Franco-Nevada (NYSE:FNV) Price Target Raised to $200.00

Franco-Nevada (NYSE:FNV) (TSE:FNV) had its price target increased by HC Wainwright from $185.00 to $200.00 in a research report released on Friday,Benzinga reports. They currently have a buy rating on the basic materials company’s stock. HC Wainwright also issued estimates for Franco-Nevada’s FY2024 earnings at $2.78 EPS and FY2025 earnings at $3.58 EPS.

Several other research firms have also recently issued reports on FNV. Jefferies Financial Group cut their price objective 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. TD Cowen raised Franco-Nevada from a “hold” rating to a “buy” rating in a report on Thursday, August 15th. Scotiabank upped their target price on Franco-Nevada from $141.00 to $142.00 and gave the company a “sector perform” rating in a report on Monday, August 19th. TD Securities raised Franco-Nevada from a “hold” rating to a “buy” rating in a report on Thursday, August 15th. Finally, StockNews.com raised Franco-Nevada from a “sell” rating to a “hold” rating in a report on Thursday, August 22nd. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Franco-Nevada has a consensus rating of “Moderate Buy” and an average target price of $156.57.

Franco-Nevada Trading Down 3.8 %

Shares of NYSE FNV opened at $117.83 on Friday. Franco-Nevada has a twelve month low of $102.29 and a twelve month high of $137.60. The stock has a 50 day moving average of $126.57 and a two-hundred day moving average of $124.18. The stock has a market cap of $22.68 billion, a P/E ratio of -37.29, a P/E/G ratio of 20.59 and a beta of 0.75.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last released its quarterly earnings results on Wednesday, November 6th. The basic materials company reported $0.80 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.03). Franco-Nevada had a positive return on equity of 10.63% and a negative net margin of 55.28%. The company had revenue of $275.70 million for the quarter, compared to analysts’ expectations of $279.11 million. During the same quarter last year, the company earned $0.91 EPS. Franco-Nevada’s revenue for the quarter was down 10.9% compared to the same quarter last year. As a group, research analysts predict that Franco-Nevada will post 3.25 earnings per share for the current year.

Franco-Nevada Dividend Announcement

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

Hedge Funds Weigh In On Franco-Nevada

Large investors have recently modified their holdings of the company. Massachusetts Financial Services Co. MA raised its holdings in shares of Franco-Nevada by 0.5% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 12,286,603 shares of the basic materials company’s stock valued at $1,456,208,000 after buying an additional 64,429 shares during the period. Van ECK Associates Corp raised its holdings in shares of Franco-Nevada by 1.8% during the 2nd quarter. Van ECK Associates Corp now owns 8,626,736 shares of the basic materials company’s stock valued at $1,022,452,000 after buying an additional 151,566 shares during the period. Vanguard Group Inc. raised its holdings 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 valued at $878,696,000 after buying an additional 129,876 shares during the period. Capital World Investors raised its holdings in shares of Franco-Nevada by 2.7% during the 1st quarter. Capital World Investors now owns 4,597,472 shares of the basic materials company’s stock valued at $547,807,000 after buying an additional 120,367 shares during the period. Finally, Victory Capital Management Inc. raised its holdings in shares of Franco-Nevada by 13.9% during the 3rd quarter. Victory Capital Management Inc. now owns 3,489,240 shares of the basic materials company’s stock valued at $433,538,000 after buying an additional 424,810 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.