Franco-Nevada (NYSE:FNV) Rating Increased to Buy 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 note published on Wednesday, MarketBeat reports.

FNV has been the subject of several other reports. Weiss Ratings upgraded shares of Franco-Nevada from a “hold (c+)” rating to a “buy (b)” rating in a research note on Friday, March 20th. Scotiabank boosted their price objective on shares of Franco-Nevada from $283.00 to $286.00 and gave the stock a “sector perform” rating in a research note on Monday, March 16th. HC Wainwright boosted their price objective on shares of Franco-Nevada from $285.00 to $305.00 and gave the stock a “buy” rating in a research note on Thursday, March 12th. Zacks Research downgraded shares of Franco-Nevada from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 31st. Finally, UBS Group restated a “buy” rating and issued a $310.00 target price on shares of Franco-Nevada in a research note on Friday, January 30th. Eight research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, Franco-Nevada currently has a consensus rating of “Moderate Buy” and a consensus price target of $257.25.

Franco-Nevada Stock Down 1.8%

FNV opened at $228.31 on Wednesday. Franco-Nevada has a 52-week low of $152.89 and a 52-week high of $285.67. The company has a 50 day moving average of $253.33 and a two-hundred day moving average of $229.24. The company has a market cap of $44.03 billion, a P/E ratio of 39.64, a P/E/G ratio of 2.58 and a beta of 0.47.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last released its quarterly earnings data on Tuesday, March 10th. The basic materials company reported $1.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.67 by $0.18. Franco-Nevada had a net margin of 61.01% and a return on equity of 15.62%. The company had revenue of $597.30 million during the quarter, compared to the consensus estimate of $542.02 million. During the same period in the previous year, the firm earned $0.95 earnings per share. Franco-Nevada’s revenue for the quarter was up 86.1% on a year-over-year basis. Research analysts anticipate that Franco-Nevada will post 7.82 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in FNV. GAMMA Investing LLC boosted its stake in shares of Franco-Nevada by 112.3% in the fourth quarter. GAMMA Investing LLC now owns 121 shares of the basic materials company’s stock valued at $25,000 after purchasing an additional 64 shares during the period. Transamerica Financial Advisors LLC acquired a new stake in Franco-Nevada in the fourth quarter valued at $25,000. Burkett Financial Services LLC acquired a new stake in Franco-Nevada in the third quarter valued at $28,000. Private Trust Co. NA acquired a new stake in Franco-Nevada in the fourth quarter valued at $29,000. Finally, Smartleaf Asset Management LLC raised its holdings in Franco-Nevada by 600.0% in the second quarter. Smartleaf Asset Management LLC now owns 196 shares of the basic materials company’s stock valued at $32,000 after acquiring an additional 168 shares in the last quarter. 77.06% of the stock is currently owned by hedge funds and other institutional investors.

About Franco-Nevada

Franco-Nevada Corporation is a Toronto-based royalty and streaming company that specializes in securing and managing long-term interests in mining properties. The firm focuses primarily on precious metals, particularly gold, while also holding interests related to silver, copper, platinum-group metals and select base metals. Rather than operating mines directly, Franco-Nevada acquires royalty and streaming agreements that entitle it to a percentage of production or revenue from producing and developing assets in exchange for upfront or staged financing.

The company’s business model centers on providing capital to mining companies in return for a sustained share of production or metal revenue, which can reduce exposure to operating and capital cost risks typical of mine operators.