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 report issued on Monday morning, MarketBeat Ratings reports.

A number of other analysts have also commented on the company. TD Cowen upgraded Franco-Nevada from a “hold” rating to a “buy” rating in a report on Thursday, August 15th. TD Securities raised Franco-Nevada from a “hold” rating to a “buy” rating in a research report on Thursday, August 15th. Scotiabank lowered their price objective on shares of Franco-Nevada from $142.00 to $141.00 and set a “sector perform” rating on the stock in a report on Friday, November 8th. Bank of America lowered shares of Franco-Nevada from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $142.00 to $139.00 in a research report on Tuesday, October 1st. Finally, HC Wainwright raised their target price on shares of Franco-Nevada from $185.00 to $200.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, Franco-Nevada presently has an average rating of “Moderate Buy” and an average target price of $157.00.

Franco-Nevada Stock Performance

Shares of FNV opened at $121.49 on Monday. The stock has a 50 day simple moving average of $126.17 and a 200 day simple moving average of $123.91. Franco-Nevada has a 52-week low of $102.29 and a 52-week high of $137.60. The firm has a market capitalization of $23.39 billion, a PE ratio of -38.45, a P/E/G ratio of 19.22 and a beta of 0.75.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last released its quarterly earnings results on Wednesday, November 6th. The basic materials company reported $0.80 earnings per share for the quarter, missing the consensus estimate of $0.83 by ($0.03). Franco-Nevada had a negative net margin of 55.28% and a positive return on equity of 10.55%. The company had revenue of $275.70 million during the quarter, compared to analyst estimates of $279.11 million. During the same quarter last year, the company earned $0.91 EPS. The firm’s quarterly revenue was down 10.9% compared to the same quarter last year. Equities research analysts predict that Franco-Nevada will post 3.22 EPS for the current fiscal year.

Franco-Nevada Dividend Announcement

The firm also recently disclosed 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 dividend on an annualized basis and a dividend yield of 1.19%. Franco-Nevada’s payout ratio is -45.57%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in shares of Franco-Nevada by 1.8% in 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 purchasing an additional 129,876 shares during the last quarter. Hillsdale Investment Management Inc. boosted its holdings in shares of Franco-Nevada by 33.3% during the 1st quarter. Hillsdale Investment Management Inc. now owns 440 shares of the basic materials company’s stock worth $52,000 after buying an additional 110 shares during the period. Clearbridge Investments LLC grew its stake in Franco-Nevada by 9.5% in the 1st quarter. Clearbridge Investments LLC now owns 6,177 shares of the basic materials company’s stock valued at $736,000 after buying an additional 535 shares during the last quarter. UniSuper Management Pty Ltd raised its holdings in Franco-Nevada by 92.9% in the 1st quarter. UniSuper Management Pty Ltd now owns 2,700 shares of the basic materials company’s stock valued at $322,000 after acquiring an additional 1,300 shares during the period. Finally, Natixis acquired a new stake in Franco-Nevada during the first quarter worth approximately $114,000. 77.06% of the stock is owned by institutional investors and hedge funds.

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.