Franco-Nevada (NYSE:FNV) Sees Strong Trading Volume Following Analyst Upgrade

Shares of Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) saw unusually-strong trading volume on Wednesday after Raymond James raised their price target on the stock from $160.00 to $162.00. Raymond James currently has an outperform rating on the stock. Approximately 1,135,150 shares changed hands during mid-day trading, an increase of 84% from the previous session’s volume of 616,913 shares.The stock last traded at $145.76 and had previously closed at $145.74.

Other analysts have also recently issued reports about the company. HC Wainwright upped their price target on Franco-Nevada from $155.00 to $165.00 and gave the company a “buy” rating in a research note on Tuesday. Canaccord Genuity Group raised Franco-Nevada from a “hold” rating to a “buy” rating in a research report on Monday, November 18th. StockNews.com raised Franco-Nevada from a “hold” rating to a “buy” rating in a research report on Friday, March 7th. Canaccord Genuity Group raised Franco-Nevada from a “hold” rating to a “buy” rating in a research report on Monday, November 18th. Finally, UBS Group increased their price objective on Franco-Nevada from $165.00 to $170.00 and gave the company a “buy” rating in a report on Tuesday. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, Franco-Nevada has an average rating of “Moderate Buy” and an average price target of $153.63.

Institutional Trading of Franco-Nevada

Hedge funds have recently made changes to their positions in the company. Laurel Wealth Advisors LLC bought a new position in shares of Franco-Nevada during the fourth quarter worth about $47,000. Physician Wealth Advisors Inc. bought a new position in shares of Franco-Nevada during the fourth quarter worth about $49,000. Point72 DIFC Ltd bought a new position in shares of Franco-Nevada during the third quarter worth about $52,000. Harbour Investments Inc. raised its position in shares of Franco-Nevada by 25.8% during the fourth quarter. Harbour Investments Inc. now owns 453 shares of the basic materials company’s stock worth $53,000 after acquiring an additional 93 shares during the last quarter. Finally, Erste Asset Management GmbH bought a new position in shares of Franco-Nevada during the third quarter worth about $55,000. 77.06% of the stock is owned by institutional investors and hedge funds.

Franco-Nevada Price Performance

The company has a market capitalization of $28.38 billion, a P/E ratio of -46.64, a P/E/G ratio of 9.78 and a beta of 0.73. The stock has a 50-day moving average price of $134.87 and a 200-day moving average price of $127.60.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last issued its earnings results on Monday, March 10th. The basic materials company reported $0.95 earnings per share for the quarter, topping analysts’ consensus estimates of $0.90 by $0.05. The business had revenue of $321.00 million during the quarter, compared to the consensus estimate of $304.33 million. Franco-Nevada had a positive return on equity of 10.55% and a negative net margin of 55.28%. The firm’s revenue for the quarter was up 5.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.90 earnings per share. Sell-side analysts anticipate that Franco-Nevada Co. will post 3.09 EPS for the current fiscal year.

Franco-Nevada Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 27th. Shareholders of record on Thursday, March 13th will be given a $0.38 dividend. The ex-dividend date is Thursday, March 13th. This represents a $1.52 annualized dividend and a yield of 1.03%. This is a boost from Franco-Nevada’s previous quarterly dividend of $0.36. Franco-Nevada’s payout ratio is currently 53.15%.

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.