Franco-Nevada (NYSE:FNV) Sees Unusually-High Trading Volume Following Analyst Upgrade

Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) saw unusually-high trading volume on Wednesday after Raymond James raised their price target on the stock from $160.00 to $162.00. Raymond James currently has an outperform rating on the stock. Approximately 1,135,150 shares traded hands during trading, an increase of 84% from the previous session’s volume of 616,913 shares.The stock last traded at $145.76 and had previously closed at $145.74.

A number of other brokerages also recently issued reports on FNV. UBS Group lifted their price target on Franco-Nevada from $165.00 to $170.00 and gave the company a “buy” rating in a research report on Tuesday. Canaccord Genuity Group raised shares of Franco-Nevada from a “hold” rating to a “buy” rating in a report on Monday, November 18th. StockNews.com raised shares of Franco-Nevada from a “hold” rating to a “buy” rating in a report on Friday, March 7th. TD Securities cut Franco-Nevada from a “buy” rating to a “hold” rating and set a $152.00 target price on the stock. in a research note on Tuesday. Finally, Canaccord Genuity Group upgraded Franco-Nevada from a “hold” rating to a “buy” rating in a research report on Monday, November 18th. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $153.63.

Institutional Investors Weigh In On Franco-Nevada

A number of institutional investors have recently modified their holdings of FNV. Covea Finance grew its holdings in shares of Franco-Nevada by 2.7% during the fourth quarter. Covea Finance now owns 101,320 shares of the basic materials company’s stock valued at $11,895,000 after buying an additional 2,700 shares during the last quarter. Horizon Kinetics Asset Management LLC lifted its position in Franco-Nevada by 1.9% during the third quarter. Horizon Kinetics Asset Management LLC now owns 935,834 shares of the basic materials company’s stock valued at $116,277,000 after purchasing an additional 17,232 shares during the period. Telemark Asset Management LLC grew its holdings in shares of Franco-Nevada by 66.7% in the third quarter. Telemark Asset Management LLC now owns 50,000 shares of the basic materials company’s stock worth $6,212,000 after acquiring an additional 20,000 shares during the period. Victory Capital Management Inc. boosted its position in 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 purchasing an additional 424,810 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Franco-Nevada by 5.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 407,137 shares of the basic materials company’s stock valued at $50,623,000 after purchasing an additional 19,589 shares during the period. 77.06% of the stock is owned by hedge funds and other institutional investors.

Franco-Nevada Trading Down 0.0 %

The company’s 50 day moving average price is $134.87 and its two-hundred day moving average price is $127.60. The stock has a market cap of $28.06 billion, a P/E ratio of -46.11, a PEG ratio of 9.78 and a beta of 0.73.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last announced its earnings results on Monday, March 10th. The basic materials company reported $0.95 EPS for the quarter, topping analysts’ consensus estimates of $0.90 by $0.05. The company had revenue of $321.00 million for the quarter, compared to analysts’ expectations of $304.33 million. Franco-Nevada had a positive return on equity of 10.55% and a negative net margin of 55.28%. Franco-Nevada’s revenue for the quarter was up 5.8% compared to the same quarter last year. During the same period last year, the firm earned $0.90 EPS. On average, sell-side analysts anticipate that Franco-Nevada Co. will post 3.09 earnings per share for the current year.

Franco-Nevada Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 27th. Shareholders of record on Thursday, March 13th will be given a $0.38 dividend. This is a positive change from Franco-Nevada’s previous quarterly dividend of $0.36. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.04%. The ex-dividend date is Thursday, March 13th. Franco-Nevada’s dividend payout ratio is presently 53.15%.

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.