Franco-Nevada (NYSE:FNV) Cut to “Hold” at Wall Street Zen

Franco-Nevada (NYSE:FNV) (TSE:FNV) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a note issued to investors on Monday.

A number of other equities research analysts have also recently weighed in on the stock. TD Cowen upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating and cut their price objective for the company from $292.00 to $291.00 in a research note on Wednesday, May 20th. Canaccord Genuity Group upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating in a research note on Wednesday, April 29th. Zacks Research cut shares of Franco-Nevada from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 31st. Scotiabank lifted their price objective on shares of Franco-Nevada from $286.00 to $290.00 and gave the company a “sector perform” rating in a research note on Thursday, May 14th. Finally, Weiss Ratings upgraded shares of Franco-Nevada from a “hold (c+)” rating to a “buy (b)” rating in a research note on Friday, March 20th. Eleven analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, Franco-Nevada presently has a consensus rating of “Moderate Buy” and an average price target of $271.00.

Franco-Nevada Stock Up 0.1%

Shares of NYSE FNV opened at $230.82 on Monday. Franco-Nevada has a fifty-two week low of $152.89 and a fifty-two week high of $285.67. The firm’s 50-day simple moving average is $239.70 and its 200 day simple moving average is $234.38. The stock has a market cap of $44.52 billion, a P/E ratio of 32.51, a P/E/G ratio of 2.01 and a beta of 0.34.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last issued its quarterly earnings data on Tuesday, May 12th. The basic materials company reported $2.38 earnings per share for the quarter, beating analysts’ consensus estimates of $2.09 by $0.29. Franco-Nevada had a net margin of 65.12% and a return on equity of 18.10%. The business had revenue of $650.70 million for the quarter, compared to analysts’ expectations of $634.43 million. During the same period in the previous year, the business earned $1.07 earnings per share. The company’s revenue was up 76.6% on a year-over-year basis. On average, sell-side analysts anticipate that Franco-Nevada will post 8.85 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Franco-Nevada

Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its stake in shares of Franco-Nevada by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 8,330,234 shares of the basic materials company’s stock worth $1,726,741,000 after purchasing an additional 113,916 shares during the last quarter. Van ECK Associates Corp grew its stake in shares of Franco-Nevada by 12.8% in the 4th quarter. Van ECK Associates Corp now owns 7,441,133 shares of the basic materials company’s stock worth $1,542,402,000 after purchasing an additional 842,132 shares during the last quarter. Bank of Montreal Can increased its stake in Franco-Nevada by 8.9% in the 3rd quarter. Bank of Montreal Can now owns 5,560,980 shares of the basic materials company’s stock worth $1,237,510,000 after purchasing an additional 454,175 shares in the last quarter. First Eagle Investment Management LLC increased its stake in Franco-Nevada by 26.5% in the 4th quarter. First Eagle Investment Management LLC now owns 5,123,444 shares of the basic materials company’s stock worth $1,062,037,000 after purchasing an additional 1,074,257 shares in the last quarter. Finally, EdgePoint Investment Group Inc. increased its stake in Franco-Nevada by 3.3% in the 1st quarter. EdgePoint Investment Group Inc. now owns 3,461,224 shares of the basic materials company’s stock worth $857,196,000 after purchasing an additional 110,222 shares in the last quarter. Institutional investors and hedge funds own 77.06% of the company’s stock.

About Franco-Nevada

Franco-Nevada Corporation is a Toronto-based royalty and streaming company that specializes in securing and managing long-term interests in mining properties. The firm focuses primarily on precious metals, particularly gold, while also holding interests related to silver, copper, platinum-group metals and select base metals. Rather than operating mines directly, Franco-Nevada acquires royalty and streaming agreements that entitle it to a percentage of production or revenue from producing and developing assets in exchange for upfront or staged financing.

The company’s business model centers on providing capital to mining companies in return for a sustained share of production or metal revenue, which can reduce exposure to operating and capital cost risks typical of mine operators.