Raymond James Decreases Earnings Estimates for Franco-Nevada

Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) – Investment analysts at Raymond James lowered their FY2024 EPS estimates for Franco-Nevada in a research note issued on Thursday, November 7th. Raymond James analyst B. Macarthur now forecasts that the basic materials company will post earnings per share of $3.12 for the year, down from their prior forecast of $3.24. The consensus estimate for Franco-Nevada’s current full-year earnings is $3.25 per share.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last released its quarterly earnings results on Wednesday, November 6th. The basic materials company reported $0.80 earnings per share for the quarter, missing the consensus estimate of $0.83 by ($0.03). Franco-Nevada had a positive return on equity of 10.56% and a negative net margin of 51.64%. The firm had revenue of $275.70 million for the quarter, compared to analysts’ expectations of $279.11 million. During the same quarter last year, the firm posted $0.91 earnings per share. The firm’s revenue for the quarter was down 10.9% compared to the same quarter last year.

A number of other equities research analysts have also recently issued reports on the stock. Bank of America cut shares of Franco-Nevada from a “buy” rating to a “neutral” rating and cut their price objective for the company from $142.00 to $139.00 in a research note on Tuesday, October 1st. HC Wainwright reiterated a “buy” rating and issued a $185.00 price target on shares of Franco-Nevada in a research note on Friday, August 16th. StockNews.com upgraded shares of Franco-Nevada from a “sell” rating to a “hold” rating in a research note on Thursday, August 22nd. Jefferies Financial Group dropped their price target on shares of Franco-Nevada from $137.00 to $136.00 and set a “hold” rating on the stock in a report on Thursday, October 17th. Finally, Scotiabank raised their price objective on shares of Franco-Nevada from $141.00 to $142.00 and gave the stock a “sector perform” rating in a report on Monday, August 19th. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, Franco-Nevada currently has an average rating of “Moderate Buy” and a consensus price target of $154.57.

Franco-Nevada Trading Down 4.4 %

Franco-Nevada stock opened at $126.37 on Friday. The firm’s 50 day simple moving average is $126.65 and its 200 day simple moving average is $124.10. The firm has a market capitalization of $24.32 billion, a PE ratio of -41.57, a price-to-earnings-growth ratio of 22.08 and a beta of 0.75. Franco-Nevada has a 1-year low of $102.29 and a 1-year high of $137.60.

Franco-Nevada Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Thursday, December 5th will be paid a dividend of $0.36 per share. The ex-dividend date of this dividend is Thursday, December 5th. This represents a $1.44 annualized dividend and a yield of 1.14%. Franco-Nevada’s dividend payout ratio (DPR) is presently -47.37%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Massachusetts Financial Services Co. MA raised its holdings in Franco-Nevada by 0.5% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 12,286,603 shares of the basic materials company’s stock valued at $1,456,208,000 after buying an additional 64,429 shares during the period. Van ECK Associates Corp raised its holdings in Franco-Nevada by 1.8% in the 2nd quarter. Van ECK Associates Corp now owns 8,626,736 shares of the basic materials company’s stock valued at $1,022,452,000 after buying an additional 151,566 shares during the period. Vanguard Group Inc. raised its holdings in Franco-Nevada by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 7,374,086 shares of the basic materials company’s stock valued at $878,696,000 after buying an additional 129,876 shares during the period. Capital World Investors raised its holdings in Franco-Nevada by 2.7% in the 1st quarter. Capital World Investors now owns 4,597,472 shares of the basic materials company’s stock valued at $547,807,000 after buying an additional 120,367 shares during the period. Finally, Victory Capital Management Inc. raised its holdings in Franco-Nevada by 13.9% in the 3rd quarter. Victory Capital Management Inc. now owns 3,489,240 shares of the basic materials company’s stock valued at $433,538,000 after buying an additional 424,810 shares during the period. Hedge funds and other institutional investors own 77.06% of the company’s stock.

Franco-Nevada Company Profile

Franco-Nevada Corporation operates as a gold-focused royalty and streaming company in South America, Central America, Mexico, the United States, Canada, and internationally. It operates through Mining and Energy segments. The company manages its portfolio with a focus on precious metals, such as gold, silver, and platinum group metals; and engages in the sale of crude oil, natural gas, and natural gas liquids through a third-party marketing agent.