HC Wainwright Cuts Franco-Nevada (NYSE:FNV) Price Target to $155.00

Franco-Nevada (NYSE:FNV) (TSE:FNV) had its price target decreased by HC Wainwright from $200.00 to $155.00 in a research report released on Friday,Benzinga reports. HC Wainwright currently has a buy rating on the basic materials company’s stock. HC Wainwright also issued estimates for Franco-Nevada’s FY2024 earnings at $2.81 EPS and FY2025 earnings at $3.68 EPS.

Other research analysts have also recently issued reports about the stock. Scotiabank decreased their price objective on shares of Franco-Nevada from $142.00 to $141.00 and set a “sector perform” rating on the stock in a research report on Friday, November 8th. Bank of America lowered shares of Franco-Nevada from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $142.00 to $139.00 in a report on Tuesday, October 1st. 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 began coverage on Franco-Nevada in a research note on Monday, November 18th. They issued a “buy” rating and a $160.00 target price on the stock. Finally, StockNews.com raised Franco-Nevada from a “sell” rating to a “hold” rating in a research note on Thursday, August 22nd. Four investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $145.33.

Franco-Nevada Price Performance

Shares of NYSE:FNV opened at $116.21 on Friday. The firm has a fifty day moving average price of $124.60 and a two-hundred day moving average price of $123.30. The company has a market cap of $22.37 billion, a price-to-earnings ratio of -36.78 and a beta of 0.72. Franco-Nevada has a one year low of $103.64 and a one year high of $137.60.

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 business had revenue of $275.70 million for the quarter, compared to the consensus estimate of $279.11 million. Franco-Nevada had a negative net margin of 55.28% and a positive return on equity of 10.55%. Franco-Nevada’s quarterly revenue was down 10.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.91 EPS. Equities research analysts expect that Franco-Nevada will post 3.22 EPS for the current fiscal year.

Franco-Nevada Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, December 19th. Stockholders of record on Thursday, December 5th were paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.24%. The ex-dividend date of this dividend was Thursday, December 5th. Franco-Nevada’s dividend payout ratio (DPR) is presently -45.57%.

Hedge Funds Weigh In On Franco-Nevada

Large investors have recently bought and sold shares of the stock. Mechanics Financial Corp boosted its stake in shares of Franco-Nevada by 150.0% during the second quarter. Mechanics Financial Corp now owns 250 shares of the basic materials company’s stock valued at $30,000 after purchasing an additional 150 shares during the period. Kings Path Partners LLC purchased a new stake in Franco-Nevada during the 2nd quarter valued at $36,000. Sunbelt Securities Inc. boosted its position in Franco-Nevada by 3,333.3% during the 2nd quarter. Sunbelt Securities Inc. now owns 412 shares of the basic materials company’s stock valued at $49,000 after buying an additional 400 shares during the period. Point72 DIFC Ltd purchased a new position in shares of Franco-Nevada in the third quarter valued at about $52,000. Finally, Erste Asset Management GmbH bought a new position in shares of Franco-Nevada during the third quarter valued at about $55,000. 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.