Franco-Nevada (NYSE:FNV) Cut to “Neutral” at Bank of America

Bank of America downgraded shares of Franco-Nevada (NYSE:FNV) (TSE:FNV) from a buy rating to a neutral rating in a research note released on Tuesday morning, Marketbeat.com reports. The brokerage currently has $139.00 price objective on the basic materials company’s stock, down from their previous price objective of $142.00.

A number of other analysts have also recently weighed in on FNV. StockNews.com upgraded shares of Franco-Nevada from a sell rating to a hold rating in a report on Thursday, August 22nd. HC Wainwright restated a buy rating and set a $185.00 price target on shares of Franco-Nevada in a research note on Friday, August 16th. Scotiabank increased their price objective on shares of Franco-Nevada from $141.00 to $142.00 and gave the company a sector perform rating in a research report on Monday, August 19th. TD Securities upgraded shares of Franco-Nevada from a hold rating to a buy rating in a research note on Thursday, August 15th. Finally, Jefferies Financial Group increased their price objective on Franco-Nevada from $129.00 to $133.00 and gave the company a hold rating in a report on Friday, July 12th. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $152.88.

Franco-Nevada Price Performance

NYSE:FNV opened at $120.86 on Tuesday. The firm has a market cap of $23.26 billion, a PE ratio of -48.54, a price-to-earnings-growth ratio of 21.28 and a beta of 0.76. The company has a 50-day moving average of $123.47 and a 200 day moving average of $122.23. Franco-Nevada has a 1-year low of $102.29 and a 1-year high of $142.60.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last released its quarterly earnings data 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 business had revenue of $260.10 million for the quarter, compared to the consensus estimate of $277.44 million. Franco-Nevada had a negative net margin of 51.64% and a positive return on equity of 10.56%. Franco-Nevada’s revenue for the quarter was down 21.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.95 earnings per share. Sell-side analysts anticipate that Franco-Nevada will post 3.23 EPS for the current fiscal year.

Franco-Nevada Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 26th. Stockholders of record on Thursday, September 12th were paid a $0.36 dividend. The ex-dividend date of this dividend was Thursday, September 12th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.19%. Franco-Nevada’s payout ratio is -57.83%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Mechanics Financial Corp grew its stake 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 purchasing an additional 150 shares during the period. Mather Group LLC. purchased a new stake in Franco-Nevada during the second quarter worth $33,000. Kings Path Partners LLC acquired a new stake in Franco-Nevada during the second quarter valued at $36,000. Fortis Group Advisors LLC increased its holdings in Franco-Nevada by 100.0% in the fourth quarter. Fortis Group Advisors LLC now owns 352 shares of the basic materials company’s stock valued at $39,000 after buying an additional 176 shares in the last quarter. Finally, Sunbelt Securities Inc. raised its position in shares of Franco-Nevada by 3,333.3% in the second 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. 77.06% of the stock is currently owned by hedge funds and other 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.