Scotiabank Increases Franco-Nevada (NYSE:FNV) Price Target to $165.00

Franco-Nevada (NYSE:FNV) (TSE:FNV) had its target price upped by Scotiabank from $150.00 to $165.00 in a report issued on Monday morning,Benzinga reports. Scotiabank currently has a sector perform rating on the basic materials company’s stock.

Several other research analysts have also recently weighed in on the stock. Raymond James lifted their price target on shares of Franco-Nevada from $162.00 to $181.00 and gave the stock an “outperform” rating in a research note on Friday, April 4th. HC Wainwright boosted their price target on Franco-Nevada from $165.00 to $180.00 and gave the company a “buy” rating in a report on Wednesday, March 26th. UBS Group lifted their price objective on Franco-Nevada from $170.00 to $190.00 and gave the company a “buy” rating in a research report on Friday. Royal Bank of Canada increased their target price on shares of Franco-Nevada from $145.00 to $155.00 and gave the stock a “sector perform” rating in a report on Tuesday, February 11th. Finally, StockNews.com raised shares of Franco-Nevada from a “hold” rating to a “buy” rating in a report on Monday, April 7th. Six investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, Franco-Nevada presently has an average rating of “Moderate Buy” and an average target price of $162.25.

Franco-Nevada Stock Performance

FNV stock opened at $169.18 on Monday. The company has a market cap of $32.58 billion, a price-to-earnings ratio of -53.54, a P/E/G ratio of 9.78 and a beta of 0.68. The business’s 50-day moving average is $148.08 and its two-hundred day moving average is $133.07. Franco-Nevada has a fifty-two week low of $112.70 and a fifty-two week high of $169.87.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last issued its quarterly earnings data on Monday, March 10th. The basic materials company reported $0.95 earnings per share for the quarter, topping the consensus estimate of $0.90 by $0.05. The firm had revenue of $321.00 million for the quarter, compared to analysts’ expectations of $304.33 million. Franco-Nevada had a negative net margin of 55.28% and a positive return on equity of 10.55%. The business’s quarterly revenue was up 5.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.90 EPS. Equities analysts predict that Franco-Nevada will post 3.09 earnings per share for the current year.

Franco-Nevada Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th were issued a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 0.90%. The ex-dividend date of this dividend was Thursday, March 13th. This is an increase from Franco-Nevada’s previous quarterly dividend of $0.36. Franco-Nevada’s payout ratio is 53.15%.

Hedge Funds Weigh In On Franco-Nevada

Institutional investors have recently bought and sold shares of the stock. Norges Bank purchased a new stake in Franco-Nevada in the 4th quarter worth $237,643,000. EdgePoint Investment Group Inc. increased its holdings in shares of Franco-Nevada by 49.9% in the fourth quarter. EdgePoint Investment Group Inc. now owns 4,959,851 shares of the basic materials company’s stock worth $582,100,000 after purchasing an additional 1,650,358 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of Franco-Nevada by 246.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,164,394 shares of the basic materials company’s stock worth $136,796,000 after buying an additional 828,166 shares in the last quarter. Capital World Investors boosted its stake in Franco-Nevada by 9.8% during the fourth quarter. Capital World Investors now owns 7,948,917 shares of the basic materials company’s stock valued at $934,106,000 after buying an additional 711,591 shares during the last quarter. Finally, Proficio Capital Partners LLC grew its holdings in Franco-Nevada by 11,659.0% during the 4th quarter. Proficio Capital Partners LLC now owns 482,707 shares of the basic materials company’s stock valued at $56,762,000 after buying an additional 478,602 shares in the last quarter. 77.06% of the stock is owned by hedge funds and other institutional investors.

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.