at $123.23 on Monday. The firm’s fifty day moving average price is $126.13 and its 200 day moving average price is $123.90. The company has a market capitalization of $23.72 billion, a price-to-earnings ratio of -39.00, a price-to-earnings-growth ratio of 20.46 and a beta of 0.75. Franco-Nevada has a 12-month low of $102.29 and a 12-month high of $137.60.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last issued its quarterly earnings results on Wednesday, November 6th. The basic materials company reported $0.80 EPS for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.03). Franco-Nevada had a negative net margin of 55.28% and a positive return on equity of 10.55%. The business had revenue of $275.70 million during the quarter, compared to analysts’ expectations of $279.11 million. During the same period in the prior year, the company posted $0.91 EPS. The company’s revenue for the quarter was down 10.9% on a year-over-year basis. Analysts forecast that Franco-Nevada will post 3.22 earnings per share for the current fiscal year.

Franco-Nevada Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Thursday, December 5th will be paid a dividend of $0.36 per share. The ex-dividend date is Thursday, December 5th. This represents a $1.44 dividend on an annualized basis and a yield of 1.17%. Franco-Nevada’s payout ratio is currently -45.57%.

Institutional Investors Weigh In On Franco-Nevada

A number of hedge funds have recently added to or reduced their stakes in FNV. Mechanics Financial Corp increased its holdings in shares of Franco-Nevada by 150.0% in the 2nd quarter. Mechanics Financial Corp now owns 250 shares of the basic materials company’s stock worth $30,000 after acquiring an additional 150 shares during the period. Mather Group LLC. bought a new position in Franco-Nevada in the 2nd quarter worth about $33,000. Kings Path Partners LLC acquired a new stake in shares of Franco-Nevada in the second quarter valued at approximately $36,000. Sunbelt Securities Inc. increased its stake in shares of Franco-Nevada by 3,333.3% in the second quarter. Sunbelt Securities Inc. now owns 412 shares of the basic materials company’s stock valued at $49,000 after purchasing an additional 400 shares during the period. Finally, Hillsdale Investment Management Inc. boosted its position in shares of Franco-Nevada by 33.3% during the first quarter. Hillsdale Investment Management Inc. now owns 440 shares of the basic materials company’s stock worth $52,000 after buying an additional 110 shares during the period. 77.06% of the stock is currently owned by institutional investors.

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.