Scotiabank Issues Positive Forecast for Franco-Nevada (NYSE:FNV) Stock Price

Franco-Nevada (NYSE:FNV) (TSE:FNV) had its target price boosted by Scotiabank from $182.00 to $184.00 in a research report sent to investors on Tuesday morning, MarketBeat Ratings reports. The brokerage currently has a sector perform rating on the basic materials company’s stock.

FNV has been the subject of several other research reports. Royal Bank Of Canada increased their price objective on shares of Franco-Nevada from $160.00 to $190.00 and gave the company a “sector perform” rating in a research report on Wednesday, June 4th. Raymond James Financial set a $186.00 price objective on shares of Franco-Nevada and gave the company an “outperform” rating in a research report on Wednesday, May 28th. HC Wainwright increased their price objective on shares of Franco-Nevada from $195.00 to $200.00 and gave the company a “buy” rating in a research report on Tuesday. BMO Capital Markets reaffirmed an “outperform” rating on shares of Franco-Nevada in a research report on Wednesday, May 28th. Finally, CIBC reaffirmed an “outperform” rating on shares of Franco-Nevada in a research report on Tuesday, July 15th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $178.88.

Franco-Nevada Stock Performance

FNV opened at $177.75 on Tuesday. Franco-Nevada has a 1 year low of $112.70 and a 1 year high of $179.99. The firm has a 50 day moving average price of $164.68 and a 200 day moving average price of $158.04. The company has a market cap of $34.24 billion, a PE ratio of 43.67, a price-to-earnings-growth ratio of 2.34 and a beta of 0.36.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last issued its quarterly earnings data 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. Franco-Nevada had a net margin of 58.82% and a return on equity of 12.82%. The company had revenue of $369.40 million during the quarter, compared to the consensus estimate of $382.70 million. During the same quarter last year, the company earned $0.75 earnings per share. Franco-Nevada’s revenue for the quarter was up 42.0% on a year-over-year basis. On average, sell-side analysts predict that Franco-Nevada will post 3.09 earnings per share for the current year.

Franco-Nevada Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Thursday, September 11th will be paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 0.9%. The ex-dividend date is Thursday, September 11th. Franco-Nevada’s dividend payout ratio is 47.50%.

Hedge Funds Weigh In On Franco-Nevada

Several institutional investors and hedge funds have recently made changes to their positions in FNV. EdgePoint Investment Group Inc. lifted its stake in Franco-Nevada by 49.9% during 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. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Franco-Nevada by 198.1% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,705,489 shares of the basic materials company’s stock worth $268,280,000 after purchasing an additional 1,133,373 shares during the last quarter. Capital World Investors lifted 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 worth $934,106,000 after purchasing an additional 711,591 shares during the last quarter. Picton Mahoney Asset Management bought a new position in Franco-Nevada during the second quarter worth $80,621,000. Finally, Scharf Investments LLC bought a new position in Franco-Nevada during the second quarter worth $78,509,000. 77.06% of the stock is currently 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.