Franco-Nevada (NYSE:FNV) Upgraded at Canaccord Genuity Group

Franco-Nevada (NYSE:FNV) (TSE:FNV) was upgraded by research analysts at Canaccord Genuity Group from a “hold” rating to a “strong-buy” rating in a research note issued on Wednesday,Zacks.com reports.

A number of other analysts have also issued reports on the company. Weiss Ratings lowered Franco-Nevada from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, October 8th. CIBC restated an “outperform” rating on shares of Franco-Nevada in a report on Tuesday, July 15th. National Bankshares restated a “sector perform” rating on shares of Franco-Nevada in a report on Tuesday, June 24th. Bank of America upped their price objective on Franco-Nevada from $211.00 to $220.00 and gave the stock a “neutral” rating in a report on Thursday, October 16th. Finally, Zacks Research upgraded Franco-Nevada from a “hold” rating to a “strong-buy” rating in a report on Friday, October 17th. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $210.29.

Franco-Nevada Trading Down 1.5%

Shares of NYSE:FNV opened at $189.84 on Wednesday. The stock’s 50-day moving average price is $200.32 and its two-hundred day moving average price is $177.19. Franco-Nevada has a 12-month low of $112.70 and a 12-month high of $225.63. The firm has a market cap of $36.58 billion, a price-to-earnings ratio of 46.64, a PEG ratio of 1.81 and a beta of 0.42.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last issued its quarterly earnings results on Monday, August 11th. The basic materials company reported $1.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.14. Franco-Nevada had a return on equity of 12.56% and a net margin of 58.82%.The firm had revenue of $369.40 million for the quarter, compared to analyst estimates of $382.70 million. During the same period last year, the company earned $0.75 EPS. The firm’s quarterly revenue was up 42.0% on a year-over-year basis. As a group, research analysts forecast that Franco-Nevada will post 3.09 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Franco-Nevada

Hedge funds and other institutional investors have recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. lifted its position in Franco-Nevada by 9.3% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 13,789 shares of the basic materials company’s stock worth $2,173,000 after acquiring an additional 1,176 shares in the last quarter. Spire Wealth Management lifted its position in Franco-Nevada by 13.1% during the 1st quarter. Spire Wealth Management now owns 3,431 shares of the basic materials company’s stock worth $541,000 after acquiring an additional 398 shares in the last quarter. Bessemer Group Inc. lifted its position in Franco-Nevada by 1,583.3% during the 1st quarter. Bessemer Group Inc. now owns 13,130 shares of the basic materials company’s stock worth $2,067,000 after acquiring an additional 12,350 shares in the last quarter. Golden State Wealth Management LLC lifted its position in Franco-Nevada by 100.0% during the 1st quarter. Golden State Wealth Management LLC now owns 230 shares of the basic materials company’s stock worth $36,000 after acquiring an additional 115 shares in the last quarter. Finally, Perigon Wealth Management LLC acquired a new position in Franco-Nevada during the 1st quarter worth approximately $203,000. 77.06% of the stock is owned by institutional investors and hedge funds.

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.