Barclays Begins Coverage on Franco Nevada (FNV)

Barclays initiated coverage on shares of Franco Nevada (NYSE:FNV) (TSE:FNV) in a research note issued to investors on Wednesday, The Fly reports. The firm issued an overweight rating and a $70.00 price target on the basic materials company’s stock.

A number of other analysts have also recently commented on the stock. Credit Suisse Group reiterated a neutral rating on shares of Franco Nevada in a research note on Monday, September 10th. Deutsche Bank set a $74.00 target price on shares of Franco Nevada and gave the stock a hold rating in a research note on Tuesday, October 2nd. ValuEngine upgraded shares of Franco Nevada from a sell rating to a hold rating in a research note on Tuesday, September 18th. TD Securities set a $93.00 target price on shares of Franco Nevada and gave the stock a buy rating in a research note on Tuesday, August 7th. Finally, Desjardins upgraded shares of Franco Nevada from a sell rating to a hold rating in a research note on Wednesday, July 18th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company’s stock. Franco Nevada has a consensus rating of Hold and an average target price of $88.89.

FNV stock traded down $0.19 during trading on Wednesday, reaching $66.06. The company had a trading volume of 1,229,342 shares, compared to its average volume of 617,302. The stock has a market capitalization of $11.65 billion, a PE ratio of 61.17, a price-to-earnings-growth ratio of 13.09 and a beta of -0.18. Franco Nevada has a twelve month low of $58.26 and a twelve month high of $86.06.

Franco Nevada (NYSE:FNV) (TSE:FNV) last released its earnings results on Wednesday, August 8th. The basic materials company reported $0.29 EPS for the quarter, hitting analysts’ consensus estimates of $0.29. The company had revenue of $161.30 million during the quarter, compared to analysts’ expectations of $169.46 million. Franco Nevada had a net margin of 32.94% and a return on equity of 4.80%. Franco Nevada’s revenue for the quarter was down 1.4% on a year-over-year basis. During the same period last year, the business earned $0.25 EPS. Sell-side analysts anticipate that Franco Nevada will post 1.19 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 27th. Shareholders of record on Thursday, September 13th were paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 1.45%. The ex-dividend date was Wednesday, September 12th. Franco Nevada’s payout ratio is 88.89%.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. BNP Paribas Arbitrage SA lifted its stake in Franco Nevada by 128.6% during the 1st quarter. BNP Paribas Arbitrage SA now owns 1,600 shares of the basic materials company’s stock valued at $109,000 after acquiring an additional 900 shares during the period. Wells Fargo & Company MN lifted its stake in Franco Nevada by 6.8% during the 1st quarter. Wells Fargo & Company MN now owns 14,654 shares of the basic materials company’s stock valued at $1,002,000 after acquiring an additional 939 shares during the period. BlackRock Inc. lifted its stake in Franco Nevada by 1.1% during the 1st quarter. BlackRock Inc. now owns 117,074 shares of the basic materials company’s stock valued at $8,007,000 after acquiring an additional 1,282 shares during the period. Tuttle Tactical Management acquired a new stake in Franco Nevada during the 2nd quarter valued at approximately $111,000. Finally, Marathon Asset Management LLP lifted its stake in Franco Nevada by 0.7% during the 2nd quarter. Marathon Asset Management LLP now owns 280,783 shares of the basic materials company’s stock valued at $20,483,000 after acquiring an additional 1,966 shares during the period. Institutional investors and hedge funds own 63.46% of the company’s stock.

About Franco Nevada

Franco-Nevada Corporation operates as a gold-focused royalty and stream company in the United States, Canada, Mexico, Peru, Chile, Australia, and Africa. The company also holds interests in silver, platinum group metals, oil and gas, and other resource assets. As of December 31, 2017, it had a portfolio of 341 assets.

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