Bank of America Issues Positive Forecast for Franco-Nevada (NYSE:FNV) Stock Price

Franco-Nevada (NYSE:FNV) (TSE:FNV) had its price objective increased by Bank of America from $211.00 to $220.00 in a report issued on Thursday morning,Benzinga reports. They currently have a neutral rating on the basic materials company’s stock.

Other analysts have also recently issued reports about the stock. UBS Group upped their target price on shares of Franco-Nevada from $210.00 to $250.00 and gave the company a “buy” rating in a research report on Friday, September 19th. Scotiabank upped their target price on shares of Franco-Nevada from $182.00 to $184.00 and gave the company a “sector perform” rating in a research report on Tuesday, August 12th. National Bankshares restated a “sector perform” rating on shares of Franco-Nevada in a research report on Tuesday, June 24th. Zacks Research downgraded shares of Franco-Nevada from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 20th. Finally, Wall Street Zen downgraded shares of Franco-Nevada from a “buy” rating to a “hold” rating in a report on Friday, October 3rd. Six analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, Franco-Nevada presently has an average rating of “Hold” and a consensus price target of $210.29.

Franco-Nevada Trading Up 2.8%

Shares of NYSE FNV opened at $215.20 on Thursday. The firm’s 50-day moving average price is $198.57 and its 200-day moving average price is $175.99. The stock has a market capitalization of $41.47 billion, a price-to-earnings ratio of 52.87, a P/E/G ratio of 2.72 and a beta of 0.42. Franco-Nevada has a 12-month low of $112.70 and a 12-month high of $225.63.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last announced its earnings results on Monday, August 11th. The basic materials company reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.14. The firm had revenue of $369.40 million for the quarter, compared to analysts’ expectations of $382.70 million. Franco-Nevada had a net margin of 58.82% and a return on equity of 12.56%. The business’s revenue was up 42.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.75 EPS. On average, equities analysts predict that Franco-Nevada will post 3.09 EPS for the current fiscal year.

Franco-Nevada Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 25th. Investors of record on Thursday, September 11th were issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 0.7%. The ex-dividend date was Thursday, September 11th. Franco-Nevada’s dividend payout ratio is presently 37.35%.

Hedge Funds Weigh In On Franco-Nevada

Hedge funds have recently added to or reduced their stakes in the company. Burney Co. grew its stake in Franco-Nevada by 5.7% in the 3rd quarter. Burney Co. now owns 34,969 shares of the basic materials company’s stock worth $7,795,000 after acquiring an additional 1,900 shares in the last quarter. Blue Trust Inc. grew its stake in Franco-Nevada by 123.6% in the 3rd quarter. Blue Trust Inc. now owns 2,176 shares of the basic materials company’s stock worth $485,000 after acquiring an additional 1,203 shares in the last quarter. Sheets Smith Wealth Management bought a new position in Franco-Nevada in the 3rd quarter worth about $214,000. Jeppson Wealth Management LLC bought a new position in Franco-Nevada in the 3rd quarter worth about $202,000. Finally, DAVENPORT & Co LLC bought a new position in Franco-Nevada in the 3rd quarter worth about $210,000. 77.06% of the stock is currently owned by 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.