Franco-Nevada (NYSE:FNV) Reaches New 12-Month High Following Better-Than-Expected Earnings

Shares of Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) hit a new 52-week high during trading on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $148.02 and last traded at $142.62, with a volume of 1677094 shares trading hands. The stock had previously closed at $143.28.

The basic materials company reported $0.95 earnings per share for the quarter, beating analysts’ consensus estimates of $0.90 by $0.05. Franco-Nevada had a negative net margin of 55.28% and a positive return on equity of 10.55%. The business had revenue of $321.00 million during the quarter, compared to the consensus estimate of $304.33 million. During the same quarter last year, the firm earned $0.90 earnings per share. The firm’s revenue for the quarter was up 5.8% compared to the same quarter last year.

Franco-Nevada Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 27th. Investors of record on Thursday, March 13th will be given a dividend of $0.38 per share. The ex-dividend date is Thursday, March 13th. This is a boost from Franco-Nevada’s previous quarterly dividend of $0.36. This represents a $1.52 annualized dividend and a yield of 1.03%. Franco-Nevada’s dividend payout ratio is 53.15%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. StockNews.com raised shares of Franco-Nevada from a “hold” rating to a “buy” rating in a research note on Friday, March 7th. Royal Bank of Canada boosted their price objective on shares of Franco-Nevada from $145.00 to $155.00 and gave the stock a “sector perform” rating in a research note on Tuesday, February 11th. Raymond James raised their target price on shares of Franco-Nevada from $160.00 to $162.00 and gave the company an “outperform” rating in a research note on Tuesday. TD Securities lowered Franco-Nevada from a “buy” rating to a “hold” rating and set a $152.00 price objective on the stock. in a research note on Tuesday. Finally, HC Wainwright boosted their target price on Franco-Nevada from $155.00 to $165.00 and gave the stock a “buy” rating in a report on Tuesday. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Franco-Nevada currently has an average rating of “Moderate Buy” and an average price target of $153.63.

Hedge Funds Weigh In On Franco-Nevada

Several institutional investors and hedge funds have recently modified their holdings of FNV. Plato Investment Management Ltd bought a new position in shares of Franco-Nevada during the third quarter worth approximately $1,850,000. Huntington National Bank raised its holdings in Franco-Nevada by 7.4% in the 3rd quarter. Huntington National Bank now owns 1,486 shares of the basic materials company’s stock valued at $185,000 after acquiring an additional 102 shares in the last quarter. Aubrey Capital Management Ltd lifted its position in shares of Franco-Nevada by 26.6% during the 3rd quarter. Aubrey Capital Management Ltd now owns 9,253 shares of the basic materials company’s stock valued at $1,149,000 after acquiring an additional 1,942 shares during the period. Metis Global Partners LLC grew its holdings in shares of Franco-Nevada by 22.7% during the 3rd quarter. Metis Global Partners LLC now owns 15,153 shares of the basic materials company’s stock worth $1,882,000 after purchasing an additional 2,807 shares in the last quarter. Finally, Natixis Advisors LLC increased its position in shares of Franco-Nevada by 6.5% in the third quarter. Natixis Advisors LLC now owns 20,404 shares of the basic materials company’s stock worth $2,535,000 after purchasing an additional 1,237 shares during the period. 77.06% of the stock is currently owned by institutional investors and hedge funds.

Franco-Nevada Price Performance

The firm has a market cap of $28.38 billion, a P/E ratio of -46.64, a PEG ratio of 9.78 and a beta of 0.73. The company’s 50-day moving average is $134.87 and its two-hundred day moving average is $127.60.

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.