FY2024 EPS Estimates for Franco-Nevada Cut by Scotiabank

Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) – Stock analysts at Scotiabank lowered their FY2024 earnings estimates for Franco-Nevada in a research report issued on Wednesday, January 8th. Scotiabank analyst T. Jakusconek now forecasts that the basic materials company will post earnings of $3.19 per share for the year, down from their prior forecast of $3.39. Scotiabank has a “Sector Perform” rating and a $141.00 price objective on the stock. The consensus estimate for Franco-Nevada’s current full-year earnings is $3.22 per share.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last issued 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). The company had revenue of $275.70 million during the quarter, compared to analyst estimates of $279.11 million. Franco-Nevada had a negative net margin of 55.28% and a positive return on equity of 10.55%. The business’s revenue was down 10.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.91 earnings per share.

Several other analysts have also recently commented on the company. UBS Group began coverage on Franco-Nevada in a research report on Monday, November 18th. They issued a “buy” rating and a $160.00 target price on the stock. Canaccord Genuity Group upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating in a research report on Monday, November 18th. Bank of America cut Franco-Nevada from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $142.00 to $139.00 in a report on Tuesday, October 1st. Jefferies Financial Group reduced their price target on shares of Franco-Nevada from $137.00 to $136.00 and set a “hold” rating for the company in a research report on Thursday, October 17th. Finally, HC Wainwright reduced their price objective on Franco-Nevada from $200.00 to $155.00 and set a “buy” rating for the company in a research note on Friday, December 20th. Four research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $145.33.

Franco-Nevada Stock Down 2.1 %

Shares of NYSE:FNV opened at $124.39 on Monday. The company’s 50-day moving average price is $121.23 and its 200 day moving average price is $123.63. The company has a market cap of $23.94 billion, a PE ratio of -39.36 and a beta of 0.72. Franco-Nevada has a fifty-two week low of $103.64 and a fifty-two week high of $137.60.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. M&G PLC lifted its position in shares of Franco-Nevada by 3.2% during the 3rd quarter. M&G PLC now owns 1,679,858 shares of the basic materials company’s stock worth $208,645,000 after purchasing an additional 51,996 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its holdings in Franco-Nevada by 3,404.9% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 727,681 shares of the basic materials company’s stock valued at $86,287,000 after purchasing an additional 706,919 shares during the period. Horizon Kinetics Asset Management LLC grew its position in Franco-Nevada by 1.9% in the 3rd quarter. Horizon Kinetics Asset Management LLC now owns 935,834 shares of the basic materials company’s stock worth $116,277,000 after purchasing an additional 17,232 shares during the last quarter. Telemark Asset Management LLC increased its holdings in shares of Franco-Nevada by 66.7% during the 3rd quarter. Telemark Asset Management LLC now owns 50,000 shares of the basic materials company’s stock worth $6,212,000 after purchasing an additional 20,000 shares during the period. Finally, Victory Capital Management Inc. lifted its stake in shares of Franco-Nevada by 13.9% in the third 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. Institutional investors and hedge funds own 77.06% of the company’s stock.

Franco-Nevada Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 19th. Investors of record on Thursday, December 5th were issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 1.16%. The ex-dividend date was Thursday, December 5th. Franco-Nevada’s dividend payout ratio 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.