Canaccord Genuity Group Upgrades Franco-Nevada (NYSE:FNV) to “Buy”

Canaccord Genuity Group upgraded shares of Franco-Nevada (NYSE:FNV) (TSE:FNV) from a hold rating to a buy rating in a research note issued to investors on Monday.

Several other analysts have also weighed in on the stock. TD Cowen upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating in a research report on Thursday, August 15th. Jefferies Financial Group cut their target price on Franco-Nevada from $137.00 to $136.00 and set a “hold” rating for the company in a research report on Thursday, October 17th. StockNews.com upgraded Franco-Nevada from a “sell” rating to a “hold” rating in a research report on Thursday, August 22nd. HC Wainwright lifted their price objective on Franco-Nevada from $185.00 to $200.00 and gave the company a “buy” rating in a report on Friday, November 8th. Finally, Scotiabank lowered their target price 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. Four investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Franco-Nevada currently has a consensus rating of “Moderate Buy” and a consensus price target of $148.86.

Franco-Nevada Price Performance

NYSE FNV opened at $123.23 on Monday. The company’s fifty day moving average is $126.13 and its two-hundred day moving average is $123.90. The firm has a market capitalization of $23.72 billion, a price-to-earnings ratio of -39.00, a P/E/G ratio of 20.46 and a beta of 0.75. Franco-Nevada has a 52-week low of $102.29 and a 52-week high of $137.60.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last announced its quarterly earnings data 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 positive return on equity of 10.55% and a negative net margin of 55.28%. The firm had revenue of $275.70 million for the quarter, compared to analyst estimates of $279.11 million. During the same period in the previous year, the business posted $0.91 EPS. Franco-Nevada’s revenue for the quarter was down 10.9% compared to the same quarter last year. As a group, sell-side analysts expect that Franco-Nevada will post 3.22 earnings per share for the current fiscal year.

Franco-Nevada Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Thursday, December 5th will be given a dividend of $0.36 per share. The ex-dividend date is Thursday, December 5th. This represents a $1.44 dividend on an annualized basis and a yield of 1.17%. Franco-Nevada’s payout ratio is presently -45.57%.

Hedge Funds Weigh In On Franco-Nevada

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in shares of Franco-Nevada by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 7,374,086 shares of the basic materials company’s stock worth $878,696,000 after buying an additional 129,876 shares during the period. Hillsdale Investment Management Inc. grew its holdings in shares of Franco-Nevada by 33.3% in the 1st quarter. Hillsdale Investment Management Inc. now owns 440 shares of the basic materials company’s stock valued at $52,000 after buying an additional 110 shares during the period. Clearbridge Investments LLC increased its position in shares of 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 in the last quarter. UniSuper Management Pty Ltd raised its stake in Franco-Nevada by 92.9% during the 1st quarter. UniSuper Management Pty Ltd now owns 2,700 shares of the basic materials company’s stock worth $322,000 after buying an additional 1,300 shares during the period. Finally, Natixis acquired a new position in Franco-Nevada in the first quarter valued at about $114,000. 77.06% of the stock is owned by 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.