Franco-Nevada Corp. (NYSE:FNV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The brokerage presently has a $72.00 price target on the stock. Zacks Investment Research’s price target would suggest a potential upside of 11.59% from the stock’s previous close.
According to Zacks, “Franco-Nevada Corporation is a gold focused royalty and stream company with additional interests in platinum group metals and other resource assets. The Company’s assets are mostly mineral and oil & gas royalties or streams but also include some working and equity interests, undeveloped properties, options to acquire royalties and other assets. The mineral assets are further characterized by commodity as being in the Gold, PGM or Other Minerals categories and these in turn are further subdivided by their project status as being either, Operating, Advanced or Exploration royalties. Majorities of the Mineral Royalties are characterized as being Gold and the majority of revenues are from gold operations. The Oil & Gas interests are located primarily in the Western Canadian sedimentary basin with a larger amount of revenue generated from conventional oil than from natural gas properties. Franco-Nevada Corporation is headquartered in Toronto, Canada. “
FNV has been the subject of a number of other reports. TheStreet upgraded Franco-Nevada Corp. from a “hold” rating to a “buy” rating in a report on Tuesday, August 9th. Barclays PLC upped their price objective on Franco-Nevada Corp. from $65.00 to $75.00 and gave the stock an “equal weight” rating in a report on Monday, August 8th. Deutsche Bank AG upgraded Franco-Nevada Corp. from a “sell” rating to a “hold” rating and upped their price objective for the stock from $62.00 to $74.00 in a report on Friday, September 9th. BMO Capital Markets set a $108.00 price objective on Franco-Nevada Corp. and gave the stock a “hold” rating in a report on Monday, August 8th. Finally, Citigroup Inc. upgraded Franco-Nevada Corp. to a “hold” rating and cut their price objective for the stock from $74.00 to $62.00 in a report on Friday, September 9th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and five have issued a buy rating to the company. Franco-Nevada Corp. currently has an average rating of “Hold” and a consensus price target of $70.43.
Shares of Franco-Nevada Corp. (NYSE:FNV) opened at 64.52 on Tuesday. The firm has a market cap of $11.49 billion, a PE ratio of 190.89 and a beta of 0.18. The company’s 50-day moving average price is $72.34 and its 200 day moving average price is $70.66. Franco-Nevada Corp. has a 1-year low of $41.47 and a 1-year high of $81.16.
Franco-Nevada Corp. (NYSE:FNV) last posted its earnings results on Monday, August 8th. The company reported $0.22 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.19 by $0.03. Franco-Nevada Corp. had a return on equity of 3.02% and a net margin of 11.05%. The business earned $150.90 million during the quarter, compared to analysts’ expectations of $149.36 million. During the same period in the previous year, the business earned $0.15 earnings per share. The firm’s revenue was up 37.9% on a year-over-year basis. On average, analysts predict that Franco-Nevada Corp. will post $0.89 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 29th. Shareholders of record on Thursday, September 15th were given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.36%. The ex-dividend date of this dividend was Tuesday, September 13th. Franco-Nevada Corp.’s payout ratio is 275.00%.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FNV. Comerica Bank raised its position in Franco-Nevada Corp. by 1.1% in the second quarter. Comerica Bank now owns 10,904 shares of the company’s stock worth $865,000 after buying an additional 120 shares during the last quarter. IFP Advisors Inc raised its position in Franco-Nevada Corp. by 15.3% in the second quarter. IFP Advisors Inc now owns 1,317 shares of the company’s stock worth $100,000 after buying an additional 175 shares during the last quarter. Creative Planning raised its position in Franco-Nevada Corp. by 2.9% in the second quarter. Creative Planning now owns 6,432 shares of the company’s stock worth $489,000 after buying an additional 179 shares during the last quarter. Hartford Investment Management Co. raised its position in Franco-Nevada Corp. by 5.7% in the second quarter. Hartford Investment Management Co. now owns 3,742 shares of the company’s stock worth $283,000 after buying an additional 202 shares during the last quarter. Finally, US Bancorp DE raised its position in Franco-Nevada Corp. by 1.7% in the second quarter. US Bancorp DE now owns 19,925 shares of the company’s stock worth $1,515,000 after buying an additional 325 shares during the last quarter. 64.49% of the stock is owned by institutional investors and hedge funds.
Franco-Nevada Corp. Company Profile
Franco-Nevada Corporation (Franco-Nevada) is a gold-focused royalty and stream company. The Company’s additional interests are in platinum group metals and other resource assets. The Company operates in the segment of resource sector royalty/stream acquisitions and management activities. The Company’s business model provides investors with gold price and exploration optionality.
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