Scotiabank Reduces Earnings Estimates for Franco-Nevada

Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) – Stock analysts at Scotiabank lowered their FY2024 earnings per share (EPS) estimates for shares of Franco-Nevada in a research note issued to investors on Wednesday, January 8th. Scotiabank analyst T. Jakusconek now forecasts that the basic materials company will post earnings per share of $3.19 for the year, down from their previous estimate of $3.39. Scotiabank currently has a “Sector Perform” rating and a $141.00 target price on the stock. The consensus estimate for Franco-Nevada’s current full-year earnings is $3.22 per share.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last posted its quarterly earnings data 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 company had revenue of $275.70 million for the quarter, compared to analyst estimates of $279.11 million. Franco-Nevada had a positive return on equity of 10.55% and a negative net margin of 55.28%. Franco-Nevada’s quarterly revenue was down 10.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.91 EPS.

Other research analysts have also recently issued research reports about the stock. HC Wainwright cut their price target on shares of Franco-Nevada from $200.00 to $155.00 and set a “buy” rating for the company in a research note on Friday, December 20th. Jefferies Financial Group cut their target price on shares of Franco-Nevada from $137.00 to $136.00 and set a “hold” rating for the company in a research note on Thursday, October 17th. Canaccord Genuity Group raised shares of Franco-Nevada from a “hold” rating to a “buy” rating in a report on Monday, November 18th. UBS Group started coverage on Franco-Nevada in a research report on Monday, November 18th. They set a “buy” rating and a $160.00 target price for the company. Finally, Canaccord Genuity Group upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating in a research report on Monday, November 18th. Four equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $145.33.

Franco-Nevada Stock Down 0.2 %

Shares of FNV stock opened at $127.15 on Monday. The business’s 50 day moving average is $121.23 and its two-hundred day moving average is $123.63. The company has a market cap of $24.48 billion, a PE ratio of -40.24 and a beta of 0.72. Franco-Nevada has a 12 month low of $103.64 and a 12 month high of $137.60.

Franco-Nevada Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 19th. Shareholders of record on Thursday, December 5th were given a dividend of $0.36 per share. The ex-dividend date of this dividend was Thursday, December 5th. This represents a $1.44 dividend on an annualized basis and a yield of 1.13%. Franco-Nevada’s dividend payout ratio is presently -45.57%.

Institutional Investors Weigh In On Franco-Nevada

A number of institutional investors and hedge funds have recently modified their holdings of the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in Franco-Nevada by 3,404.9% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 727,681 shares of the basic materials company’s stock worth $86,287,000 after purchasing an additional 706,919 shares during the last quarter. EdgePoint Investment Group Inc. raised its position 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 purchasing an additional 537,047 shares during the last quarter. Victory Capital Management Inc. increased its position in Franco-Nevada by 13.9% during the 3rd quarter. Victory Capital Management Inc. now owns 3,489,240 shares of the basic materials company’s stock valued at $433,538,000 after purchasing an additional 424,810 shares during the period. Two Sigma Advisers LP grew its holdings in shares of Franco-Nevada by 60.1% during the 3rd 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 boosted its holdings in shares of Franco-Nevada by 4,361.2% during the 2nd quarter. Clearbridge Investments LLC now owns 275,571 shares of the basic materials company’s stock valued at $32,659,000 after buying an additional 269,394 shares in the last quarter. 77.06% of the stock is owned by hedge funds and other 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.