Franco-Nevada (NYSE:FNV) Stock Rating Lowered by Bank of America

Franco-Nevada (NYSE:FNV) (TSE:FNV) was downgraded by research analysts at Bank of America from a “buy” rating to a “neutral” rating in a research note issued to investors on Tuesday, MarketBeat reports. They presently have a $139.00 target price on the basic materials company’s stock, down from their prior target price of $142.00. Bank of America‘s price objective points to a potential upside of 11.43% from the stock’s previous close.

FNV has been the topic of several other research reports. TD Cowen raised Franco-Nevada from a “hold” rating to a “buy” rating in a research note on Thursday, August 15th. TD Securities upgraded Franco-Nevada from a “hold” rating to a “buy” rating in a research report on Thursday, August 15th. Jefferies Financial Group boosted their price objective on shares of Franco-Nevada from $129.00 to $133.00 and gave the stock a “hold” rating in a research report on Friday, July 12th. Scotiabank raised their target price on shares of Franco-Nevada from $141.00 to $142.00 and gave the company a “sector perform” rating in a report on Monday, August 19th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $185.00 price target on shares of Franco-Nevada in a report on Friday, August 16th. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $152.38.

Franco-Nevada Price Performance

Shares of FNV stock opened at $124.74 on Tuesday. Franco-Nevada has a 1-year low of $102.29 and a 1-year high of $142.60. The business’s fifty day moving average price is $123.54 and its 200 day moving average price is $122.21. The firm has a market capitalization of $24.00 billion, a PE ratio of -50.10, a P/E/G ratio of 21.28 and a beta of 0.76.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last announced its quarterly earnings results on Tuesday, August 13th. The basic materials company reported $0.75 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.03). The company had revenue of $260.10 million during the quarter, compared to analysts’ expectations of $277.44 million. Franco-Nevada had a negative net margin of 51.64% and a positive return on equity of 10.56%. The business’s revenue for the quarter was down 21.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.95 EPS. Equities research analysts expect that Franco-Nevada will post 3.23 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Franco-Nevada

Hedge funds have recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA grew its stake in Franco-Nevada by 0.5% in the 2nd 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 buying an additional 64,429 shares during the last quarter. FIL Ltd raised its stake 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 valued at $1,005,852,000 after acquiring an additional 659,324 shares during the last quarter. Van ECK Associates Corp boosted its stake in Franco-Nevada by 1.8% in the second quarter. Van ECK Associates Corp now owns 8,626,736 shares of the basic materials company’s stock worth $1,022,452,000 after purchasing an additional 151,566 shares in the last quarter. Vanguard Group Inc. increased its position in Franco-Nevada by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 7,374,086 shares of the basic materials company’s stock valued at $878,696,000 after acquiring an additional 129,876 shares in the last quarter. Finally, Capital World Investors raised its position in 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 worth $547,807,000 after purchasing an additional 120,367 shares during the last quarter. Institutional investors and hedge funds own 77.06% of the company’s stock.

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.