Franco-Nevada Co. (NYSE:FNV) Short Interest Down 8.6% in December

Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) was the recipient of a large decline in short interest in December. As of December 15th, there was short interest totalling 1,390,000 shares, a decline of 8.6% from the November 30th total of 1,520,000 shares. Currently, 0.7% of the company’s stock are sold short. Based on an average daily volume of 689,100 shares, the short-interest ratio is currently 2.0 days.

Wall Street Analyst Weigh In

FNV has been the subject of a number of analyst reports. Canaccord Genuity Group raised Franco-Nevada from a “hold” rating to a “buy” rating in a research report on Monday, November 18th. UBS Group started coverage on shares of Franco-Nevada in a report on Monday, November 18th. They issued a “buy” rating and a $160.00 target price for the company. Bank of America cut shares of Franco-Nevada from a “buy” rating to a “neutral” rating and cut their price target for the stock from $142.00 to $139.00 in a report on Tuesday, October 1st. Jefferies Financial Group decreased their price objective on shares of Franco-Nevada from $137.00 to $136.00 and set a “hold” rating for the company in a research note on Thursday, October 17th. Finally, Scotiabank reduced their price objective on Franco-Nevada from $142.00 to $141.00 and set a “sector perform” rating for the company in a research note on Friday, November 8th. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $145.33.

Franco-Nevada Trading Up 0.5 %

Shares of FNV stock traded up $0.63 on Wednesday, hitting $117.59. 243,416 shares of the stock were exchanged, compared to its average volume of 658,895. The firm’s 50 day moving average is $123.12 and its two-hundred day moving average is $123.28. Franco-Nevada has a one year low of $103.64 and a one year high of $137.60. The firm has a market capitalization of $22.64 billion, a PE ratio of -37.21 and a beta of 0.72.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last issued its earnings results on Wednesday, November 6th. The basic materials company reported $0.80 earnings per share 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 business had revenue of $275.70 million for the quarter, compared to the consensus estimate of $279.11 million. During the same quarter in the prior 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. On average, sell-side analysts expect that Franco-Nevada will post 3.22 earnings per share for the current year.

Franco-Nevada Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 19th. Shareholders of record on Thursday, December 5th were issued a dividend of $0.36 per share. The ex-dividend date of this dividend was 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 -45.57%.

Hedge Funds Weigh In On Franco-Nevada

A number of large investors have recently made changes to their positions in the stock. Franklin Resources Inc. boosted its stake in Franco-Nevada by 8.3% in the 3rd quarter. Franklin Resources Inc. now owns 79,232 shares of the basic materials company’s stock worth $9,957,000 after purchasing an additional 6,052 shares during the period. Tri Ri Asset Management Corp bought a new position in shares of Franco-Nevada in the third quarter valued at approximately $3,433,000. Wilmington Savings Fund Society FSB purchased a new position in Franco-Nevada during the third quarter valued at approximately $326,000. Toronto Dominion Bank grew its stake in Franco-Nevada by 39.7% during the third quarter. Toronto Dominion Bank now owns 537,572 shares of the basic materials company’s stock valued at $66,793,000 after acquiring an additional 152,680 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in Franco-Nevada by 6.9% during the 3rd quarter. Geode Capital Management LLC now owns 839,903 shares of the basic materials company’s stock worth $104,068,000 after acquiring an additional 54,329 shares during the period. 77.06% of the stock is owned by institutional investors.

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.