TD Securities Lowers Franco Nevada (FNV) Price Target to $79.00

Franco Nevada (NYSE:FNV) (TSE:FNV) had its price objective dropped by investment analysts at TD Securities from $82.00 to $79.00 in a research note issued on Wednesday. The firm currently has a “buy” rating on the basic materials company’s stock. TD Securities’ price target would suggest a potential upside of 22.18% from the company’s previous close.

Several other brokerages have also recently issued reports on FNV. Barclays started coverage on shares of Franco Nevada in a research report on Wednesday, October 10th. They set an “overweight” rating and a $70.00 price target on the stock. ValuEngine upgraded shares of Franco Nevada from a “sell” rating to a “hold” rating in a research report on Tuesday, September 18th. Credit Suisse Group reiterated a “neutral” rating on shares of Franco Nevada in a research report on Monday, September 10th. Desjardins upgraded shares of Franco Nevada from a “sell” rating to a “hold” rating in a research report on Wednesday, July 18th. Finally, Zacks Investment Research cut shares of Franco Nevada from a “hold” rating to a “strong sell” rating in a research report on Thursday, October 11th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $80.71.

Shares of NYSE FNV traded down $0.73 during midday trading on Wednesday, hitting $64.66. 45,898 shares of the company traded hands, compared to its average volume of 796,735. Franco Nevada has a 12-month low of $58.26 and a 12-month high of $86.06. The stock has a market capitalization of $12.21 billion, a P/E ratio of 59.71, a P/E/G ratio of 14.22 and a beta of -0.13.

Franco Nevada (NYSE:FNV) (TSE:FNV) last announced its quarterly earnings results on Monday, November 5th. The basic materials company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.03. Franco Nevada had a net margin of 31.81% and a return on equity of 4.76%. The company had revenue of $170.60 million for the quarter, compared to analysts’ expectations of $158.85 million. During the same quarter in the previous year, the company earned $0.30 earnings per share. Franco Nevada’s quarterly revenue was down .5% on a year-over-year basis. On average, equities analysts anticipate that Franco Nevada will post 1.15 EPS for the current year.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp lifted its stake in shares of Franco Nevada by 13.7% in the second quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 543,547 shares of the basic materials company’s stock worth $52,153,000 after buying an additional 65,500 shares in the last quarter. Millennium Management LLC lifted its stake in shares of Franco Nevada by 133.7% in the second quarter. Millennium Management LLC now owns 77,571 shares of the basic materials company’s stock worth $5,664,000 after buying an additional 44,385 shares in the last quarter. Renaissance Technologies LLC lifted its stake in shares of Franco Nevada by 12.6% in the second quarter. Renaissance Technologies LLC now owns 2,458,200 shares of the basic materials company’s stock worth $179,498,000 after buying an additional 274,300 shares in the last quarter. Investec Asset Management LTD bought a new position in shares of Franco Nevada in the second quarter worth approximately $17,440,000. Finally, Ashford Capital Management Inc. lifted its stake in shares of Franco Nevada by 6.2% in the second quarter. Ashford Capital Management Inc. now owns 118,825 shares of the basic materials company’s stock worth $8,677,000 after buying an additional 6,887 shares in the last quarter. Institutional investors and hedge funds own 63.42% of the company’s stock.

About Franco Nevada

Franco-Nevada Corporation operates as a gold-focused royalty and stream company in the United States, Canada, Mexico, Peru, Chile, Australia, and Africa. The company also holds interests in silver, platinum group metals, oil and gas, and other resource assets. As of December 31, 2017, it had a portfolio of 341 assets.

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Analyst Recommendations for Franco Nevada (NYSE:FNV)

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