Raymond James Forecasts Weaker Earnings for Franco-Nevada

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

Other research analysts have also recently issued reports about the company. Jefferies Financial Group decreased their price target on Franco-Nevada from $137.00 to $136.00 and set a “hold” rating on the stock in a research note on Thursday, October 17th. StockNews.com upgraded Franco-Nevada from a “sell” rating to a “hold” rating in a report on Thursday, August 22nd. Bank of America lowered shares of Franco-Nevada from a “buy” rating to a “neutral” rating and cut their price target for the stock from $142.00 to $139.00 in a research note on Tuesday, October 1st. Scotiabank lowered their price objective on shares of Franco-Nevada from $142.00 to $141.00 and set a “sector perform” rating for the company in a research note on Friday. Finally, TD Securities raised shares of Franco-Nevada from a “hold” rating to a “buy” rating in a research note on Thursday, August 15th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $156.57.

Franco-Nevada Stock Performance

Shares of FNV stock opened at $122.44 on Friday. The firm has a market cap of $23.57 billion, a P/E ratio of -38.75, a P/E/G ratio of 22.11 and a beta of 0.75. The firm’s 50 day moving average price is $126.66 and its 200-day moving average price is $124.17. Franco-Nevada has a one year low of $102.29 and a one year high of $137.60.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last posted its earnings results on Wednesday, November 6th. The basic materials company reported $0.80 EPS for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.03). Franco-Nevada had a negative net margin of 55.28% and a positive return on equity of 10.63%. The company had revenue of $275.70 million during the quarter, compared to analyst estimates of $279.11 million. During the same period in the previous year, the company earned $0.91 EPS. The company’s quarterly revenue was down 10.9% compared to the same quarter last year.

Institutional Investors Weigh In On Franco-Nevada

A number of large investors have recently modified their holdings of the company. America First Investment Advisors LLC increased its holdings in Franco-Nevada by 4.3% in the third quarter. America First Investment Advisors LLC now owns 161,765 shares of the basic materials company’s stock valued at $20,099,000 after buying an additional 6,717 shares during the last quarter. Beddow Capital Management Inc. boosted its position in shares of Franco-Nevada by 1.4% during the 3rd quarter. Beddow Capital Management Inc. now owns 57,882 shares of the basic materials company’s stock worth $7,192,000 after acquiring an additional 790 shares in the last quarter. Drive Wealth Management LLC increased its holdings in shares of Franco-Nevada by 11.9% in the 3rd quarter. Drive Wealth Management LLC now owns 3,355 shares of the basic materials company’s stock valued at $417,000 after acquiring an additional 356 shares during the last quarter. Swiss National Bank raised its position in shares of Franco-Nevada by 0.8% during the 3rd quarter. Swiss National Bank now owns 581,560 shares of the basic materials company’s stock worth $72,347,000 after acquiring an additional 4,900 shares in the last quarter. Finally, Natixis Advisors LLC lifted its stake in Franco-Nevada by 6.5% during the third quarter. Natixis Advisors LLC now owns 20,404 shares of the basic materials company’s stock worth $2,535,000 after purchasing an additional 1,237 shares during the last quarter. 77.06% of the stock is owned by hedge funds and other institutional investors.

Franco-Nevada Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Thursday, December 5th will be issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 1.18%. The ex-dividend date is Thursday, December 5th. Franco-Nevada’s dividend payout ratio (DPR) is presently -45.57%.

About Franco-Nevada

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.