Franco Nevada (NYSE:FNV) (TSE:FNV) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday, January 18th.
According to Zacks, “Franco-Nevada Corporation is a gold focused royalty and stream company with additional interests in platinum group metals and other resource assets. The Company’s assets are mostly mineral and oil & gas royalties or streams but also include some working and equity interests, undeveloped properties, options to acquire royalties and other assets. The mineral assets are further characterized by commodity as being in the Gold, PGM or Other Minerals categories and these in turn are further subdivided by their project status as being either, Operating, Advanced or Exploration royalties. Majorities of the Mineral Royalties are characterized as being Gold and the majority of revenues are from gold operations. The Oil & Gas interests are located primarily in the Western Canadian sedimentary basin with a larger amount of revenue generated from conventional oil than from natural gas properties. Franco-Nevada Corporation is headquartered in Toronto, Canada. “
A number of other equities research analysts also recently issued reports on the stock. TD Securities set a $96.00 price objective on shares of Franco Nevada and gave the company a “buy” rating in a research report on Friday, December 1st. Credit Suisse Group downgraded shares of Franco Nevada from an “outperform” rating to a “neutral” rating and boosted their price objective for the company from $78.00 to $80.00 in a research report on Monday, September 25th. Royal Bank of Canada reaffirmed a “buy” rating and issued a $100.00 target price on shares of Franco Nevada in a report on Monday, October 23rd. Desjardins reaffirmed a “sell” rating on shares of Franco Nevada in a report on Monday, December 11th. Finally, Scotiabank upped their target price on shares of Franco Nevada from $82.50 to $85.00 and gave the stock a “sector perform” rating in a report on Tuesday, November 7th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $88.56.
Shares of Franco Nevada (NYSE FNV) traded down $0.91 during mid-day trading on Thursday, hitting $69.03. 1,083,147 shares of the stock were exchanged, compared to its average volume of 666,174. Franco Nevada has a 12-month low of $60.10 and a 12-month high of $86.06. The company has a market cap of $12,820.80, a P/E ratio of 66.38, a price-to-earnings-growth ratio of 14.13 and a beta of -0.13.
Institutional investors have recently modified their holdings of the stock. FMR LLC lifted its stake in Franco Nevada by 7.5% in the 2nd quarter. FMR LLC now owns 14,804,189 shares of the basic materials company’s stock worth $1,068,190,000 after purchasing an additional 1,028,578 shares in the last quarter. Vanguard Group Inc. lifted its stake in Franco Nevada by 3.6% in the 2nd quarter. Vanguard Group Inc. now owns 4,221,772 shares of the basic materials company’s stock worth $304,643,000 after purchasing an additional 145,698 shares in the last quarter. CIBC Asset Management Inc lifted its stake in Franco Nevada by 6.1% in the 3rd quarter. CIBC Asset Management Inc now owns 2,087,452 shares of the basic materials company’s stock worth $161,281,000 after purchasing an additional 120,925 shares in the last quarter. Capital World Investors lifted its stake in Franco Nevada by 7.1% in the 2nd quarter. Capital World Investors now owns 2,034,978 shares of the basic materials company’s stock worth $146,833,000 after purchasing an additional 135,299 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in Franco Nevada by 66.4% in the 4th quarter. The Manufacturers Life Insurance Company now owns 1,766,334 shares of the basic materials company’s stock worth $141,219,000 after purchasing an additional 704,843 shares in the last quarter. 60.59% of the stock is owned by institutional investors.
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Franco Nevada Company Profile
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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