Franco-Nevada (NYSE:FNV) Upgraded 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 report released on Monday.

Other equities analysts also recently issued reports about the stock. Bank of America downgraded shares of Franco-Nevada from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $142.00 to $139.00 in a report on Tuesday, October 1st. Canaccord Genuity Group upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating in a report on Monday. Jefferies Financial Group reduced their target price on shares of Franco-Nevada from $137.00 to $136.00 and set a “hold” rating for the company in a report on Thursday, October 17th. Scotiabank decreased their price objective on shares of Franco-Nevada from $142.00 to $141.00 and set a “sector perform” rating for the company in a research report on Friday, November 8th. Finally, TD Securities raised shares of Franco-Nevada from a “hold” rating to a “buy” rating in a research report on Thursday, August 15th. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Franco-Nevada currently has an average rating of “Moderate Buy” and a consensus price target of $157.00.

Franco-Nevada Price Performance

FNV stock opened at $118.45 on Monday. The company has a market capitalization of $22.80 billion, a P/E ratio of -37.48, a PEG ratio of 19.22 and a beta of 0.75. The business has a 50-day moving average price of $126.17 and a 200 day moving average price of $123.94. Franco-Nevada has a 1-year low of $102.29 and a 1-year high of $137.60.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last announced its 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). The firm had revenue of $275.70 million during the quarter, compared to the consensus estimate of $279.11 million. Franco-Nevada had a positive return on equity of 10.55% and a negative net margin of 55.28%. The business’s revenue for the quarter was down 10.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.91 earnings per share. On average, analysts anticipate that Franco-Nevada will post 3.22 earnings per share for the current fiscal year.

Franco-Nevada Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Thursday, December 5th will be issued a $0.36 dividend. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $1.44 annualized dividend and a yield of 1.22%. Franco-Nevada’s dividend payout ratio (DPR) is presently -45.57%.

Hedge Funds Weigh In On Franco-Nevada

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Toronto Dominion Bank increased its holdings in Franco-Nevada by 39.7% in the 3rd quarter. Toronto Dominion Bank now owns 537,572 shares of the basic materials company’s stock worth $66,793,000 after buying an additional 152,680 shares during the period. Geode Capital Management LLC increased its holdings in Franco-Nevada by 6.9% in the 3rd quarter. Geode Capital Management LLC now owns 839,903 shares of the basic materials company’s stock worth $104,068,000 after buying an additional 54,329 shares during the period. Adalta Capital Management LLC increased its holdings in Franco-Nevada by 8.2% in the 3rd quarter. Adalta Capital Management LLC now owns 10,539 shares of the basic materials company’s stock worth $1,309,000 after buying an additional 799 shares during the period. Barclays PLC increased its holdings in Franco-Nevada by 29.4% in the 3rd quarter. Barclays PLC now owns 35,828 shares of the basic materials company’s stock worth $4,450,000 after buying an additional 8,147 shares during the period. Finally, Public Employees Retirement System of Ohio acquired a new position in Franco-Nevada in the 3rd quarter worth approximately $12,216,000. Institutional investors and hedge funds own 77.06% of the company’s stock.

Franco-Nevada Company Profile

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.