Franco-Nevada Corp. (FNV) Sees Strong Trading Volume
Shares of Franco-Nevada Corp. (NYSE:FNV) saw unusually-high trading volume on Monday . Approximately 685,940 shares were traded during mid-day trading, an increase of 35% from the previous session’s volume of 508,857 shares.The stock last traded at $78.22 and had previously closed at $77.77.
FNV has been the topic of a number of recent analyst reports. Zacks Investment Research raised Franco-Nevada Corp. from a “hold” rating to a “buy” rating and set a $88.00 price objective on the stock in a research note on Tuesday, July 5th. HSBC reissued a “buy” rating on shares of Franco-Nevada Corp. in a research note on Thursday, July 7th. Bank of America Corp. initiated coverage on Franco-Nevada Corp. in a research note on Tuesday, August 9th. They issued a “buy” rating on the stock. TheStreet raised Franco-Nevada Corp. from a “hold” rating to a “buy” rating in a research note on Tuesday, August 9th. Finally, Barclays PLC raised their price objective on Franco-Nevada Corp. from $65.00 to $75.00 and gave the company an “equal weight” rating in a research note on Monday, August 8th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $70.19.
The company has a 50-day moving average of $76.52 and a 200 day moving average of $66.46. The firm has a market cap of $13.88 billion and a P/E ratio of 230.62.
Franco-Nevada Corp. (NYSE:FNV) last posted its quarterly earnings data on Monday, August 8th. The company reported $0.22 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.03. During the same period in the prior year, the company earned $0.15 earnings per share. The firm had revenue of $150.90 million for the quarter, compared to analyst estimates of $149.36 million. The firm’s quarterly revenue was up 37.9% on a year-over-year basis. On average, analysts anticipate that Franco-Nevada Corp. will post $0.91 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 29th. Stockholders of record on Thursday, September 15th will be given a dividend of $0.22 per share. The ex-dividend date is Tuesday, September 13th. This represents a $0.88 annualized dividend and a dividend yield of 1.13%.
Other hedge funds and institutional investors recently modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Franco-Nevada Corp. by 2.4% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,637,843 shares of the company’s stock valued at $211,342,000 after buying an additional 107,050 shares during the period. Morgan Stanley boosted its position in shares of Franco-Nevada Corp. by 25.4% in the fourth quarter. Morgan Stanley now owns 660,298 shares of the company’s stock valued at $30,208,000 after buying an additional 133,764 shares during the period. I.G. Investment Management LTD. boosted its position in shares of 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 valued at $14,707,000 after buying an additional 11,609 shares during the period. Finally, Marshall Wace LLP boosted its position 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 period.
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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