Agnico Eagle Mines (NYSE:AEM) Price Target Raised to $87.00

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) had its target price upped by analysts at Royal Bank of Canada from $80.00 to $87.00 in a research note issued on Tuesday, BayStreet.CA reports. The brokerage currently has an “outperform” rating on the mining company’s stock. Royal Bank of Canada’s price target suggests a potential upside of 12.01% from the stock’s current price.

A number of other brokerages have also commented on AEM. CIBC increased their price objective on Agnico Eagle Mines from $81.00 to $101.00 and gave the company an “outperformer” rating in a research report on Wednesday, July 10th. Jefferies Financial Group boosted their price objective on Agnico Eagle Mines from $59.00 to $66.00 and gave the stock a “hold” rating in a report on Friday, July 12th. Scotiabank boosted their price target on shares of Agnico Eagle Mines from $81.00 to $94.00 and gave the stock a “sector outperform” rating in a research note on Monday, August 19th. StockNews.com upgraded shares of Agnico Eagle Mines from a “hold” rating to a “buy” rating in a research report on Thursday, June 27th. Finally, TD Securities raised their target price on Agnico Eagle Mines from $90.00 to $91.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, Agnico Eagle Mines presently has an average rating of “Moderate Buy” and a consensus target price of $83.38.

Agnico Eagle Mines Price Performance

Shares of NYSE:AEM traded down $0.09 during midday trading on Tuesday, reaching $77.67. The company’s stock had a trading volume of 814,843 shares, compared to its average volume of 2,715,660. The business’s fifty day simple moving average is $76.18 and its 200-day simple moving average is $67.06. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.51 and a quick ratio of 0.76. Agnico Eagle Mines has a fifty-two week low of $43.22 and a fifty-two week high of $83.50. The company has a market capitalization of $38.90 billion, a P/E ratio of 81.59, a P/E/G ratio of 0.75 and a beta of 1.10.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last announced its earnings results on Wednesday, July 31st. The mining company reported $1.07 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.14. Agnico Eagle Mines had a net margin of 8.44% and a return on equity of 7.16%. The company had revenue of $2.08 billion during the quarter, compared to the consensus estimate of $2.03 billion. During the same period in the previous year, the firm posted $0.65 earnings per share. The company’s revenue was up 20.9% on a year-over-year basis. As a group, equities research analysts expect that Agnico Eagle Mines will post 3.65 EPS for the current fiscal year.

Hedge Funds Weigh In On Agnico Eagle Mines

Several hedge funds and other institutional investors have recently made changes to their positions in AEM. Norges Bank bought a new stake in Agnico Eagle Mines in the 4th quarter valued at $325,327,000. FIL Ltd grew its holdings in Agnico Eagle Mines by 16.4% in the 4th quarter. FIL Ltd now owns 20,107,126 shares of the mining company’s stock valued at $1,102,481,000 after buying an additional 2,831,794 shares in the last quarter. Clearbridge Investments LLC bought a new position in Agnico Eagle Mines during the 4th quarter worth $132,257,000. Capital Wealth Planning LLC acquired a new stake in shares of Agnico Eagle Mines during the fourth quarter worth $88,547,000. Finally, TD Asset Management Inc boosted its position in shares of Agnico Eagle Mines by 41.9% in the fourth quarter. TD Asset Management Inc now owns 4,274,964 shares of the mining company’s stock valued at $235,535,000 after acquiring an additional 1,261,482 shares during the period. 68.34% of the stock is owned by institutional investors.

About Agnico Eagle Mines

Agnico Eagle Mines Limited, a gold mining company, exploration, development, and production of precious metals. It explores for gold. The company's mines are located in Canada, Australia, Finland and Mexico, with exploration and development activities in Canada, Australia, Europe, Latin America, and the United States.