Franco-Nevada (NYSE:FNV) Hits New 1-Year High After Better-Than-Expected Earnings

Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) hit a new 52-week high during mid-day trading on Tuesday following a stronger than expected earnings report. The company traded as high as $148.02 and last traded at $142.62, with a volume of 1677094 shares trading hands. The stock had previously closed at $143.28.

The basic materials company reported $0.95 earnings per share for the quarter, beating analysts’ consensus estimates of $0.90 by $0.05. Franco-Nevada had a positive return on equity of 10.55% and a negative net margin of 55.28%. The company had revenue of $321.00 million for the quarter, compared to the consensus estimate of $304.33 million. During the same period in the previous year, the business earned $0.90 earnings per share. The company’s quarterly revenue was up 5.8% on a year-over-year basis.

Franco-Nevada Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 27th. Shareholders of record on Thursday, March 13th will be paid a dividend of $0.38 per share. This is a positive change from Franco-Nevada’s previous quarterly dividend of $0.36. This represents a $1.52 annualized dividend and a yield of 1.03%. The ex-dividend date is Thursday, March 13th. Franco-Nevada’s dividend payout ratio is currently 53.15%.

Wall Street Analyst Weigh In

FNV has been the subject of a number of recent analyst reports. Scotiabank increased their target price on shares of Franco-Nevada from $145.00 to $150.00 and gave the stock a “sector perform” rating in a research report on Tuesday. UBS Group boosted their price objective on Franco-Nevada from $165.00 to $170.00 and gave the stock a “buy” rating in a research note on Tuesday. TD Securities cut shares of Franco-Nevada from a “buy” rating to a “hold” rating and set a $152.00 price objective for the company. in a research report on Tuesday. HC Wainwright upped their target price on shares of Franco-Nevada from $155.00 to $165.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, Canaccord Genuity Group raised shares of Franco-Nevada from a “hold” rating to a “buy” rating in a report on Monday, November 18th. Five analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $153.63.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of FNV. Plato Investment Management Ltd bought a new stake in shares of Franco-Nevada in the 3rd quarter valued at $1,850,000. Huntington National Bank increased its stake in Franco-Nevada by 7.4% during the 3rd quarter. Huntington National Bank now owns 1,486 shares of the basic materials company’s stock worth $185,000 after purchasing an additional 102 shares in the last quarter. Aubrey Capital Management Ltd raised its holdings in Franco-Nevada by 26.6% during the 3rd quarter. Aubrey Capital Management Ltd now owns 9,253 shares of the basic materials company’s stock worth $1,149,000 after buying an additional 1,942 shares during the period. Metis Global Partners LLC lifted its stake in Franco-Nevada by 22.7% in the third quarter. Metis Global Partners LLC now owns 15,153 shares of the basic materials company’s stock valued at $1,882,000 after buying an additional 2,807 shares in the last quarter. Finally, Natixis Advisors LLC boosted its holdings in shares of Franco-Nevada by 6.5% in the third quarter. Natixis Advisors LLC now owns 20,404 shares of the basic materials company’s stock valued at $2,535,000 after buying an additional 1,237 shares during the period. Institutional investors own 77.06% of the company’s stock.

Franco-Nevada Price Performance

The company has a market cap of $28.38 billion, a P/E ratio of -46.64, a P/E/G ratio of 9.78 and a beta of 0.73. The company’s 50-day moving average price is $134.87 and its 200-day moving average price is $127.60.

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.