Scotiabank Has Lowered Expectations for Franco-Nevada (NYSE:FNV) Stock Price

Franco-Nevada (NYSE:FNV) (TSE:FNV) had its target price decreased by Scotiabank from $142.00 to $141.00 in a report released on Friday morning,Benzinga reports. Scotiabank currently has a sector perform rating on the basic materials company’s stock.

Several other analysts have also commented on FNV. TD Securities raised Franco-Nevada from a “hold” rating to a “buy” rating in a report on Thursday, August 15th. StockNews.com raised Franco-Nevada from a “sell” rating to a “hold” rating in a report on Thursday, August 22nd. Jefferies Financial Group dropped their target price on Franco-Nevada from $137.00 to $136.00 and set a “hold” rating on the stock in a report on Thursday, October 17th. TD Cowen raised Franco-Nevada from a “hold” rating to a “buy” rating in a report on Thursday, August 15th. Finally, HC Wainwright raised their price objective on Franco-Nevada from $185.00 to $200.00 and gave the company a “buy” rating in a report on Friday. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $156.57.

Franco-Nevada Stock Down 3.8 %

Shares of NYSE:FNV opened at $117.83 on Friday. Franco-Nevada has a 52-week low of $102.29 and a 52-week high of $137.60. The stock has a market cap of $22.68 billion, a price-to-earnings ratio of -37.29, a PEG ratio of 20.59 and a beta of 0.75. The business has a 50-day moving average price of $126.57 and a 200-day moving average price of $124.18.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last posted its earnings results on Wednesday, November 6th. The basic materials company reported $0.80 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.03). The company had revenue of $275.70 million for the quarter, compared to analyst estimates of $279.11 million. Franco-Nevada had a positive return on equity of 10.63% and a negative net margin of 55.28%. The firm’s revenue was down 10.9% on a year-over-year basis. During the same period last year, the business earned $0.91 earnings per share. As a group, equities analysts anticipate that Franco-Nevada will post 3.25 EPS for the current fiscal year.

Franco-Nevada Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Thursday, December 5th will be given a $0.36 dividend. The ex-dividend date is Thursday, December 5th. This represents a $1.44 annualized dividend and a dividend 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 made changes to their positions in FNV. Allspring Global Investments Holdings LLC purchased a new position in shares of Franco-Nevada in the second quarter valued at approximately $276,446,000. M&G Plc purchased a new position in Franco-Nevada during the first quarter worth approximately $219,971,000. EdgePoint Investment Group Inc. lifted its position in Franco-Nevada by 68.1% during the first quarter. EdgePoint Investment Group Inc. now owns 2,759,677 shares of the basic materials company’s stock worth $328,972,000 after buying an additional 1,117,523 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its position in Franco-Nevada by 3,404.9% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 727,681 shares of the basic materials company’s stock worth $86,287,000 after buying an additional 706,919 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its position in Franco-Nevada by 13.9% during the third quarter. Victory Capital Management Inc. now owns 3,489,240 shares of the basic materials company’s stock worth $433,538,000 after buying an additional 424,810 shares in the last quarter. Hedge funds and other institutional investors 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.