Franco-Nevada (NYSE:FNV) Rating Increased to Buy at Wall Street Zen

Franco-Nevada (NYSE:FNV) (TSE:FNV) was upgraded by research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a note issued to investors on Monday.

A number of other research firms also recently commented on FNV. TD Securities reduced their target price on Franco-Nevada from $247.00 to $225.00 and set a “hold” rating on the stock in a research report on Wednesday, November 5th. UBS Group raised their price objective on Franco-Nevada from $250.00 to $260.00 and gave the stock a “buy” rating in a research report on Thursday, October 16th. HC Wainwright upped their target price on shares of Franco-Nevada from $200.00 to $210.00 and gave the company a “buy” rating in a research report on Tuesday, November 4th. Raymond James Financial increased their target price on shares of Franco-Nevada from $218.00 to $234.00 and gave the stock an “outperform” rating in a research note on Friday, October 10th. Finally, Zacks Research upgraded shares of Franco-Nevada from a “hold” rating to a “strong-buy” rating in a report on Friday, October 17th. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $223.43.

Franco-Nevada Trading Up 0.6%

Franco-Nevada stock opened at $191.15 on Monday. The company has a 50-day moving average price of $201.95 and a 200 day moving average price of $181.55. Franco-Nevada has a 12-month low of $114.81 and a 12-month high of $225.63. The stock has a market cap of $36.85 billion, a P/E ratio of 46.97, a PEG ratio of 1.70 and a beta of 0.40.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last announced its quarterly earnings results on Monday, November 3rd. The basic materials company reported $1.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.37 by $0.06. Franco-Nevada had a net margin of 58.82% and a return on equity of 12.56%. The business had revenue of $487.70 million during the quarter, compared to the consensus estimate of $448.51 million. During the same quarter last year, the firm earned $0.80 EPS. The business’s revenue was up 76.9% compared to the same quarter last year. As a group, analysts forecast that Franco-Nevada will post 3.09 EPS for the current year.

Institutional Trading of Franco-Nevada

A number of large investors have recently made changes to their positions in the company. Norges Bank acquired a new position in Franco-Nevada during the 2nd quarter worth approximately $460,218,000. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Franco-Nevada by 198.1% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,705,489 shares of the basic materials company’s stock worth $268,280,000 after purchasing an additional 1,133,373 shares in the last quarter. Mackenzie Financial Corp increased its holdings in Franco-Nevada by 76.0% in the third quarter. Mackenzie Financial Corp now owns 2,363,324 shares of the basic materials company’s stock valued at $525,925,000 after buying an additional 1,020,509 shares during the last quarter. First Eagle Investment Management LLC raised its stake in Franco-Nevada by 26.4% in the third quarter. First Eagle Investment Management LLC now owns 4,049,187 shares of the basic materials company’s stock valued at $901,092,000 after buying an additional 846,950 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its stake in Franco-Nevada by 35.2% in the second quarter. Arrowstreet Capital Limited Partnership now owns 3,220,029 shares of the basic materials company’s stock valued at $528,289,000 after buying an additional 838,853 shares in the last quarter. 77.06% of the stock is currently 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.