Franco-Nevada (NYSE:FNV) Cut to Neutral at Bank of America

Bank of America downgraded shares of Franco-Nevada (NYSE:FNV) (TSE:FNV) from a buy rating to a neutral rating in a research report report published on Tuesday morning, Marketbeat reports. Bank of America currently has $139.00 price target on the basic materials company’s stock, down from their prior price target of $142.00.

A number of other equities analysts also recently commented on the company. TD Securities upgraded Franco-Nevada from a hold rating to a buy rating in a research note on Thursday, August 15th. TD Cowen upgraded Franco-Nevada from a hold rating to a buy rating in a research note on Thursday, August 15th. Jefferies Financial Group lifted their price target on Franco-Nevada from $129.00 to $133.00 and gave the stock a hold rating in a research note on Friday, July 12th. Scotiabank lifted their price target on Franco-Nevada from $141.00 to $142.00 and gave the stock a sector perform rating in a research note on Monday, August 19th. Finally, HC Wainwright reiterated a buy rating and issued a $185.00 price target on shares of Franco-Nevada in a research note on Friday, August 16th. Five analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $152.38.

Franco-Nevada Price Performance

Shares of Franco-Nevada stock opened at $121.72 on Tuesday. The business has a 50-day moving average of $123.52 and a 200-day moving average of $122.23. The company has a market capitalization of $23.42 billion, a PE ratio of -48.88, a P/E/G ratio of 21.28 and a beta of 0.76. Franco-Nevada has a 1-year low of $102.29 and a 1-year high of $142.60.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last announced its earnings results on Tuesday, August 13th. The basic materials company reported $0.75 earnings per share for the quarter, missing the consensus estimate of $0.78 by ($0.03). The business had revenue of $260.10 million for the quarter, compared to analyst estimates of $277.44 million. Franco-Nevada had a negative net margin of 51.64% and a positive return on equity of 10.56%. The firm’s revenue was down 21.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.95 earnings per share. On average, equities analysts expect that Franco-Nevada will post 3.23 earnings per share for the current fiscal year.

Franco-Nevada Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 26th. Stockholders of record on Thursday, September 12th were issued a dividend of $0.36 per share. The ex-dividend date of this dividend was Thursday, September 12th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.18%. Franco-Nevada’s dividend payout ratio (DPR) is presently -57.83%.

Institutional Investors Weigh In On Franco-Nevada

Hedge funds have recently made changes to their positions in the business. Mechanics Financial Corp raised its holdings in shares of Franco-Nevada by 150.0% during the second quarter. Mechanics Financial Corp now owns 250 shares of the basic materials company’s stock valued at $30,000 after buying an additional 150 shares during the last quarter. Mather Group LLC. bought a new stake in shares of Franco-Nevada during the second quarter valued at approximately $33,000. Kings Path Partners LLC bought a new stake in shares of Franco-Nevada during the second quarter valued at approximately $36,000. Fortis Group Advisors LLC raised its holdings in shares of Franco-Nevada by 100.0% during the fourth quarter. Fortis Group Advisors LLC now owns 352 shares of the basic materials company’s stock valued at $39,000 after buying an additional 176 shares during the last quarter. Finally, Sunbelt Securities Inc. raised its holdings in shares of Franco-Nevada by 3,333.3% during the second quarter. Sunbelt Securities Inc. now owns 412 shares of the basic materials company’s stock valued at $49,000 after buying an additional 400 shares during the last quarter. Institutional investors own 77.06% of the company’s stock.

Franco-Nevada Company Profile

Franco-Nevada Corporation operates as a gold-focused royalty and streaming company in South America, Central America, Mexico, the United States, Canada, and internationally. It operates through Mining and Energy segments. The company manages its portfolio with a focus on precious metals, such as gold, silver, and platinum group metals; and engages in the sale of crude oil, natural gas, and natural gas liquids through a third-party marketing agent.