Franco-Nevada Co. (NYSE:FNV) Sees Significant Increase in Short Interest

Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) saw a large increase in short interest in the month of March. As of March 15th, there was short interest totalling 2,800,000 shares, an increase of 36.6% from the February 28th total of 2,050,000 shares. Based on an average daily volume of 730,400 shares, the days-to-cover ratio is presently 3.8 days. Currently, 1.5% of the company’s stock are short sold.

Franco-Nevada Stock Down 0.0 %

Shares of Franco-Nevada stock traded down $0.08 on Tuesday, reaching $157.48. The company’s stock had a trading volume of 740,381 shares, compared to its average volume of 658,889. Franco-Nevada has a 52 week low of $112.70 and a 52 week high of $159.38. The firm’s fifty day simple moving average is $143.77 and its two-hundred day simple moving average is $131.06. The company has a market capitalization of $30.32 billion, a price-to-earnings ratio of -49.84, a P/E/G ratio of 9.78 and a beta of 0.73.

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

Franco-Nevada Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 27th. Investors of record on Thursday, March 13th were issued a $0.38 dividend. The ex-dividend date was Thursday, March 13th. This represents a $1.52 annualized dividend and a yield of 0.97%. This is a boost from Franco-Nevada’s previous quarterly dividend of $0.36. Franco-Nevada’s dividend payout ratio (DPR) is currently 53.15%.

Institutional Investors Weigh In On Franco-Nevada

A number of hedge funds have recently added to or reduced their stakes in FNV. Charles Schwab Investment Management Inc. grew its holdings in shares of Franco-Nevada by 5.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 407,137 shares of the basic materials company’s stock worth $50,623,000 after acquiring an additional 19,589 shares during the period. Citigroup Inc. boosted its position in Franco-Nevada by 33.1% in the third quarter. Citigroup Inc. now owns 36,710 shares of the basic materials company’s stock worth $4,565,000 after purchasing an additional 9,119 shares during the last quarter. Cerity Partners LLC grew its stake in shares of Franco-Nevada by 28.4% during the 3rd quarter. Cerity Partners LLC now owns 3,581 shares of the basic materials company’s stock valued at $445,000 after purchasing an additional 791 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Franco-Nevada by 8.1% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 89,489 shares of the basic materials company’s stock valued at $11,127,000 after purchasing an additional 6,676 shares during the last quarter. Finally, Icon Wealth Advisors LLC bought a new position in shares of Franco-Nevada in the 3rd quarter worth approximately $151,000. 77.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FNV has been the topic of several recent research reports. TD Securities cut Franco-Nevada from a “buy” rating to a “hold” rating and set a $152.00 price target on the stock. in a research note on Tuesday, March 11th. Raymond James upped their target price on shares of Franco-Nevada from $160.00 to $162.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 11th. Royal Bank of Canada lifted their price target on shares of Franco-Nevada from $145.00 to $155.00 and gave the company a “sector perform” rating in a research report on Tuesday, February 11th. UBS Group upped their price objective on shares of Franco-Nevada from $165.00 to $170.00 and gave the stock a “buy” rating in a report on Tuesday, March 11th. Finally, Scotiabank lifted their target price on shares of Franco-Nevada from $145.00 to $150.00 and gave the company a “sector perform” rating in a report on Tuesday, March 11th. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $155.50.

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.