Franco-Nevada Co. (NYSE:FNV) Short Interest Down 6.6% in November

Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) was the recipient of a significant decrease in short interest during the month of November. As of November 15th, there was short interest totalling 2,850,000 shares, a decrease of 6.6% from the October 31st total of 3,050,000 shares. Based on an average trading volume of 680,200 shares, the days-to-cover ratio is currently 4.2 days. Currently, 1.5% of the shares of the stock are sold short.

Franco-Nevada Stock Up 1.0 %

Shares of NYSE:FNV traded up $1.24 on Tuesday, hitting $122.61. 1,613,165 shares of the company’s stock were exchanged, compared to its average volume of 668,065. The business’s 50 day simple moving average is $125.67 and its two-hundred day simple moving average is $123.67. Franco-Nevada has a 12 month low of $102.29 and a 12 month high of $137.60.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last announced its quarterly earnings results on Wednesday, November 6th. The basic materials company reported $0.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.03). The firm had revenue of $275.70 million during the quarter, compared to analysts’ expectations 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 revenue for the quarter was down 10.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.91 EPS. Analysts anticipate that Franco-Nevada will post 3.22 EPS for the current year.

Franco-Nevada Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Thursday, December 5th will be issued a $0.36 dividend. The ex-dividend date is Thursday, December 5th. This represents a $1.44 annualized dividend and a dividend yield of 1.17%. Franco-Nevada’s payout ratio is currently -45.57%.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. UBS Group initiated coverage on Franco-Nevada in a report on Monday, November 18th. They set a “buy” rating and a $160.00 price target for the company. Jefferies Financial Group decreased their price target on shares of Franco-Nevada from $137.00 to $136.00 and set a “hold” rating on the stock in a research note on Thursday, October 17th. Canaccord Genuity Group raised shares of Franco-Nevada from a “hold” rating to a “buy” rating in a research note on Monday, November 18th. Bank of America cut shares of Franco-Nevada from a “buy” rating to a “neutral” rating and decreased their target price for the company from $142.00 to $139.00 in a research report on Tuesday, October 1st. Finally, TD Cowen upgraded Franco-Nevada from a “hold” rating to a “buy” rating in a research report on Thursday, August 15th. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $152.83.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Mechanics Financial Corp lifted its holdings in Franco-Nevada by 150.0% during the second quarter. Mechanics Financial Corp now owns 250 shares of the basic materials company’s stock worth $30,000 after buying an additional 150 shares during the period. Mather Group LLC. purchased a new position in Franco-Nevada in the second quarter valued at about $33,000. Kings Path Partners LLC bought a new position in Franco-Nevada in the second quarter worth about $36,000. Sunbelt Securities Inc. lifted its position in shares of Franco-Nevada by 3,333.3% during the second quarter. Sunbelt Securities Inc. now owns 412 shares of the basic materials company’s stock valued at $49,000 after buying an additional 400 shares during the last quarter. Finally, Point72 DIFC Ltd bought a new stake in shares of Franco-Nevada in the 3rd quarter valued at about $52,000. 77.06% of the stock is currently owned by institutional investors.

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.