Franco Nevada (NYSE:FNV) (TSE:FNV) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued on Monday.
According to Zacks, “Franco-Nevada Corporation is a gold focused royalty and stream company with additional interests in platinum group metals and other resource assets. The Company’s assets are mostly mineral and oil & gas royalties or streams but also include some working and equity interests, undeveloped properties, options to acquire royalties and other assets. The mineral assets are further characterized by commodity as being in the Gold, PGM or Other Minerals categories and these in turn are further subdivided by their project status as being either, Operating, Advanced or Exploration royalties. Majorities of the Mineral Royalties are characterized as being Gold and the majority of revenues are from gold operations. The Oil & Gas interests are located primarily in the Western Canadian sedimentary basin with a larger amount of revenue generated from conventional oil than from natural gas properties. Franco-Nevada Corporation is headquartered in Toronto, Canada. “
Several other research analysts have also recently issued reports on FNV. TD Securities cut their price target on shares of Franco Nevada from $96.00 to $93.00 and set a “buy” rating for the company in a report on Friday, March 9th. Raymond James Financial dropped their target price on shares of Franco Nevada from $93.00 to $91.00 and set an “outperform” rating for the company in a report on Friday, March 9th. Credit Suisse Group set a $80.00 target price on shares of Franco Nevada and gave the company a “hold” rating in a report on Friday, March 9th. Desjardins reaffirmed a “sell” rating on shares of Franco Nevada in a report on Monday, December 11th. Finally, Scotiabank set a $86.00 target price on shares of Franco Nevada and gave the company a “hold” rating in a report on Monday, January 22nd. One analyst has rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $88.00.
Franco Nevada (NYSE:FNV) (TSE:FNV) last posted its quarterly earnings results on Wednesday, March 7th. The basic materials company reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.01). The firm had revenue of $167.00 million for the quarter, compared to analysts’ expectations of $171.99 million. Franco Nevada had a return on equity of 4.38% and a net margin of 28.84%. The company’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.24 earnings per share. analysts anticipate that Franco Nevada will post 1.21 EPS for the current fiscal year.
Institutional investors have recently modified their holdings of the business. Capital Fund Management S.A. increased its holdings in Franco Nevada by 455.3% in the fourth quarter. Capital Fund Management S.A. now owns 3,332 shares of the basic materials company’s stock valued at $266,000 after buying an additional 2,732 shares in the last quarter. Nationwide Fund Advisors acquired a new stake in shares of Franco Nevada in the third quarter valued at approximately $1,567,000. JPMorgan Chase & Co. grew its position in shares of Franco Nevada by 1.5% in the third quarter. JPMorgan Chase & Co. now owns 946,879 shares of the basic materials company’s stock valued at $74,444,000 after purchasing an additional 14,357 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in shares of Franco Nevada by 17.1% in the third quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 13,007 shares of the basic materials company’s stock valued at $1,008,000 after purchasing an additional 1,900 shares during the last quarter. Finally, Candriam Luxembourg S.C.A. acquired a new stake in shares of Franco Nevada in the fourth quarter valued at approximately $254,000. 63.37% of the stock is owned by institutional investors.
About Franco Nevada
Franco-Nevada Corporation (Franco-Nevada) is a gold-focused royalty and stream company. The Company has interests in silver, platinum group metals, oil and gas and other resource assets. The Company is engaged in resource sector royalty/stream acquisitions and management activities. It has a portfolio of properties in the United States, Canada, Mexico, Peru, Chile and Africa.
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