Franco-Nevada (NYSE:FNV) Issues Earnings Results

Posted by Lisa Pomrenke on Mar 17th, 2023

Franco-Nevada (NYSE:FNV – Get Rating) (TSE:FNV) announced its quarterly earnings data on Wednesday. The basic materials company reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.01, Briefing.com reports. The business had revenue of $320.40 million during the quarter, compared to analyst estimates of $307.88 million. Franco-Nevada had a return on equity of 11.27% and a net margin of 57.18%. Franco-Nevada’s revenue was down 2.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.86 earnings per share.

Franco-Nevada Stock Up 3.8 %

NYSE FNV traded up $5.15 during trading hours on Friday, hitting $141.92. 404,912 shares of the company were exchanged, compared to its average volume of 665,316. The stock has a 50-day moving average price of $138.39 and a 200 day moving average price of $132.45. Franco-Nevada has a 52 week low of $109.70 and a 52 week high of $169.32. The stock has a market cap of $27.23 billion, a PE ratio of 34.63, a price-to-earnings-growth ratio of 9.88 and a beta of 0.69.

Franco-Nevada Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 30th. Stockholders of record on Thursday, March 16th will be given a dividend of $0.34 per share. This is an increase from Franco-Nevada’s previous quarterly dividend of $0.32. This represents a $1.36 dividend on an annualized basis and a dividend yield of 0.96%. The ex-dividend date of this dividend is Wednesday, March 15th. Franco-Nevada’s dividend payout ratio is currently 32.41%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. IHT Wealth Management LLC lifted its holdings in Franco-Nevada by 4.6% during the fourth quarter. IHT Wealth Management LLC now owns 1,782 shares of the basic materials company’s stock worth $329,000 after buying an additional 78 shares during the period. Thrivent Financial for Lutherans boosted its position in Franco-Nevada by 1.7% in the third quarter. Thrivent Financial for Lutherans now owns 5,236 shares of the basic materials company’s stock valued at $626,000 after buying an additional 85 shares during the last quarter. Alliancebernstein L.P. increased its stake in shares of Franco-Nevada by 0.6% in the fourth quarter. Alliancebernstein L.P. now owns 16,463 shares of the basic materials company’s stock worth $2,247,000 after acquiring an additional 94 shares during the period. SVB Wealth LLC raised its position in Franco-Nevada by 4.7% during the first quarter. SVB Wealth LLC now owns 2,714 shares of the basic materials company’s stock valued at $433,000 after acquiring an additional 121 shares in the last quarter. Finally, Wetherby Asset Management Inc. grew its position in Franco-Nevada by 5.5% during the first quarter. Wetherby Asset Management Inc. now owns 2,322 shares of the basic materials company’s stock valued at $370,000 after buying an additional 122 shares during the period. Institutional investors own 66.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on FNV. HC Wainwright reissued a “buy” rating and set a $145.00 target price on shares of Franco-Nevada in a report on Friday. Raymond James dropped their price objective on Franco-Nevada from $167.00 to $158.00 and set an “outperform” rating on the stock in a report on Friday, February 24th. CIBC lifted their target price on Franco-Nevada from C$230.00 to C$240.00 in a report on Tuesday, February 7th. Barclays boosted their price target on shares of Franco-Nevada from $111.00 to $115.00 and gave the company an “underweight” rating in a research report on Monday, January 30th. Finally, National Bank Financial upped their price objective on shares of Franco-Nevada from C$190.00 to C$200.00 in a research report on Friday, January 13th. One analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Franco-Nevada currently has an average rating of “Hold” and a consensus price target of $166.57.

Franco-Nevada Company Profile

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Franco-Nevada Corp. engages in the management of gold-focused royalties and streams portfolio. It provides investors with gold price and exploration optionality while limiting exposure to many of the risks of operating companies. The company was founded in 1983 and is headquartered in Toronto, Canada.