Franco-Nevada Corp. (FNV) Shares Down 2.6%
Franco-Nevada Corp. (NYSE:FNV)’s share price dropped 2.6% during trading on Wednesday . The stock traded as low as $73.68 and last traded at $73.84, with a volume of 334,563 shares trading hands. The stock had previously closed at $75.85.
FNV has been the topic of several research reports. Vetr downgraded Franco-Nevada Corp. from a “sell” rating to a “strong sell” rating and set a $60.05 target price on the stock. in a research report on Monday, June 6th. Canaccord Genuity reaffirmed a “hold” rating and issued a $86.00 target price (up previously from $84.00) on shares of Franco-Nevada Corp. in a research report on Friday, May 6th. Zacks Investment Research raised Franco-Nevada Corp. from a “hold” rating to a “buy” rating and set a $88.00 target price on the stock in a research report on Tuesday, July 5th. BMO Capital Markets downgraded Franco-Nevada Corp. from an “outperform” rating to a “market perform” rating in a research report on Thursday, May 12th. Finally, Deutsche Bank AG reaffirmed a “sell” rating on shares of Franco-Nevada Corp. in a research report on Wednesday. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and four have given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $65.03.
The company has a market capitalization of $13.06 billion and a P/E ratio of 331.04. The stock has a 50-day moving average of $72.96 and a 200 day moving average of $62.43.
Franco-Nevada Corp. (NYSE:FNV) last issued its quarterly earnings results on Wednesday, May 4th. The company reported $0.17 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.13 by $0.04. During the same quarter in the previous year, the business earned $0.12 EPS. The company had revenue of $132 million for the quarter, compared to analysts’ expectations of $132.39 million. The company’s revenue for the quarter was up 20.9% on a year-over-year basis. Analysts predict that Franco-Nevada Corp. will post $0.86 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, June 30th. Stockholders of record on Thursday, June 16th were paid a dividend of $0.22 per share. This is a boost from Franco-Nevada Corp.’s previous quarterly dividend of $0.21. The ex-dividend date of this dividend was Tuesday, June 14th. This represents a $0.88 annualized dividend and a dividend yield of 1.19%.
Several large investors recently modified their holdings of the company. Marshall Wace LLP raised its stake in shares of Franco-Nevada Corp. by 141.5% in the fourth quarter. Marshall Wace LLP now owns 34,778 shares of the company’s stock valued at $1,591,000 after buying an additional 20,378 shares during the last quarter. Gulf International Bank UK Ltd raised its position in Franco-Nevada Corp. by 4.6% in the fourth quarter. Gulf International Bank UK Ltd now owns 45,083 shares of the company’s stock worth $2,064,000 after buying an additional 2,000 shares in the last quarter. State of Wisconsin Investment Board raised its position in Franco-Nevada Corp. by 66.8% in the fourth quarter. State of Wisconsin Investment Board now owns 208,919 shares of the company’s stock worth $9,520,000 after buying an additional 83,665 shares in the last quarter. I.G. Investment Management LTD. raised its position in Franco-Nevada Corp. by 3.7% in the fourth quarter. I.G. Investment Management LTD. now owns 321,319 shares of the company’s stock worth $14,707,000 after buying an additional 11,609 shares in the last quarter. Finally, Morgan Stanley raised its position in Franco-Nevada Corp. by 25.4% in the fourth quarter. Morgan Stanley now owns 660,298 shares of the company’s stock worth $30,208,000 after buying an additional 133,764 shares in the last quarter.
Franco-Nevada Corporation (Franco-Nevada) is a gold-focused royalty and stream company. The Company’s additional interests are in platinum group metals and other resource assets. The Company operates in the segment of resource sector royalty/stream acquisitions and management activities. The Company’s business model provides investors with gold price and exploration optionality.
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