Franco-Nevada (NYSE:FNV) Cut to Neutral at Bank of America

Bank of America cut shares of Franco-Nevada (NYSE:FNV) (TSE:FNV) from a buy rating to a neutral rating in a research report report published on Tuesday, MarketBeat.com reports. The firm currently has $139.00 target price on the basic materials company’s stock, down from their previous target price of $142.00.

A number of other brokerages have also weighed in on FNV. HC Wainwright reissued a buy rating and set a $185.00 price target on shares of Franco-Nevada in a research note on Friday, August 16th. TD Securities raised Franco-Nevada from a hold rating to a buy rating in a research note on Thursday, August 15th. Scotiabank increased their price target on Franco-Nevada from $141.00 to $142.00 and gave the stock a sector perform rating in a research note on Monday, August 19th. TD Cowen raised Franco-Nevada from a hold rating to a buy rating in a research note on Thursday, August 15th. Finally, Jefferies Financial Group increased their price target on Franco-Nevada from $129.00 to $133.00 and gave the stock a hold rating in a research note on Friday, July 12th. Five investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $152.38.

Franco-Nevada Stock Performance

Shares of NYSE:FNV opened at $121.72 on Tuesday. The business’s fifty day moving average price is $123.52 and its two-hundred day moving average price is $122.23. The stock has a market cap of $23.42 billion, a PE ratio of -48.88, a price-to-earnings-growth ratio of 21.28 and a beta of 0.76. Franco-Nevada has a one year low of $102.29 and a one year high of $142.60.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last announced its earnings results on Tuesday, August 13th. The basic materials company reported $0.75 EPS for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.03). Franco-Nevada had a negative net margin of 51.64% and a positive return on equity of 10.56%. The company had revenue of $260.10 million for the quarter, compared to analyst estimates of $277.44 million. During the same quarter last year, the company posted $0.95 EPS. Franco-Nevada’s quarterly revenue was down 21.2% compared to the same quarter last year. As a group, equities research analysts predict that Franco-Nevada will post 3.23 earnings per share for the current fiscal year.

Franco-Nevada Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 26th. Investors of record on Thursday, September 12th were issued a $0.36 dividend. The ex-dividend date was Thursday, September 12th. This represents a $1.44 annualized dividend and a yield of 1.18%. Franco-Nevada’s dividend payout ratio is currently -57.83%.

Institutional Trading of Franco-Nevada

Several large investors have recently added to or reduced their stakes in FNV. Steward Partners Investment Advisory LLC increased its holdings in Franco-Nevada by 60.2% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,861 shares of the basic materials company’s stock valued at $317,000 after purchasing an additional 1,075 shares in the last quarter. Campbell & CO Investment Adviser LLC acquired a new stake in Franco-Nevada in the 4th quarter valued at $1,194,000. Royal London Asset Management Ltd. increased its holdings in Franco-Nevada by 0.6% in the 4th quarter. Royal London Asset Management Ltd. now owns 43,266 shares of the basic materials company’s stock valued at $4,794,000 after purchasing an additional 243 shares in the last quarter. Capital World Investors increased its holdings in Franco-Nevada by 45.8% in the 4th quarter. Capital World Investors now owns 4,477,105 shares of the basic materials company’s stock valued at $495,909,000 after purchasing an additional 1,405,731 shares in the last quarter. Finally, Annex Advisory Services LLC increased its holdings in Franco-Nevada by 7.4% in the 4th quarter. Annex Advisory Services LLC now owns 108,326 shares of the basic materials company’s stock valued at $12,004,000 after purchasing an additional 7,427 shares in the last quarter. 77.06% of the stock is currently owned by institutional investors and hedge funds.

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.