FY2024 EPS Estimates for Franco-Nevada Lowered by Scotiabank

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

FNV has been the topic of a number of other research reports. HC Wainwright dropped their target price on Franco-Nevada from $200.00 to $155.00 and set a “buy” rating on the stock in a report on Friday, December 20th. Jefferies Financial Group dropped their price objective 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. UBS Group started coverage on shares of Franco-Nevada in a research note on Monday, November 18th. They issued a “buy” rating and a $160.00 target price for the company. Bank of America lowered shares of Franco-Nevada from a “buy” rating to a “neutral” rating and dropped their price target for the company from $142.00 to $139.00 in a research report on Tuesday, October 1st. Finally, Canaccord Genuity Group raised shares of Franco-Nevada from a “hold” rating to a “buy” rating in a research report on Monday, November 18th. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $145.33.

Franco-Nevada Stock Performance

Shares of NYSE FNV opened at $126.78 on Monday. The firm’s 50-day simple moving average is $121.08 and its 200 day simple moving average is $123.66. The stock has a market cap of $24.40 billion, a price-to-earnings ratio of -40.12 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.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last released its quarterly earnings data on Wednesday, November 6th. The basic materials company reported $0.80 earnings per share for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.03). The business had revenue of $275.70 million during the quarter, compared to the consensus estimate of $279.11 million. Franco-Nevada had a negative net margin of 55.28% and a positive return on equity of 10.55%. The firm’s quarterly revenue was down 10.9% on a year-over-year basis. During the same period last year, the business posted $0.91 earnings per share.

Institutional Investors Weigh In On Franco-Nevada

Several large investors have recently modified their holdings of the stock. Covea Finance increased its position in Franco-Nevada by 2.7% in the fourth quarter. Covea Finance now owns 101,320 shares of the basic materials company’s stock worth $11,895,000 after buying an additional 2,700 shares during the last quarter. Laurel Wealth Advisors LLC purchased a new stake in Franco-Nevada in the 4th quarter worth about $47,000. Assenagon Asset Management S.A. raised its stake in Franco-Nevada by 2.8% in the 4th quarter. Assenagon Asset Management S.A. now owns 7,528 shares of the basic materials company’s stock valued at $884,000 after acquiring an additional 203 shares during the period. Miracle Mile Advisors LLC purchased a new stake in Franco-Nevada during the fourth quarter valued at about $684,000. Finally, Trust Co. of Toledo NA OH boosted its position in Franco-Nevada by 69.0% during the fourth quarter. Trust Co. of Toledo NA OH now owns 6,000 shares of the basic materials company’s stock worth $706,000 after purchasing an additional 2,450 shares during the period. Hedge funds and other institutional investors own 77.06% of the company’s stock.

Franco-Nevada Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, December 19th. Stockholders of record on Thursday, December 5th were given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.14%. The ex-dividend date of this dividend was Thursday, December 5th. Franco-Nevada’s dividend payout ratio is currently -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.