Franco-Nevada (NYSE:FNV) Upgraded to Buy at TD Cowen

TD Cowen upgraded shares of Franco-Nevada (NYSE:FNV) (TSE:FNV) from a hold rating to a buy rating in a report published on Thursday morning, Marketbeat reports.

A number of other equities analysts also recently issued reports on the company. HC Wainwright increased their price target on Franco-Nevada from $175.00 to $185.00 and gave the stock a buy rating in a research report on Monday, May 6th. StockNews.com downgraded shares of Franco-Nevada from a hold rating to a sell rating in a research note on Wednesday. Bank of America boosted their price objective on shares of Franco-Nevada from $141.00 to $142.00 and gave the stock a buy rating in a research note on Wednesday, June 26th. Jefferies Financial Group increased their target price on Franco-Nevada from $129.00 to $133.00 and gave the company a hold rating in a research report on Friday, July 12th. Finally, Scotiabank lifted their price target on Franco-Nevada from $140.00 to $141.00 and gave the company a sector perform rating in a report on Thursday, May 23rd. One analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, Franco-Nevada currently has a consensus rating of Moderate Buy and an average price target of $152.33.

Franco-Nevada Stock Up 1.4 %

FNV traded up $1.69 on Thursday, reaching $121.58. 264,173 shares of the company traded hands, compared to its average volume of 667,560. The company has a market cap of $23.40 billion, a P/E ratio of -48.16, a price-to-earnings-growth ratio of 21.14 and a beta of 0.74. The firm has a fifty day simple moving average of $121.98 and a two-hundred day simple moving average of $118.70. Franco-Nevada has a one year low of $102.29 and a one year high of $146.43.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last posted its quarterly earnings results on Tuesday, August 13th. The basic materials company reported $0.75 earnings per share for the quarter, missing the consensus estimate of $0.78 by ($0.03). The company had revenue of $260.10 million for the quarter, compared to the consensus estimate of $277.44 million. Franco-Nevada had a negative net margin of 39.88% and a positive return on equity of 10.81%. The business’s revenue was down 21.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.95 EPS. On average, equities analysts forecast that Franco-Nevada will post 3.27 earnings per share for the current year.

Franco-Nevada Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 26th. Investors of record on Thursday, September 12th will be paid a dividend of $0.36 per share. The ex-dividend date of this dividend is Thursday, September 12th. This represents a $1.44 annualized dividend and a yield of 1.18%. Franco-Nevada’s dividend payout ratio (DPR) is -57.83%.

Institutional Investors Weigh In On Franco-Nevada

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FNV. Massachusetts Financial Services Co. MA increased its holdings in shares of Franco-Nevada by 0.5% during the second quarter. Massachusetts Financial Services Co. MA now owns 12,286,603 shares of the basic materials company’s stock valued at $1,456,208,000 after acquiring an additional 64,429 shares in the last quarter. FIL Ltd raised its holdings in shares of Franco-Nevada by 7.8% in the fourth quarter. FIL Ltd now owns 9,079,951 shares of the basic materials company’s stock worth $1,005,852,000 after buying an additional 659,324 shares during the last quarter. Van ECK Associates Corp lifted its stake in shares of Franco-Nevada by 9.9% during the fourth quarter. Van ECK Associates Corp now owns 8,778,127 shares of the basic materials company’s stock worth $972,707,000 after buying an additional 789,070 shares during the period. Vanguard Group Inc. grew its holdings in shares of Franco-Nevada by 1.8% during the first quarter. Vanguard Group Inc. now owns 7,374,086 shares of the basic materials company’s stock valued at $878,696,000 after buying an additional 129,876 shares during the last quarter. Finally, Capital World Investors increased its position in shares of Franco-Nevada by 2.7% in the 1st quarter. Capital World Investors now owns 4,597,472 shares of the basic materials company’s stock valued at $547,807,000 after acquiring an additional 120,367 shares during the period. 77.06% of the stock is currently owned by hedge funds and other institutional investors.

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.