Franco-Nevada (NYSE:FNV) Price Target Raised to $290.00 at Scotiabank

Franco-Nevada (NYSE:FNV) (TSE:FNV) had its price objective boosted by equities research analysts at Scotiabank from $286.00 to $290.00 in a report issued on Thursday,Benzinga reports. The firm currently has a “sector perform” rating on the basic materials company’s stock. Scotiabank’s target price indicates a potential upside of 22.82% from the stock’s current price.

Several other research firms also recently issued reports on FNV. National Bank Financial upgraded shares of Franco-Nevada from a “sector perform” rating to an “outperform” rating in a research note on Wednesday. Zacks Research downgraded shares of Franco-Nevada from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 31st. Weiss Ratings upgraded shares of Franco-Nevada from a “hold (c+)” rating to a “buy (b)” rating in a research note on Friday, March 20th. Wall Street Zen upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating in a research note on Sunday, April 26th. Finally, Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Franco-Nevada in a research note on Wednesday, February 4th. Nine research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $257.75.

Franco-Nevada Stock Performance

Franco-Nevada stock traded down $4.67 during trading on Thursday, reaching $236.12. The company had a trading volume of 239,727 shares, compared to its average volume of 861,393. Franco-Nevada has a 12-month low of $152.89 and a 12-month high of $285.67. The stock’s 50 day moving average price is $247.15 and its two-hundred day moving average price is $231.11. The firm has a market capitalization of $45.54 billion, a price-to-earnings ratio of 33.24, a PEG ratio of 2.29 and a beta of 0.34.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last released its quarterly earnings data on Tuesday, May 12th. The basic materials company reported $2.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.09 by $0.29. Franco-Nevada had a net margin of 65.12% and a return on equity of 18.76%. The company had revenue of $650.70 million during the quarter, compared to the consensus estimate of $634.43 million. During the same period in the previous year, the firm earned $1.07 earnings per share. Franco-Nevada’s revenue for the quarter was up 76.6% on a year-over-year basis. As a group, research analysts expect that Franco-Nevada will post 7.89 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC boosted its stake in shares of Franco-Nevada by 112.3% in the fourth quarter. GAMMA Investing LLC now owns 121 shares of the basic materials company’s stock valued at $25,000 after purchasing an additional 64 shares during the period. Transamerica Financial Advisors LLC purchased a new position in shares of Franco-Nevada in the fourth quarter valued at $25,000. Burkett Financial Services LLC purchased a new position in shares of Franco-Nevada in the third quarter valued at $28,000. Private Trust Co. NA purchased a new position in shares of Franco-Nevada in the fourth quarter valued at $29,000. Finally, Ascentis Independent Advisors purchased a new position in shares of Franco-Nevada in the first quarter valued at $39,000. 77.06% of the stock is currently owned by hedge funds and other institutional investors.

Franco-Nevada Company Profile

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.