Scotiabank Issues Pessimistic Forecast for Franco-Nevada (NYSE:FNV) Stock Price

by · The Cerbat Gem

Franco-Nevada (NYSE:FNV – Get Free Report) (TSE:FNV) had its price objective lowered by equities research analysts at Scotiabank from $142.00 to $141.00 in a report issued on Friday,Benzinga reports. The firm currently has a “sector perform” rating on the basic materials company’s stock. Scotiabank’s price target would indicate a potential upside of 11.58% from the stock’s previous close.

FNV has been the subject of a number of other reports. HC Wainwright boosted their price target on shares of Franco-Nevada from $185.00 to $200.00 and gave the company a “buy” rating in a research report on Friday. StockNews.com upgraded shares of Franco-Nevada from a “sell” rating to a “hold” rating in a report on Thursday, August 22nd. Jefferies Financial Group dropped their target price on Franco-Nevada from $137.00 to $136.00 and set a “hold” rating for the company in a report on Thursday, October 17th. Bank of America cut shares of Franco-Nevada from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $142.00 to $139.00 in a research report on Tuesday, October 1st. Finally, TD Cowen raised shares of Franco-Nevada from a “hold” rating to a “buy” rating in a research report on Thursday, August 15th. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $156.57.

Read Our Latest Stock Report on Franco-Nevada

Franco-Nevada Stock Performance

NYSE FNV opened at $126.37 on Friday. The company has a market capitalization of $24.33 billion, a PE ratio of -39.99, a price-to-earnings-growth ratio of 22.08 and a beta of 0.75. The company has a 50-day simple moving average of $126.65 and a 200 day simple moving average of $124.10. Franco-Nevada has a 52-week low of $102.29 and a 52-week high of $137.60.

Franco-Nevada (NYSE:FNV – Get Free Report) (TSE:FNV) last announced its quarterly earnings results on Wednesday, November 6th. The basic materials company reported $0.80 EPS for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.03). The business had revenue of $275.70 million for the quarter, compared to analysts’ expectations of $279.11 million. Franco-Nevada had a negative net margin of 51.64% and a positive return on equity of 10.56%. The business’s quarterly revenue was down 10.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.91 earnings per share. As a group, analysts forecast that Franco-Nevada will post 3.25 EPS for the current fiscal year.

Institutional Trading of Franco-Nevada

Several institutional investors have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC purchased a new stake in shares of Franco-Nevada during the 2nd quarter valued at about $276,446,000. M&G Plc purchased a new position in Franco-Nevada during the first quarter valued at $219,971,000. EdgePoint Investment Group Inc. lifted its position in shares of Franco-Nevada by 68.1% during 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 buying an additional 1,117,523 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in shares of Franco-Nevada by 3,404.9% in 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 period. Finally, Victory Capital Management Inc. boosted its holdings in Franco-Nevada by 13.9% in 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 buying an additional 424,810 shares during the period. 77.06% of the stock is currently owned by hedge funds and other institutional investors.

Franco-Nevada Company Profile

(Get Free Report)

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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