Franco-Nevada (NYSE:FNV) Price Target Raised to $290.00 at Scotiabank

Franco-Nevada (NYSE:FNV) (TSE:FNV) had its price target boosted by equities research analysts at Scotiabank from $286.00 to $290.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “sector perform” rating on the basic materials company’s stock. Scotiabank’s target price points to a potential upside of 22.82% from the company’s current price.

Other analysts have also recently issued reports about the stock. Canaccord Genuity Group raised shares of Franco-Nevada from a “hold” rating to a “buy” rating in a report on Wednesday, April 29th. Weiss Ratings raised shares of Franco-Nevada from a “hold (c+)” rating to a “buy (b)” rating in a report on Friday, March 20th. HC Wainwright reaffirmed a “buy” rating and issued a $305.00 price objective on shares of Franco-Nevada in a report on Wednesday. National Bank Financial raised shares of Franco-Nevada from a “sector perform” rating to an “outperform” rating in a report on Wednesday. Finally, Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Franco-Nevada in a research report on Wednesday, February 4th. Nine analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $257.75.

Franco-Nevada Price Performance

FNV traded down $4.67 during trading on Thursday, hitting $236.12. The company had a trading volume of 239,727 shares, compared to its average volume of 861,393. The company has a market cap of $45.54 billion, a PE ratio of 33.24, a P/E/G ratio of 2.29 and a beta of 0.34. The business has a 50-day moving average of $247.15 and a 200-day moving average of $231.11. Franco-Nevada has a 1-year low of $152.89 and a 1-year high of $285.67.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last posted its quarterly earnings results on Tuesday, May 12th. The basic materials company reported $2.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.09 by $0.29. The firm had revenue of $650.70 million for the quarter, compared to analysts’ expectations of $634.43 million. Franco-Nevada had a net margin of 65.12% and a return on equity of 18.76%. The firm’s quarterly revenue was up 76.6% on a year-over-year basis. During the same period in the prior year, the company posted $1.07 earnings per share. Research analysts forecast that Franco-Nevada will post 7.89 earnings per share for the current year.

Hedge Funds Weigh In On Franco-Nevada

Several large investors have recently made changes to their positions in FNV. AQR Capital Management LLC bought a new position in shares of Franco-Nevada during the 1st quarter valued at about $241,000. NewEdge Advisors LLC lifted its position in shares of Franco-Nevada by 16.7% in the first quarter. NewEdge Advisors LLC now owns 6,585 shares of the basic materials company’s stock worth $1,038,000 after purchasing an additional 943 shares in the last quarter. Intech Investment Management LLC lifted its position in shares of Franco-Nevada by 118.3% in the first quarter. Intech Investment Management LLC now owns 9,286 shares of the basic materials company’s stock worth $1,460,000 after purchasing an additional 5,032 shares in the last quarter. Acadian Asset Management LLC lifted its position in shares of Franco-Nevada by 800.0% in the first quarter. Acadian Asset Management LLC now owns 2,700 shares of the basic materials company’s stock worth $424,000 after purchasing an additional 2,400 shares in the last quarter. Finally, Marshall Wace LLP purchased a new stake in shares of Franco-Nevada in the second quarter worth approximately $1,477,000. Institutional investors own 77.06% of the company’s stock.

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.