Franco-Nevada Corporation (FNV) Shares Up 6.1% on Earnings Beat
Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV)’s share price shot up 6.1% during trading on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $84.85 and last traded at $84.50. 1,236,149 shares were traded during trading, an increase of 139% from the average session volume of 517,374 shares. The stock had previously closed at $79.61.
The basic materials company reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.03. The company had revenue of $171.50 million for the quarter, compared to the consensus estimate of $167.07 million. Franco-Nevada Corporation had a return on equity of 4.39% and a net margin of 21.26%. The firm’s quarterly revenue was down .3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.30 EPS.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 21st. Investors of record on Thursday, December 7th will be paid a $0.23 dividend. The ex-dividend date of this dividend is Wednesday, December 6th. This represents a $0.92 annualized dividend and a dividend yield of 1.09%. Franco-Nevada Corporation’s payout ratio is currently 115.00%.
Several research firms recently issued reports on FNV. Credit Suisse Group set a $78.00 price objective on Franco-Nevada Corporation and gave the company a “buy” rating in a research report on Tuesday, July 18th. BidaskClub raised Franco-Nevada Corporation from a “hold” rating to a “buy” rating in a research report on Saturday, August 5th. Scotiabank upped their price objective on Franco-Nevada Corporation from $79.50 to $82.00 and gave the company a “sector perform” rating in a research report on Friday, September 8th. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $100.00 price objective on shares of Franco-Nevada Corporation in a research report on Monday, October 23rd. Finally, Canaccord Genuity reaffirmed a “buy” rating and issued a $121.00 price objective on shares of Franco-Nevada Corporation in a research report on Tuesday. Seven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $85.60.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Advisory Services Network LLC lifted its holdings in shares of Franco-Nevada Corporation by 199.0% during the 2nd quarter. Advisory Services Network LLC now owns 1,504 shares of the basic materials company’s stock valued at $109,000 after buying an additional 1,001 shares during the period. Hexavest Inc. lifted its holdings in shares of Franco-Nevada Corporation by 50.7% during the 2nd quarter. Hexavest Inc. now owns 1,662 shares of the basic materials company’s stock valued at $120,000 after buying an additional 559 shares during the period. Blair William & Co. IL bought a new position in shares of Franco-Nevada Corporation during the 2nd quarter valued at $210,000. PNC Financial Services Group Inc. lifted its holdings in shares of Franco-Nevada Corporation by 40.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,617 shares of the basic materials company’s stock valued at $236,000 after buying an additional 1,039 shares during the period. Finally, Wright Investors Service Inc. bought a new position in shares of Franco-Nevada Corporation during the 3rd quarter valued at $245,000. 59.99% of the stock is currently owned by hedge funds and other institutional investors.
The stock has a market cap of $15,670.00, a price-to-earnings ratio of 76.55, a price-to-earnings-growth ratio of 19.48 and a beta of -0.14.
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About Franco-Nevada Corporation
Franco-Nevada Corporation (Franco-Nevada) is a gold-focused royalty and stream company. The Company has interests in silver, platinum group metals, oil and gas and other resource assets. The Company is engaged in resource sector royalty/stream acquisitions and management activities. It has a portfolio of properties in the United States, Canada, Mexico, Peru, Chile and Africa.
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