Franco-Nevada (NYSE:FNV) Raised to Buy at Canaccord Genuity Group

Franco-Nevada (NYSE:FNV) (TSE:FNV) was upgraded by stock analysts at Canaccord Genuity Group from a “hold” rating to a “buy” rating in a report issued on Wednesday.

Several other equities analysts also recently commented on FNV. Zacks Research downgraded shares of Franco-Nevada from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 31st. HC Wainwright increased their target price on shares of Franco-Nevada from $285.00 to $305.00 and gave the stock a “buy” rating in a research report on Thursday, March 12th. UBS Group reissued a “buy” rating and set a $310.00 target price on shares of Franco-Nevada in a research report on Friday, January 30th. Scotiabank increased their target price on shares of Franco-Nevada from $283.00 to $286.00 and gave the stock a “sector perform” rating in a research report on Monday, March 16th. Finally, Weiss Ratings raised shares of Franco-Nevada from a “hold (c+)” rating to a “buy (b)” rating in a research report on Friday, March 20th. Eight equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $257.25.

Franco-Nevada Trading Down 0.2%

Franco-Nevada stock traded down $0.53 during mid-day trading on Wednesday, hitting $231.90. 286,264 shares of the company’s stock were exchanged, compared to its average volume of 868,273. The stock has a market cap of $44.72 billion, a P/E ratio of 40.17, a P/E/G ratio of 2.58 and a beta of 0.47. Franco-Nevada has a 1-year low of $152.89 and a 1-year high of $285.67. The stock has a 50 day moving average of $253.85 and a two-hundred day moving average of $229.24.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last posted its earnings results on Tuesday, March 10th. The basic materials company reported $1.85 EPS for the quarter, topping the consensus estimate of $1.67 by $0.18. The firm had revenue of $597.30 million for the quarter, compared to the consensus estimate of $542.02 million. Franco-Nevada had a net margin of 61.01% and a return on equity of 15.62%. The business’s quarterly revenue was up 86.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.95 earnings per share. As a group, research analysts predict that Franco-Nevada will post 7.82 EPS for the current fiscal year.

Institutional Investors Weigh In On Franco-Nevada

Hedge funds have recently bought and sold shares of the company. TD Waterhouse Canada Inc. lifted its stake in shares of Franco-Nevada by 8.1% in the third quarter. TD Waterhouse Canada Inc. now owns 275,747 shares of the basic materials company’s stock valued at $59,623,000 after buying an additional 20,664 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in shares of Franco-Nevada by 4.5% in the third quarter. Allspring Global Investments Holdings LLC now owns 114,465 shares of the basic materials company’s stock valued at $25,515,000 after buying an additional 4,900 shares during the period. Gruss & Co. LLC bought a new stake in shares of Franco-Nevada in the third quarter valued at about $557,000. TD Asset Management Inc lifted its stake in shares of Franco-Nevada by 0.9% in the third quarter. TD Asset Management Inc now owns 2,030,684 shares of the basic materials company’s stock valued at $452,095,000 after buying an additional 18,897 shares during the period. Finally, PKO Investment Management Joint Stock Co lifted its stake in shares of Franco-Nevada by 9.6% in the third quarter. PKO Investment Management Joint Stock Co now owns 62,764 shares of the basic materials company’s stock valued at $13,978,000 after buying an additional 5,500 shares during the period. 77.06% of the stock is currently owned by institutional investors.

About Franco-Nevada

Franco-Nevada Corporation is a Toronto-based royalty and streaming company that specializes in securing and managing long-term interests in mining properties. The firm focuses primarily on precious metals, particularly gold, while also holding interests related to silver, copper, platinum-group metals and select base metals. Rather than operating mines directly, Franco-Nevada acquires royalty and streaming agreements that entitle it to a percentage of production or revenue from producing and developing assets in exchange for upfront or staged financing.

The company’s business model centers on providing capital to mining companies in return for a sustained share of production or metal revenue, which can reduce exposure to operating and capital cost risks typical of mine operators.