Franco-Nevada (NYSE:FNV) Hits New 1-Year High After Better-Than-Expected Earnings

Franco-Nevada Co. (NYSE:FNV) (TSE:FNV)’s stock price hit a new 52-week high during mid-day trading on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $148.02 and last traded at $142.62, with a volume of 1677094 shares traded. The stock had previously closed at $143.28.

The basic materials company reported $0.95 earnings per share for the quarter, beating analysts’ consensus estimates of $0.90 by $0.05. Franco-Nevada had a negative net margin of 55.28% and a positive return on equity of 10.55%. The business had revenue of $321.00 million for the quarter, compared to the consensus estimate of $304.33 million. During the same period last year, the firm posted $0.90 earnings per share. Franco-Nevada’s quarterly revenue was up 5.8% on a year-over-year basis.

Franco-Nevada Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th will be issued a dividend of $0.38 per share. This is an increase from Franco-Nevada’s previous quarterly dividend of $0.36. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.07%. The ex-dividend date of this dividend is Thursday, March 13th. Franco-Nevada’s payout ratio is currently -48.10%.

Analyst Upgrades and Downgrades

FNV has been the topic of a number of research reports. Canaccord Genuity Group upgraded Franco-Nevada from a “hold” rating to a “buy” rating in a research report on Monday, November 18th. HC Wainwright reissued a “buy” rating and set a $155.00 price objective on shares of Franco-Nevada in a report on Tuesday, January 28th. Royal Bank of Canada upped their target price on Franco-Nevada from $145.00 to $155.00 and gave the stock a “sector perform” rating in a research note on Tuesday, February 11th. UBS Group initiated coverage on shares of Franco-Nevada in a report on Monday, November 18th. They issued a “buy” rating and a $160.00 price objective for the company. Finally, Canaccord Genuity Group raised shares of Franco-Nevada from a “hold” rating to a “buy” rating in a report on Monday, November 18th. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $146.71.

Institutional Investors Weigh In On Franco-Nevada

Institutional investors have recently added to or reduced their stakes in the company. Essex Financial Services Inc. boosted its holdings in shares of Franco-Nevada by 2.2% during the fourth quarter. Essex Financial Services Inc. now owns 3,892 shares of the basic materials company’s stock worth $458,000 after purchasing an additional 84 shares during the period. Harbour Investments Inc. raised its position in Franco-Nevada by 25.8% during the 4th quarter. Harbour Investments Inc. now owns 453 shares of the basic materials company’s stock valued at $53,000 after purchasing an additional 93 shares during the last quarter. Mutual Advisors LLC lifted its holdings in Franco-Nevada by 4.0% in the 4th quarter. Mutual Advisors LLC now owns 2,477 shares of the basic materials company’s stock worth $309,000 after buying an additional 96 shares during the period. Sustainable Insight Capital Management LLC grew its position in shares of Franco-Nevada by 2.7% in the 4th quarter. Sustainable Insight Capital Management LLC now owns 3,755 shares of the basic materials company’s stock worth $441,000 after buying an additional 100 shares during the last quarter. Finally, Huntington National Bank increased its stake in shares of Franco-Nevada by 7.4% during the third quarter. Huntington National Bank now owns 1,486 shares of the basic materials company’s stock valued at $185,000 after buying an additional 102 shares during the period. Hedge funds and other institutional investors own 77.06% of the company’s stock.

Franco-Nevada Price Performance

The company has a 50 day moving average price of $133.80 and a 200-day moving average price of $127.30. The stock has a market capitalization of $27.46 billion, a PE ratio of -45.13, a PEG ratio of 9.78 and a beta of 0.73.

Franco-Nevada Company Profile

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.