Franco-Nevada (NYSE:FNV) Price Target Raised to $300.00

Franco-Nevada (NYSE:FNV) (TSE:FNV) had its target price raised by Royal Bank Of Canada from $285.00 to $300.00 in a research report released on Wednesday morning,Benzinga reports. The firm currently has an outperform rating on the basic materials company’s stock.

Other equities analysts have also issued reports about the company. UBS Group lowered their target price on Franco-Nevada from $310.00 to $280.00 and set a “buy” rating on the stock in a research report on Tuesday, June 30th. TD raised shares of Franco-Nevada from a “hold” rating to a “buy” rating and reduced their price target for the company from $292.00 to $291.00 in a research report on Wednesday, May 20th. TD Cowen upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating and decreased their price target for the company from $292.00 to $291.00 in a research note on Wednesday, May 20th. Bank of America lowered their price objective on shares of Franco-Nevada from $276.00 to $238.00 and set a “neutral” rating on the stock in a report on Thursday, July 9th. Finally, TD Securities raised shares of Franco-Nevada from a “hold” rating to a “buy” rating and set a $291.00 price objective on the stock in a research note on Wednesday, May 20th. Eleven investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, Franco-Nevada presently has an average rating of “Moderate Buy” and a consensus target price of $274.90.

Franco-Nevada Price Performance

Shares of FNV opened at $266.45 on Wednesday. Franco-Nevada has a one year low of $181.50 and a one year high of $285.67. The company has a market cap of $51.39 billion, a PE ratio of 34.83, a P/E/G ratio of 2.46 and a beta of 0.39. The stock has a 50-day moving average of $239.89 and a 200-day moving average of $236.66.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last posted its quarterly earnings results on Tuesday, August 11th. The basic materials company reported $1.81 earnings per share for the quarter, missing analysts’ consensus estimates of $1.95 by ($0.14). The firm 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 18.58% and a net margin of 63.79%.The firm’s quarterly revenue was up 57.3% compared to the same quarter last year. During the same period last year, the company posted $1.24 earnings per share. Analysts expect that Franco-Nevada will post 7.54 EPS for the current fiscal year.

Franco-Nevada Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, September 10th will be given a dividend of $0.44 per share. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $1.76 annualized dividend and a dividend yield of 0.7%. Franco-Nevada’s payout ratio is presently 23.01%.

Institutional Investors Weigh In On Franco-Nevada

Several institutional investors have recently bought and sold shares of FNV. Van ECK Associates Corp boosted its holdings in Franco-Nevada by 12.8% during the 4th quarter. Van ECK Associates Corp now owns 7,441,133 shares of the basic materials company’s stock worth $1,542,402,000 after acquiring an additional 842,132 shares during the last quarter. EdgePoint Investment Group Inc. grew its stake in shares of Franco-Nevada by 3.3% in the 1st quarter. EdgePoint Investment Group Inc. now owns 3,461,224 shares of the basic materials company’s stock worth $857,196,000 after acquiring an additional 110,222 shares in the last quarter. Norges Bank purchased a new stake in shares of Franco-Nevada in the fourth quarter valued at about $578,577,000. Geode Capital Management LLC increased its stake in Franco-Nevada by 11.4% in the 4th quarter. Geode Capital Management LLC now owns 1,932,148 shares of the basic materials company’s stock valued at $412,395,000 after buying an additional 197,567 shares during the last quarter. Finally, Deutsche Bank AG increased its position in shares of Franco-Nevada by 30.7% during the fourth quarter. Deutsche Bank AG now owns 1,889,414 shares of the basic materials company’s stock valued at $391,638,000 after acquiring an additional 443,839 shares during the last quarter. Institutional investors own 77.06% of the company’s stock.

About Franco-Nevada

Franco-Nevada Corporation (NYSE: FNV) is a Canada-based royalty and streaming company focused primarily on precious metals. Rather than operating mines, the company provides upfront capital to mining and energy companies in exchange for the right to receive a portion of future production or revenue from designated assets.

Its portfolio is anchored by gold royalties and streams, with additional exposure to silver, platinum group metals and other mined commodities. Franco-Nevada also holds interests in certain energy assets, including oil and natural gas royalties.