Franco-Nevada (NYSE:FNV) Cut to Hold at Zacks Research

Key Points

• Franco-Nevada has been downgraded from a "strong-buy" to a "hold" rating by Zacks Research, reflecting a shift in analysts' outlook on the stock.
• Despite the downgrade, several firms have increased their price targets for Franco-Nevada, with Scotiabank raising it from $182 to $184 and HC Wainwright from $195 to $200.
• Franco-Nevada reported $1.24 earnings per share for the last quarter, exceeding estimates, with a revenue increase of 42% year-over-year.

Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV was downgraded by analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research note issued on Wednesday,Zacks.com reports.

Several other research firms have also recently issued reports on FNV. Scotiabank increased their target price on shares of Franco-Nevada from $182.00 to $184.00 and gave the stock a "sector perform" rating in a research note on Tuesday, August 12th. HC Wainwright upped their price target on shares of Franco-Nevada from $195.00 to $200.00 and gave the stock a "buy" rating in a report on Tuesday, August 12th. CIBC reiterated an "outperform" rating on shares of Franco-Nevada in a research report on Tuesday, July 15th. Wall Street Zen cut Franco-Nevada from a "buy" rating to a "hold" rating in a research report on Saturday, August 16th. Finally, Royal Bank Of Canada upped their target price on Franco-Nevada from $160.00 to $190.00 and gave the stock a "sector perform" rating in a research note on Wednesday, June 4th. Seven research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, Franco-Nevada presently has a consensus rating of "Moderate Buy" and a consensus price target of $178.88.

Franco-Nevada Stock Up 1.8%

Shares of NYSE FNV opened at $181.5260 on Wednesday. The company has a market cap of $34.98 billion, a P/E ratio of 44.60, a P/E/G ratio of 2.37 and a beta of 0.36. Franco-Nevada has a 52 week low of $112.70 and a 52 week high of $183.91. The business has a 50-day simple moving average of $165.92 and a two-hundred day simple moving average of $160.00.

Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV last announced its quarterly earnings results on Monday, August 11th. The basic materials company reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.14. Franco-Nevada had a return on equity of 12.56% and a net margin of 58.82%.The firm had revenue of $369.40 million for the quarter, compared to analysts' expectations of $382.70 million. During the same period in the prior year, the business posted $0.75 earnings per share. The company's revenue was up 42.0% on a year-over-year basis. Equities research analysts anticipate that Franco-Nevada will post 3.09 EPS for the current year.

Hedge Funds Weigh In On Franco-Nevada

A number of large investors have recently modified their holdings of FNV. NewEdge Advisors LLC grew its position in Franco-Nevada by 5.9% during the fourth quarter. NewEdge Advisors LLC now owns 5,642 shares of the basic materials company's stock valued at $663,000 after acquiring an additional 313 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Franco-Nevada by 18.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 244,478 shares of the basic materials company's stock valued at $28,746,000 after purchasing an additional 38,585 shares during the last quarter. Natixis raised its position in Franco-Nevada by 117.2% in the 4th quarter. Natixis now owns 1,942 shares of the basic materials company's stock worth $228,000 after purchasing an additional 1,048 shares during the period. Tower Research Capital LLC TRC raised its position in Franco-Nevada by 538.9% in the 4th quarter. Tower Research Capital LLC TRC now owns 607 shares of the basic materials company's stock worth $71,000 after purchasing an additional 512 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its stake in Franco-Nevada by 10.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,286,661 shares of the basic materials company's stock worth $504,069,000 after purchasing an additional 400,384 shares during the last quarter. 77.06% of the stock is owned by hedge funds and other institutional investors.

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.

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