Franco-Nevada (NYSE:FNV) Posts Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Posted by Lisa Pomrenke on Mar 17th, 2023

Franco-Nevada (NYSE:FNV – Get Rating) (TSE:FNV) released its earnings results on Wednesday. The basic materials company reported $0.86 EPS for the quarter, beating the consensus estimate of $0.85 by $0.01, Briefing.com reports. The company had revenue of $320.40 million during the quarter, compared to analysts’ expectations of $307.88 million. Franco-Nevada had a return on equity of 11.27% and a net margin of 57.18%. The business’s revenue for the quarter was down 2.2% on a year-over-year basis. During the same period last year, the firm earned $0.86 EPS.

Franco-Nevada Trading Up 0.9 %

Franco-Nevada stock opened at $136.77 on Friday. Franco-Nevada has a 12 month low of $109.70 and a 12 month high of $169.32. The stock’s 50 day moving average is $138.39 and its 200-day moving average is $132.45. The company has a market capitalization of $26.24 billion, a price-to-earnings ratio of 34.63, a PEG 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 $0.34 dividend. This is an increase from Franco-Nevada’s previous quarterly dividend of $0.32. The ex-dividend date is Wednesday, March 15th. This represents a $1.36 annualized dividend and a dividend yield of 0.99%. Franco-Nevada’s dividend payout ratio is presently 32.41%.

Analysts Set New Price Targets

Several research analysts have weighed in on FNV shares. CIBC lifted their target price on Franco-Nevada from C$230.00 to C$240.00 in a report on Tuesday, February 7th. StockNews.com started coverage on Franco-Nevada in a report on Thursday. They set a “hold” rating on the stock. Stifel Nicolaus lowered Franco-Nevada from a “buy” rating to a “hold” rating in a report on Friday, January 20th. National Bank Financial upped their target price on Franco-Nevada from C$190.00 to C$200.00 in a report on Friday, January 13th. Finally, Barclays upped their target price on Franco-Nevada from $111.00 to $115.00 and gave the stock an “underweight” rating in a report on Monday, January 30th. One analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $166.57.

Hedge Funds Weigh In On Franco-Nevada

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of Franco-Nevada by 3.0% in the third quarter. Vanguard Group Inc. now owns 6,670,398 shares of the basic materials company’s stock valued at $796,979,000 after purchasing an additional 192,144 shares during the last quarter. Norges Bank acquired a new position in shares of Franco-Nevada in the fourth quarter valued at approximately $219,378,000. Morgan Stanley grew its position in shares of Franco-Nevada by 18.0% in the fourth quarter. Morgan Stanley now owns 991,968 shares of the basic materials company’s stock valued at $135,384,000 after purchasing an additional 151,211 shares during the last quarter. BlackRock Inc. grew its position in shares of Franco-Nevada by 0.4% in the third quarter. BlackRock Inc. now owns 627,218 shares of the basic materials company’s stock valued at $74,941,000 after purchasing an additional 2,365 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec grew its position in shares of Franco-Nevada by 27.5% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 409,595 shares of the basic materials company’s stock valued at $65,237,000 after purchasing an additional 88,297 shares during the last quarter. Institutional investors and hedge funds own 66.69% of the company’s stock.

About Franco-Nevada

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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.