Franco-Nevada Corp. (FNV) Stock Rating Reaffirmed by Desjardins
Franco-Nevada Corp. (NYSE:FNV)‘s stock had its “buy” rating reissued by equities researchers at Desjardins in a research note issued on Thursday. They currently have a $115.00 price target on the stock, up from their previous price target of $110.00. Desjardins’ price target would indicate a potential upside of 100.98% from the company’s previous close.
Several other equities analysts also recently weighed in on the company. TheStreet upgraded Franco-Nevada Corp. from a “hold” rating to a “buy” rating in a report on Tuesday, November 8th. Deutsche Bank AG upgraded Franco-Nevada Corp. from a “hold” rating to a “buy” rating and set a $74.00 price objective for the company in a report on Wednesday, November 9th. Scotiabank reiterated a “sector perform” rating and issued a $80.00 price objective on shares of Franco-Nevada Corp. in a report on Tuesday, November 8th. RBC Capital Markets reiterated an “outperform” rating on shares of Franco-Nevada Corp. in a report on Tuesday, November 8th. Finally, Vetr downgraded Franco-Nevada Corp. from a “hold” rating to a “sell” rating and set a $65.43 price objective for the company. in a report on Thursday, November 3rd. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eight have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $76.87.
Shares of Franco-Nevada Corp. (NYSE:FNV) opened at 57.22 on Thursday. Franco-Nevada Corp. has a 1-year low of $41.47 and a 1-year high of $81.16. The company has a market cap of $10.19 billion, a price-to-earnings ratio of 169.29 and a beta of 0.22. The stock has a 50 day moving average of $65.81 and a 200 day moving average of $70.55.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 22nd. Stockholders of record on Thursday, December 8th will be given a dividend of $0.22 per share. The ex-dividend date is Tuesday, December 6th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.54%. Franco-Nevada Corp.’s payout ratio is currently 169.23%.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Van ECK Associates Corp boosted its position in Franco-Nevada Corp. by 24.7% in the second quarter. Van ECK Associates Corp now owns 7,831,846 shares of the company’s stock worth $595,690,000 after buying an additional 1,550,588 shares during the last quarter. Wellington Management Group LLP boosted its position in Franco-Nevada Corp. by 1,114.7% in the first quarter. Wellington Management Group LLP now owns 650,463 shares of the company’s stock worth $39,974,000 after buying an additional 596,914 shares during the last quarter. Emerald Acquisition Ltd. bought a new position in Franco-Nevada Corp. during the second quarter worth $35,810,000. Vanguard Group Inc. boosted its position in Franco-Nevada Corp. by 11.2% in the second quarter. Vanguard Group Inc. now owns 3,648,583 shares of the company’s stock worth $277,511,000 after buying an additional 366,365 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its position in Franco-Nevada Corp. by 75.4% in the first quarter. Renaissance Technologies LLC now owns 804,800 shares of the company’s stock worth $49,399,000 after buying an additional 345,900 shares during the last quarter. 63.89% of the stock is currently owned by hedge funds and other institutional investors.
About Franco-Nevada Corp.
Franco-Nevada Corporation (Franco-Nevada) is a gold-focused royalty and stream company. The Company’s additional interests are in platinum group metals and other resource assets. The Company operates in the segment of resource sector royalty/stream acquisitions and management activities. The Company’s business model provides investors with gold price and exploration optionality.
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