Franco-Nevada Corporation (FNV) Cut to “Neutral” at Credit Suisse Group
Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) was downgraded by research analysts at Credit Suisse Group from an “outperform” rating to a “neutral” rating in a research report issued on Monday, Marketbeat.com reports. They currently have a $80.00 price objective on the basic materials company’s stock, up from their prior price objective of $78.00. Credit Suisse Group’s price target suggests a potential upside of 0.45% from the stock’s current price.
Other analysts also recently issued research reports about the company. BidaskClub upgraded Franco-Nevada Corporation from a “hold” rating to a “buy” rating in a research note on Monday, July 24th. Barclays PLC cut their price target on Franco-Nevada Corporation from $74.00 to $72.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 13th. ValuEngine upgraded Franco-Nevada Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, August 29th. Zacks Investment Research downgraded Franco-Nevada Corporation from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Finally, Deutsche Bank AG restated a “hold” rating and issued a $64.00 price target (down previously from $65.00) on shares of Franco-Nevada Corporation in a research note on Sunday, June 25th. Eight equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $80.83.
Franco-Nevada Corporation (NYSE FNV) traded up 0.40% on Monday, hitting $79.64. The stock had a trading volume of 639,782 shares. Franco-Nevada Corporation has a 1-year low of $53.31 and a 1-year high of $85.03. The company has a market cap of $14.77 billion, a P/E ratio of 100.43 and a beta of -0.07. The stock has a 50 day moving average price of $79.22 and a 200 day moving average price of $72.05.
Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) last posted its quarterly earnings results on Tuesday, August 8th. The basic materials company reported $0.25 earnings per share for the quarter, hitting the consensus estimate of $0.25. The company had revenue of $163.60 million for the quarter, compared to the consensus estimate of $164.62 million. Franco-Nevada Corporation had a return on equity of 4.39% and a net margin of 21.26%. The firm’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.22 EPS. On average, equities research analysts expect that Franco-Nevada Corporation will post $1.00 EPS for the current fiscal year.
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A number of hedge funds have recently added to or reduced their stakes in FNV. CGOV Asset Management lifted its position in Franco-Nevada Corporation by 4.0% in the 1st quarter. CGOV Asset Management now owns 41,400 shares of the basic materials company’s stock valued at $3,613,000 after acquiring an additional 1,600 shares in the last quarter. Wells Fargo & Company MN lifted its holdings in shares of Franco-Nevada Corporation by 7.1% during the 1st quarter. Wells Fargo & Company MN now owns 40,245 shares of the basic materials company’s stock valued at $2,636,000 after buying an additional 2,652 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Franco-Nevada Corporation by 4.5% during the 1st quarter. Bank of New York Mellon Corp now owns 248,375 shares of the basic materials company’s stock valued at $16,271,000 after buying an additional 10,716 shares during the period. UBS Asset Management Americas Inc. lifted its holdings in shares of Franco-Nevada Corporation by 1.0% during the 1st quarter. UBS Asset Management Americas Inc. now owns 704,417 shares of the basic materials company’s stock valued at $46,016,000 after buying an additional 6,935 shares during the period. Finally, Karp Capital Management Corp bought a new position in shares of Franco-Nevada Corporation during the 1st quarter valued at $374,000. 60.24% of the stock is currently owned by institutional investors and hedge funds.
About Franco-Nevada Corporation
Franco-Nevada Corporation (Franco-Nevada) is a gold-focused royalty and stream company. The Company has interests in silver, platinum group metals, oil and gas and other resource assets. The Company is engaged in resource sector royalty/stream acquisitions and management activities. It has a portfolio of properties in the United States, Canada, Mexico, Peru, Chile and Africa.
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