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 research note published on Monday morning.

A number of other research firms have also recently issued reports on FNV. StockNews.com raised shares of Franco-Nevada from a “sell” rating to a “hold” rating in a research note on Thursday, August 22nd. HC Wainwright lifted their price target on shares of Franco-Nevada from $185.00 to $200.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Bank of America cut shares of Franco-Nevada from a “buy” rating to a “neutral” rating and dropped their price target for the company from $142.00 to $139.00 in a research note on Tuesday, October 1st. Canaccord Genuity Group raised shares of Franco-Nevada from a “hold” rating to a “buy” rating in a research note on Monday. Finally, Scotiabank dropped their price target on shares of Franco-Nevada from $142.00 to $141.00 and set a “sector perform” rating on the stock in a research note on Friday, November 8th. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Franco-Nevada currently has a consensus rating of “Moderate Buy” and an average target price of $157.00.

Franco-Nevada Price Performance

Shares of NYSE FNV opened at $118.45 on Monday. The stock has a market capitalization of $22.80 billion, a price-to-earnings ratio of -37.48, a PEG ratio of 19.22 and a beta of 0.75. Franco-Nevada has a 12 month low of $102.29 and a 12 month high of $137.60. The firm’s 50 day simple moving average is $126.17 and its 200-day simple moving average is $123.94.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last issued its quarterly earnings data on Wednesday, November 6th. The basic materials company reported $0.80 EPS for the quarter, missing analysts’ consensus estimates 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 earned $0.91 EPS. Franco-Nevada’s revenue for the quarter was down 10.9% compared to the same quarter last year. Analysts anticipate that Franco-Nevada will post 3.22 earnings per share for the current fiscal year.

Franco-Nevada Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Thursday, December 5th will be issued a $0.36 dividend. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $1.44 dividend on an annualized basis and a yield of 1.22%. Franco-Nevada’s payout ratio is currently -45.57%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Mechanics Financial Corp raised its holdings in shares of Franco-Nevada by 150.0% during the 2nd quarter. Mechanics Financial Corp now owns 250 shares of the basic materials company’s stock worth $30,000 after acquiring an additional 150 shares during the period. Mather Group LLC. purchased a new position in shares of Franco-Nevada during the 2nd quarter worth $33,000. Kings Path Partners LLC purchased a new position in shares of Franco-Nevada during the 2nd quarter worth $36,000. Sunbelt Securities Inc. raised its holdings in shares of Franco-Nevada by 3,333.3% during the 2nd quarter. Sunbelt Securities Inc. now owns 412 shares of the basic materials company’s stock worth $49,000 after acquiring an additional 400 shares during the period. Finally, Hillsdale Investment Management Inc. raised 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 acquiring an additional 110 shares during the period. Hedge funds and other institutional investors own 77.06% of the company’s stock.

Franco-Nevada Company Profile

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.