Franco-Nevada (NYSE:FNV – Get Free Report) (TSE:FNV) was upgraded by Zacks Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Tuesday,Zacks.com reports.
Several other equities research analysts also recently weighed in on the stock. Weiss Ratings downgraded shares of Franco-Nevada from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, June 8th. Bank of America lowered their target price on shares of Franco-Nevada from $276.00 to $238.00 and set a “neutral” rating on the stock in a research note on Thursday, July 9th. Canaccord Genuity Group upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating in a research report on Wednesday, April 29th. UBS Group reduced their price target on shares of Franco-Nevada from $310.00 to $280.00 and set a “buy” rating for the company in a research note on Tuesday, June 30th. Finally, Scotiabank decreased their price objective on shares of Franco-Nevada from $290.00 to $274.00 and set a “sector perform” rating for the company in a report on Tuesday, July 14th. Eleven analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, Franco-Nevada currently has an average rating of “Moderate Buy” and an average target price of $273.40.
View Our Latest Stock Analysis on FNV
Franco-Nevada Trading Down 1.8%
Franco-Nevada (NYSE:FNV – Get Free Report) (TSE:FNV) last issued its quarterly earnings data on Tuesday, August 11th. The basic materials company reported $1.81 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.95 by ($0.14). The business had revenue of $580.90 million for the quarter, compared to analyst estimates of $616.66 million. Franco-Nevada had a return on equity of 18.98% and a net margin of 63.79%.The business’s quarterly revenue was up 57.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.24 earnings per share. As a group, equities research analysts expect that Franco-Nevada will post 8.23 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Franco-Nevada
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Norges Bank acquired a new position in Franco-Nevada in the 4th quarter worth about $578,577,000. Deutsche Bank AG acquired a new stake in shares of Franco-Nevada during the 2nd quarter valued at about $372,435,000. First Eagle Investment Management LLC grew its stake in shares of 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 valued at $1,062,037,000 after buying an additional 1,074,257 shares in the last quarter. Van ECK Associates Corp increased its holdings in Franco-Nevada by 12.8% in the fourth quarter. Van ECK Associates Corp now owns 7,441,133 shares of the basic materials company’s stock worth $1,542,402,000 after buying an additional 842,132 shares during the last quarter. Finally, Capital Research Global Investors increased its holdings in Franco-Nevada by 100.2% in the fourth quarter. Capital Research Global Investors now owns 1,277,889 shares of the basic materials company’s stock worth $264,882,000 after buying an additional 639,493 shares during the last quarter. 77.06% of the stock is currently owned by hedge funds and other institutional investors.
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.
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