Franco-Nevada Co. (NYSE:FNV - Free Report) TSE: FNV - Equities researchers at Raymond James decreased their FY2024 earnings per share estimates for Franco-Nevada in a report released on Thursday, November 7th. Raymond James analyst B. Macarthur now anticipates that the basic materials company will earn $3.12 per share for the year, down from their prior forecast of $3.24. The consensus estimate for Franco-Nevada's current full-year earnings is $3.25 per share.
Franco-Nevada (NYSE:FNV - Get Free Report) 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 firm had revenue of $275.70 million for the quarter, compared to the consensus estimate of $279.11 million. Franco-Nevada had a positive return on equity of 10.56% and a negative net margin of 51.64%. Franco-Nevada's quarterly revenue was down 10.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.91 earnings per share.
A number of other analysts have also issued reports on FNV. TD Securities raised Franco-Nevada from a "hold" rating to a "buy" rating in a report on Thursday, August 15th. 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. TD Cowen raised shares of Franco-Nevada from a "hold" rating to a "buy" rating in a report on Thursday, August 15th. StockNews.com upgraded shares of Franco-Nevada from a "sell" rating to a "hold" rating in a report on Thursday, August 22nd. Finally, Scotiabank reduced their target price on shares of Franco-Nevada from $142.00 to $141.00 and set a "sector perform" rating for the company in a research note on Friday. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $156.57.
Read Our Latest Stock Report on FNV
Franco-Nevada Stock Performance
Shares of NYSE:FNV traded down $3.91 during midday trading on Friday, hitting $122.50. The company's stock had a trading volume of 877,351 shares, compared to its average volume of 655,913. Franco-Nevada has a fifty-two week low of $102.29 and a fifty-two week high of $137.60. The stock has a market capitalization of $23.58 billion, a price-to-earnings ratio of -38.75, a PEG ratio of 22.08 and a beta of 0.75. The stock's 50 day simple moving average is $126.65 and its 200 day simple moving average is $124.10.
Franco-Nevada Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Thursday, December 5th will be paid a $0.36 dividend. The ex-dividend date is Thursday, December 5th. This represents a $1.44 dividend on an annualized basis and a yield of 1.18%. Franco-Nevada's payout ratio is currently -45.57%.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC acquired a new position in shares of Franco-Nevada in the 2nd quarter worth approximately $276,446,000. M&G Plc bought a new position in shares of Franco-Nevada during the first quarter valued at $219,971,000. EdgePoint Investment Group Inc. boosted its stake in shares of Franco-Nevada by 68.1% in the 1st quarter. EdgePoint Investment Group Inc. now owns 2,759,677 shares of the basic materials company's stock valued at $328,972,000 after purchasing an additional 1,117,523 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in shares of Franco-Nevada by 3,404.9% in the 2nd 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. Finally, Victory Capital Management Inc. increased its position in shares of 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 worth $433,538,000 after purchasing an additional 424,810 shares in the last quarter. Institutional investors own 77.06% of the company's stock.
Franco-Nevada Company Profile
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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.
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