TD Securities Downgrades Franco-Nevada (NYSE:FNV) to Hold

TD Securities lowered shares of Franco-Nevada (NYSE:FNV) (TSE:FNV) from a buy rating to a hold rating in a report issued on Tuesday morning, MarketBeat Ratings reports. TD Securities currently has $152.00 price objective on the basic materials company’s stock.

FNV has been the subject of a number of other reports. UBS Group began coverage on Franco-Nevada in a research note on Monday, November 18th. They issued a “buy” rating and a $160.00 target price for the company. Canaccord Genuity Group upgraded Franco-Nevada from a “hold” rating to a “buy” rating in a research note on Monday, November 18th. Canaccord Genuity Group upgraded Franco-Nevada from a “hold” rating to a “buy” rating in a research note on Monday, November 18th. Royal Bank of Canada lifted their target price on Franco-Nevada from $145.00 to $155.00 and gave the company a “sector perform” rating in a research note on Tuesday, February 11th. Finally, StockNews.com upgraded Franco-Nevada from a “hold” rating to a “buy” rating in a research note on Friday, March 7th. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $153.63.

Franco-Nevada Stock Performance

NYSE:FNV opened at $150.14 on Tuesday. The company has a market capitalization of $28.91 billion, a price-to-earnings ratio of -47.51, a price-to-earnings-growth ratio of 9.78 and a beta of 0.73. Franco-Nevada has a one year low of $112.70 and a one year high of $152.77. The stock has a 50-day simple moving average of $135.47 and a 200 day simple moving average of $127.74.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last posted its quarterly 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. Franco-Nevada had a positive return on equity of 10.55% and a negative net margin of 55.28%. The business had revenue of $321.00 million during the quarter, compared to the consensus estimate of $304.33 million. During the same period last year, the firm earned $0.90 earnings per share. The company’s revenue for the quarter was up 5.8% compared to the same quarter last year. On average, equities research analysts forecast that Franco-Nevada will post 3.09 EPS for the current fiscal year.

Franco-Nevada Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th will be issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.01%. The ex-dividend date of this dividend is Thursday, March 13th. This is a boost from Franco-Nevada’s previous quarterly dividend of $0.36. Franco-Nevada’s payout ratio is 53.15%.

Institutional Investors Weigh In On Franco-Nevada

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Covea Finance raised its holdings in Franco-Nevada by 2.7% during the fourth quarter. Covea Finance now owns 101,320 shares of the basic materials company’s stock worth $11,895,000 after purchasing an additional 2,700 shares in the last quarter. Horizon Kinetics Asset Management LLC raised its holdings 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 worth $116,277,000 after purchasing an additional 17,232 shares in the last quarter. Telemark Asset Management LLC raised its holdings in Franco-Nevada by 66.7% during the third quarter. Telemark Asset Management LLC now owns 50,000 shares of the basic materials company’s stock worth $6,212,000 after purchasing an additional 20,000 shares in the last quarter. Victory Capital Management Inc. raised its holdings in Franco-Nevada by 13.9% during 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 in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Franco-Nevada by 5.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 407,137 shares of the basic materials company’s stock worth $50,623,000 after purchasing an additional 19,589 shares in 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.