Franco-Nevada (NYSE:FNV) Sets New 52-Week High - Here's What Happened

Key Points

• Franco-Nevada's stock hit a new 52-week high of $207.73, showing an increase from its previous close of $202.50 with a total trading volume of 117,706 shares.
• The company reported earnings per share of $1.24 for the last quarter, exceeding the consensus estimate of $1.10, despite revenue falling short of analyst expectations.
• Franco-Nevada announced a quarterly dividend of $0.38 per share to be paid on September 25th, with a dividend yield of 0.7% and a payout ratio of 37.35%.

Franco-Nevada Corporation (NYSE:FNV - Get Free Report) TSE: FNV's stock price reached a new 52-week high during trading on Friday . The company traded as high as $206.64 and last traded at $207.73, with a volume of 117706 shares trading hands. The stock had previously closed at $202.50.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on FNV shares. Royal Bank Of Canada upped their price objective on shares of Franco-Nevada from $160.00 to $190.00 and gave the company a "sector perform" rating in a research note on Wednesday, June 4th. BMO Capital Markets reaffirmed an "outperform" rating on shares of Franco-Nevada in a research note on Wednesday, May 28th. Raymond James Financial upped their price objective on shares of Franco-Nevada from $186.00 to $188.00 and gave the company an "outperform" rating in a research note on Tuesday, August 12th. HC Wainwright upped their price objective on shares of Franco-Nevada from $195.00 to $200.00 and gave the company a "buy" rating in a research note on Tuesday, August 12th. Finally, Zacks Research lowered shares of Franco-Nevada from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 20th. Seven research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $178.88.

Franco-Nevada Stock Up 2.5%

The firm has a market capitalization of $40.00 billion, a P/E ratio of 50.93, a price-to-earnings-growth ratio of 2.64 and a beta of 0.41. The company's 50 day moving average is $177.28 and its 200-day moving average is $167.25.

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

Franco-Nevada Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Thursday, September 11th will be issued a dividend of $0.38 per share. The ex-dividend date is Thursday, September 11th. This represents a $1.52 annualized dividend and a yield of 0.7%. Franco-Nevada's dividend payout ratio is presently 37.35%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of FNV. Norges Bank acquired a new position in Franco-Nevada during the second quarter worth $460,218,000. Connor Clark & Lunn Investment Management Ltd. raised its holdings in Franco-Nevada by 198.1% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,705,489 shares of the basic materials company's stock worth $268,280,000 after buying an additional 1,133,373 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in Franco-Nevada by 35.2% during the second quarter. Arrowstreet Capital Limited Partnership now owns 3,220,029 shares of the basic materials company's stock worth $528,289,000 after buying an additional 838,853 shares during the last quarter. Picton Mahoney Asset Management acquired a new position in Franco-Nevada during the second quarter worth $80,621,000. Finally, Scharf Investments LLC acquired a new position in Franco-Nevada during the second quarter worth $78,509,000. Institutional investors and hedge funds own 77.06% of the company's stock.

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.

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