Franco-Nevada Corp. (FNV) Rating Lowered to Hold at Zacks Investment Research
Franco-Nevada Corp. (NYSE:FNV) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Monday.
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. “
Several other brokerages have also recently weighed in on FNV. HSBC reaffirmed a “buy” rating on shares of Franco-Nevada Corp. in a research note on Thursday, July 7th. Deutsche Bank AG reiterated a “sell” rating on shares of Franco-Nevada Corp. in a research report on Thursday, July 7th. TheStreet upgraded shares of Franco-Nevada Corp. from a “hold” rating to a “buy” rating in a research report on Tuesday, August 9th. TD Securities reiterated a “hold” rating and set a $77.00 target price on shares of Franco-Nevada Corp. in a research report on Saturday, August 13th. Finally, BMO Capital Markets set a $108.00 target price on shares of Franco-Nevada Corp. and gave the stock a “hold” rating in a research report on Monday, August 8th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and three have given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $69.31.
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Franco-Nevada Corp. (NYSE:FNV) traded up 0.35% on Monday, reaching $63.67. The company’s stock had a trading volume of 276,969 shares. Franco-Nevada Corp. has a 1-year low of $41.47 and a 1-year high of $81.16. The company has a market capitalization of $11.34 billion, a price-to-earnings ratio of 188.37 and a beta of 0.18. The stock has a 50 day moving average price of $71.06 and a 200-day moving average price of $70.73.
Franco-Nevada Corp. (NYSE:FNV) last issued its quarterly earnings data on Monday, August 8th. The company reported $0.22 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.19 by $0.03. The firm had revenue of $150.90 million for the quarter, compared to analysts’ expectations of $149.36 million. Franco-Nevada Corp. had a net margin of 11.05% and a return on equity of 3.02%. The company’s quarterly revenue was up 37.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.15 earnings per share. Equities analysts predict that Franco-Nevada Corp. will post $0.90 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 29th. Stockholders of record on Thursday, September 15th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.38%. The ex-dividend date was Tuesday, September 13th. Franco-Nevada Corp.’s dividend payout ratio is 275.00%.
Several large investors have recently modified their holdings of FNV. Van ECK Associates Corp increased its stake in shares of Franco-Nevada Corp. by 24.7% in the second quarter. Van ECK Associates Corp now owns 7,831,846 shares of the company’s stock valued at $595,690,000 after buying an additional 1,550,588 shares in the last quarter. 1832 Asset Management L.P. increased its stake in shares of Franco-Nevada Corp. by 147.9% in the first quarter. 1832 Asset Management L.P. now owns 1,840,010 shares of the company’s stock valued at $188,953,000 after buying an additional 1,097,840 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of Franco-Nevada Corp. by 1,114.7% in the first quarter. Wellington Management Group LLP now owns 650,463 shares of the company’s stock valued at $39,974,000 after buying an additional 596,914 shares in the last quarter. PCJ Investment Counsel Ltd. increased its stake in shares of Franco-Nevada Corp. by 10,136.3% in the first quarter. PCJ Investment Counsel Ltd. now owns 578,350 shares of the company’s stock valued at $35,664,000 after buying an additional 572,700 shares in the last quarter. Finally, Prudential PLC increased its stake in shares of Franco-Nevada Corp. by 45.5% in the first quarter. Prudential PLC now owns 1,806,912 shares of the company’s stock valued at $110,908,000 after buying an additional 565,310 shares in the last quarter. 64.49% of the stock is owned by institutional investors.
About Franco-Nevada Corp.
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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