Zacks Investment Research upgraded shares of Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) from a hold rating to a buy rating in a research report released on Thursday, July 27th. Zacks Investment Research currently has $51.00 price objective on the mining company’s stock.
According to Zacks, “Estimates for Agnico-Eagle for the second quarter have been going up lately. Agnico-Eagle has outperformed the industry it belongs to over the last three months. The company maintains a solid exploration budget and is reinvesting in its assets to expand output. It is making a good progress with its key growth projects and is also expanding mine life across a number of properties. “
Other equities analysts also recently issued reports about the stock. National Bank Financial raised shares of Agnico Eagle Mines Limited from a sector perform rating to an outperform rating in a research note on Monday, July 24th. Raymond James Financial, Inc. reaffirmed an outperform rating and issued a $61.00 price target on shares of Agnico Eagle Mines Limited in a research note on Thursday, June 15th. Royal Bank Of Canada reiterated a hold rating and issued a $46.00 price objective on shares of Agnico Eagle Mines Limited in a report on Tuesday, April 18th. TD Securities reiterated a hold rating and issued a $48.00 price objective on shares of Agnico Eagle Mines Limited in a report on Friday, April 28th. Finally, ValuEngine upgraded shares of Agnico Eagle Mines Limited from a sell rating to a hold rating in a report on Friday, June 2nd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the stock. Agnico Eagle Mines Limited presently has an average rating of Buy and an average target price of $54.81.
Shares of Agnico Eagle Mines Limited (NYSE AEM) traded up 0.40% on Thursday, reaching $44.73. The company had a trading volume of 971,043 shares. The stock has a market capitalization of $10.34 billion, a PE ratio of 41.11 and a beta of -0.67. The company has a 50 day moving average price of $45.61 and a 200 day moving average price of $45.93. Agnico Eagle Mines Limited has a 52-week low of $35.05 and a 52-week high of $59.80.
Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) last posted its quarterly earnings results on Wednesday, July 26th. The mining company reported $0.26 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.16 by $0.10. Agnico Eagle Mines Limited had a net margin of 11.32% and a return on equity of 5.38%. The business had revenue of $549.88 million for the quarter, compared to the consensus estimate of $529.43 million. During the same period in the prior year, the business posted $0.16 earnings per share. Agnico Eagle Mines Limited’s revenue for the quarter was up 2.3% compared to the same quarter last year. On average, equities research analysts anticipate that Agnico Eagle Mines Limited will post $0.78 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, September 1st will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.89%. The ex-dividend date of this dividend is Wednesday, August 30th. Agnico Eagle Mines Limited’s dividend payout ratio (DPR) is presently 36.70%.
A number of hedge funds and other institutional investors have recently bought and sold shares of AEM. Bradley Foster & Sargent Inc. CT raised its position in Agnico Eagle Mines Limited by 8.0% in the second quarter. Bradley Foster & Sargent Inc. CT now owns 102,263 shares of the mining company’s stock valued at $4,614,000 after buying an additional 7,588 shares during the period. JPMorgan Chase & Co. raised its position in Agnico Eagle Mines Limited by 0.7% in the second quarter. JPMorgan Chase & Co. now owns 1,579,932 shares of the mining company’s stock valued at $71,287,000 after buying an additional 10,412 shares during the period. State of Tennessee Treasury Department raised its position in Agnico Eagle Mines Limited by 15.4% in the second quarter. State of Tennessee Treasury Department now owns 225,212 shares of the mining company’s stock valued at $10,145,000 after buying an additional 30,000 shares during the period. Cipher Capital LP acquired a new position in Agnico Eagle Mines Limited during the second quarter valued at about $1,730,000. Finally, Delta Lloyd Asset Management N.V. acquired a new position in Agnico Eagle Mines Limited during the second quarter valued at about $3,510,000. 60.65% of the stock is owned by hedge funds and other institutional investors.
Agnico Eagle Mines Limited Company Profile
Agnico Eagle Mines Limited is a gold producer with mining operations in northwestern Quebec, northern Mexico, northern Finland and Nunavut and exploration activities in Canada, Europe, Latin America and the United States. The Company operates through three business units. The Northern Business consists of its operations in Canada and Finland.
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