Agnico Eagle Mines (NYSE:AEM) Stock Price Expected to Rise, Raymond James Analyst Says

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) had its price target raised by equities researchers at Raymond James from $105.00 to $130.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the mining company’s stock. Raymond James’ price objective indicates a potential upside of 29.28% from the stock’s previous close.

Several other brokerages have also weighed in on AEM. Jefferies Financial Group lifted their price objective on Agnico Eagle Mines from $85.00 to $88.00 and gave the stock a “hold” rating in a report on Tuesday, January 7th. StockNews.com lowered shares of Agnico Eagle Mines from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, February 25th. TD Securities cut their price objective on shares of Agnico Eagle Mines from $108.00 to $106.00 and set a “buy” rating for the company in a report on Wednesday, February 19th. Stifel Canada raised shares of Agnico Eagle Mines to a “strong-buy” rating in a report on Wednesday, March 19th. Finally, Citigroup raised their price target on Agnico Eagle Mines from $100.00 to $140.00 and gave the stock a “buy” rating in a report on Monday. Two research analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $108.00.

Agnico Eagle Mines Stock Performance

AEM stock traded down $7.93 during mid-day trading on Friday, hitting $100.56. The company had a trading volume of 4,740,644 shares, compared to its average volume of 2,443,065. Agnico Eagle Mines has a 12 month low of $60.15 and a 12 month high of $111.04. The stock’s fifty day moving average price is $99.58 and its two-hundred day moving average price is $88.55. The firm has a market cap of $50.58 billion, a PE ratio of 26.53, a price-to-earnings-growth ratio of 0.66 and a beta of 0.87. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.86 and a current ratio of 1.86.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last posted its quarterly earnings results on Thursday, February 13th. The mining company reported $1.26 EPS for the quarter, missing analysts’ consensus estimates of $1.70 by ($0.44). Agnico Eagle Mines had a return on equity of 10.45% and a net margin of 22.88%. On average, analysts forecast that Agnico Eagle Mines will post 4.63 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Agnico Eagle Mines

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Norges Bank purchased a new position in Agnico Eagle Mines in the fourth quarter worth $573,446,000. Capital World Investors lifted its stake in Agnico Eagle Mines by 41.9% during the fourth quarter. Capital World Investors now owns 13,952,061 shares of the mining company’s stock worth $1,091,550,000 after purchasing an additional 4,121,164 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Agnico Eagle Mines by 81.0% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,051,473 shares of the mining company’s stock worth $551,339,000 after purchasing an additional 3,155,927 shares in the last quarter. AGF Management Ltd. increased its position in shares of Agnico Eagle Mines by 184.6% during the 4th quarter. AGF Management Ltd. now owns 1,395,850 shares of the mining company’s stock valued at $109,205,000 after purchasing an additional 905,328 shares during the last quarter. Finally, Van ECK Associates Corp raised its holdings in shares of Agnico Eagle Mines by 3.6% during the 4th quarter. Van ECK Associates Corp now owns 22,322,859 shares of the mining company’s stock valued at $1,745,858,000 after buying an additional 778,919 shares in the last quarter. Hedge funds and other institutional investors own 68.34% of the company’s stock.

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.