Zacks Investment Research upgraded shares of Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) from a hold rating to a buy rating in a research note published on Tuesday, January 2nd. They currently have $52.00 target price on the mining company’s stock.
According to Zacks, “Agnico-Eagle has outperformed the industry it belongs to over a year. 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. The company's move to jointly acquire Osisko will also boost its production profile and improve cost structure. The acquisition is expected to be accretive to Agnico-Eagle and will also improve its total cash cost and all-in sustaining cost profiles.”
A number of other analysts also recently issued reports on AEM. Credit Suisse Group reaffirmed a buy rating and issued a $62.00 price objective (up previously from $59.00) on shares of Agnico Eagle Mines in a research note on Friday, December 22nd. Desjardins reissued a buy rating on shares of Agnico Eagle Mines in a research report on Monday, December 11th. National Bank Financial reaffirmed an outperform market weight rating on shares of Agnico Eagle Mines in a research report on Friday, September 8th. BMO Capital Markets set a $47.00 target price on Agnico Eagle Mines and gave the stock a hold rating in a report on Tuesday, November 14th. Finally, CSFB upped their target price on Agnico Eagle Mines from $59.00 to $62.00 and gave the stock an outperform rating in a report on Thursday, December 28th. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Agnico Eagle Mines currently has an average rating of Buy and an average price target of $57.85.
The firm also recently declared a quarterly dividend, which was paid on Friday, December 15th. Shareholders of record on Friday, December 1st were paid a $0.11 dividend. The ex-dividend date of this dividend was Thursday, November 30th. This is a boost from Agnico Eagle Mines’s previous quarterly dividend of $0.10. This represents a $0.44 dividend on an annualized basis and a yield of 0.95%. Agnico Eagle Mines’s dividend payout ratio (DPR) is 37.61%.
A number of institutional investors have recently added to or reduced their stakes in AEM. Sei Investments Co. raised its stake in Agnico Eagle Mines by 75.7% in the second quarter. Sei Investments Co. now owns 2,260 shares of the mining company’s stock valued at $102,000 after buying an additional 974 shares during the last quarter. Cambridge Investment Research Advisors Inc. purchased a new stake in Agnico Eagle Mines in the second quarter valued at about $237,000. Cipher Capital LP purchased a new stake in Agnico Eagle Mines in the second quarter valued at about $1,730,000. State of Tennessee Treasury Department raised its stake in Agnico Eagle Mines 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 last quarter. Finally, JPMorgan Chase & Co. raised its stake in Agnico Eagle Mines 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 last quarter. Institutional investors own 58.31% of the company’s stock.
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About Agnico Eagle Mines
Agnico Eagle Mines Ltd is a Canada-based gold producer with mining operations in northwestern Quebec, northern Mexico, northern Finland and Nunavut, as well as exploration activities in Canada, Europe, Latin America and the United States. It operates through the business units: Northern Business, which consists of its operations in Canada and Finland, such as the LaRonde mine, the Lapa mine, the Goldex mine, the Meadowbank mine, the Meliadine project and the Malartic Mine in Canada, as well as the Kittila mine in Finland; Southern Business, which consists of its operations in Mexico, such as the Pinos Altos mine that includes the Creston Mascota deposit and the La India mine owned by its indirect subsidiary, as well as Exploration Group, which focuses on the identification of new mineral reserves and mineral resources, and new development opportunities in gold producing regions.
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