Franco-Nevada Co. (NYSE:FNV) to Post FY2024 Earnings of $3.14 Per Share, Raymond James Forecasts

Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) – Equities research analysts at Raymond James boosted their FY2024 earnings per share estimates for Franco-Nevada in a research report issued to clients and investors on Tuesday, April 23rd. Raymond James analyst B. Macarthur now expects that the basic materials company will post earnings of $3.14 per share for the year, up from their prior forecast of $2.75. Raymond James currently has a “Outperform” rating and a $141.00 price target on the stock. The consensus estimate for Franco-Nevada’s current full-year earnings is $2.90 per share.

Other analysts have also issued reports about the company. TheStreet lowered Franco-Nevada from a “c+” rating to a “d+” rating in a research report on Tuesday, March 5th. Jefferies Financial Group lifted their price target on shares of Franco-Nevada from $117.00 to $129.00 and gave the stock a “hold” rating in a research report on Monday, April 22nd. Scotiabank increased their price objective on shares of Franco-Nevada from $139.00 to $140.00 and gave the company a “sector perform” rating in a report on Thursday, April 18th. Finally, Bank of America reduced their price objective on shares of Franco-Nevada from $138.00 to $136.00 and set a “buy” rating on the stock in a research note on Monday, March 18th. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $148.60.

Franco-Nevada Price Performance

Shares of Franco-Nevada stock opened at $122.93 on Friday. The firm has a 50 day simple moving average of $115.03 and a 200 day simple moving average of $115.87. Franco-Nevada has a fifty-two week low of $102.29 and a fifty-two week high of $161.25. The firm has a market cap of $23.64 billion, a P/E ratio of -50.59, a P/E/G ratio of 6.21 and a beta of 0.71.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last announced its earnings results on Tuesday, March 5th. The basic materials company reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.10. Franco-Nevada had a negative net margin of 38.26% and a positive return on equity of 10.61%. The company had revenue of $303.30 million during the quarter.

Franco-Nevada Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, March 14th were given a dividend of $0.36 per share. The ex-dividend date of this dividend was Wednesday, March 13th. This is a boost from Franco-Nevada’s previous quarterly dividend of $0.34. This represents a $1.44 annualized dividend and a yield of 1.17%. Franco-Nevada’s dividend payout ratio is -55.97%.

Institutional Investors Weigh In On Franco-Nevada

Large investors have recently made changes to their positions in the stock. Norges Bank acquired a new position in Franco-Nevada during the fourth quarter worth $221,351,000. Capital World Investors grew its position in shares of Franco-Nevada by 45.8% in the 4th quarter. Capital World Investors now owns 4,477,105 shares of the basic materials company’s stock valued at $495,909,000 after acquiring an additional 1,405,731 shares during the period. First Eagle Investment Management LLC increased its stake in shares of Franco-Nevada by 39.5% during the 4th quarter. First Eagle Investment Management LLC now owns 3,150,097 shares of the basic materials company’s stock worth $348,940,000 after purchasing an additional 891,164 shares during the last quarter. Van ECK Associates Corp raised its holdings in shares of Franco-Nevada by 9.9% in the 4th quarter. Van ECK Associates Corp now owns 8,778,127 shares of the basic materials company’s stock valued at $972,707,000 after purchasing an additional 789,070 shares during the period. Finally, FIL Ltd raised its holdings in shares of Franco-Nevada by 7.8% in the 4th quarter. FIL Ltd now owns 9,079,951 shares of the basic materials company’s stock valued at $1,005,852,000 after purchasing an additional 659,324 shares during the period. Institutional investors and hedge funds own 77.06% of the company’s stock.

About Franco-Nevada

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.