Franco-Nevada Corp. (NYSE:FNV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The brokerage currently has a $72.00 price target on the stock. Zacks Investment Research’s price target suggests a potential upside of 11.52% from the company’s previous close.
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 commented on the company. Bank of America Corp. initiated coverage on Franco-Nevada Corp. in a research note on Tuesday, August 9th. They set a “buy” rating on the stock. HSBC reaffirmed a “buy” rating on shares of Franco-Nevada Corp. in a research note on Thursday, July 7th. Vetr raised Franco-Nevada Corp. from a “strong sell” rating to a “sell” rating and set a $62.44 price objective on the stock in a research note on Wednesday, June 22nd. Deutsche Bank AG reaffirmed a “sell” rating on shares of Franco-Nevada Corp. in a research note on Thursday, July 7th. Finally, TheStreet lowered Franco-Nevada Corp. from a “buy” rating to a “hold” rating in a research note on Monday, September 12th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and five have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $70.43.
Shares of Franco-Nevada Corp. (NYSE:FNV) traded down 6.30% during mid-day trading on Tuesday, reaching $64.56. 1,346,658 shares of the company’s stock were exchanged. The stock has a 50 day moving average price of $72.74 and a 200 day moving average price of $70.70. The stock has a market cap of $11.50 billion, a price-to-earnings ratio of 191.01 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 announced its quarterly earnings results on Monday, August 8th. The company reported $0.22 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.03. Franco-Nevada Corp. had a return on equity of 3.02% and a net margin of 11.05%. The business earned $150.90 million during the quarter, compared to analysts’ expectations of $149.36 million. During the same quarter last year, the business posted $0.15 earnings per share. The business’s revenue for the quarter was up 37.9% on a year-over-year basis. Equities research analysts predict that Franco-Nevada Corp. will post $0.89 EPS for the current year.
The business also recently announced 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. The ex-dividend date of this dividend was Tuesday, September 13th. This represents a $0.88 annualized dividend and a dividend yield of 1.36%. Franco-Nevada Corp.’s payout ratio is currently 275.00%.
Several large investors have recently made changes to their positions in FNV. IFP Advisors Inc increased its stake in shares of 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. increased its stake in shares of 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 bought a new stake in shares of Franco-Nevada Corp. during the second quarter valued at approximately $221,000. Carnick & Kubik Group LLC bought a new stake in shares of Franco-Nevada Corp. during the second quarter valued at approximately $230,000. Finally, Hillsdale Investment Management Inc. increased its stake in shares of Franco-Nevada Corp. by 18.2% in the second quarter. Hillsdale Investment Management Inc. now owns 3,250 shares of the company’s stock valued at $247,000 after buying an additional 500 shares during the last quarter. Institutional investors and hedge funds own 64.49% of the company’s stock.
Franco-Nevada Corp. Company Profile
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.
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