Franco-Nevada Co. (NYSE:FNV) Short Interest Update

Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) was the target of a large growth in short interest in the month of January. As of January 15th, there was short interest totalling 1,710,000 shares, a growth of 23.0% from the December 31st total of 1,390,000 shares. Based on an average daily volume of 677,800 shares, the days-to-cover ratio is presently 2.5 days. Currently, 0.9% of the company’s shares are short sold.

Franco-Nevada Price Performance

Shares of FNV stock opened at $136.06 on Friday. Franco-Nevada has a one year low of $103.64 and a one year high of $138.34. The company has a market cap of $26.20 billion, a P/E ratio of -43.06, a P/E/G ratio of 5.90 and a beta of 0.72. The firm has a 50-day moving average of $123.40 and a 200-day moving average of $124.22.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last released its earnings results on Wednesday, November 6th. The basic materials company reported $0.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.83 by ($0.03). The business had revenue of $275.70 million during the quarter, compared to the consensus estimate of $279.11 million. Franco-Nevada had a negative net margin of 55.28% and a positive return on equity of 10.55%. The business’s revenue was down 10.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.91 earnings per share. As a group, research analysts expect that Franco-Nevada will post 3.19 earnings per share for the current fiscal year.

Franco-Nevada Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 27th. Shareholders of record on Thursday, March 13th will be issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 1.12%. This is a positive change from Franco-Nevada’s previous quarterly dividend of $0.36. The ex-dividend date is Thursday, March 13th. Franco-Nevada’s dividend payout ratio is -45.57%.

Analysts Set New Price Targets

Several research firms have recently weighed in on FNV. Canaccord Genuity Group upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating in a research report on Monday, November 18th. HC Wainwright restated a “buy” rating and issued a $155.00 price target on shares of Franco-Nevada in a report on Tuesday, January 28th. UBS Group initiated coverage on Franco-Nevada in a research report on Monday, November 18th. They issued a “buy” rating and a $160.00 target price for the company. Jefferies Financial Group cut their price target on Franco-Nevada from $137.00 to $136.00 and set a “hold” rating on the stock in a report on Thursday, October 17th. Finally, Scotiabank decreased their price objective on Franco-Nevada from $142.00 to $141.00 and set a “sector perform” rating for the company in a report on Friday, November 8th. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Franco-Nevada presently has an average rating of “Moderate Buy” and an average target price of $145.33.

Institutional Trading of Franco-Nevada

Hedge funds have recently made changes to their positions in the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its position in shares of Franco-Nevada by 76.5% in the third quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 1,284,575 shares of the basic materials company’s stock valued at $159,530,000 after purchasing an additional 556,894 shares during the period. EdgePoint Investment Group Inc. raised its holdings in Franco-Nevada by 19.4% during the 3rd quarter. EdgePoint Investment Group Inc. now owns 3,309,493 shares of the basic materials company’s stock valued at $411,003,000 after acquiring an additional 537,047 shares during the period. Victory Capital Management Inc. boosted its holdings in shares of Franco-Nevada by 13.9% in the third quarter. Victory Capital Management Inc. now owns 3,489,240 shares of the basic materials company’s stock worth $433,538,000 after acquiring an additional 424,810 shares during the period. Two Sigma Advisers LP boosted its holdings in shares of Franco-Nevada by 60.1% in the third quarter. Two Sigma Advisers LP now owns 958,300 shares of the basic materials company’s stock worth $119,069,000 after acquiring an additional 359,900 shares during the period. Finally, Clearbridge Investments LLC grew its position in shares of Franco-Nevada by 4,361.2% in the second quarter. Clearbridge Investments LLC now owns 275,571 shares of the basic materials company’s stock valued at $32,659,000 after purchasing an additional 269,394 shares in the last quarter. 77.06% of the stock is currently owned by institutional investors.

About Franco-Nevada

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.