Agnico Eagle Mines (NYSE:AEM) Upgraded to Buy at Erste Group Bank

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) was upgraded by equities researchers at Erste Group Bank from a “hold” rating to a “buy” rating in a report issued on Thursday, Marketbeat reports.

AEM has been the subject of a number of other reports. Raymond James Financial restated an “outperform” rating and issued a $225.00 price target on shares of Agnico Eagle Mines in a research note on Wednesday, January 14th. Canadian Imperial Bank of Commerce set a $296.00 target price on shares of Agnico Eagle Mines and gave the company an “outperform” rating in a research note on Wednesday, February 4th. JPMorgan Chase & Co. lowered their price target on Agnico Eagle Mines from $248.00 to $235.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 18th. Zacks Research raised Agnico Eagle Mines from a “hold” rating to a “strong-buy” rating in a research report on Friday, February 27th. Finally, Scotiabank reiterated an “outperform” rating and set a $280.00 target price on shares of Agnico Eagle Mines in a research note on Tuesday, February 17th. Four analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $234.91.

Agnico Eagle Mines Stock Down 1.2%

NYSE:AEM opened at $229.93 on Thursday. The firm has a market capitalization of $115.20 billion, a P/E ratio of 25.89 and a beta of 0.61. Agnico Eagle Mines has a 12-month low of $94.77 and a 12-month high of $255.24. The stock’s fifty day simple moving average is $205.98 and its 200-day simple moving average is $177.13. The company has a quick ratio of 1.33, a current ratio of 2.02 and a debt-to-equity ratio of 0.01.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last issued its quarterly earnings data on Thursday, February 12th. The mining company reported $2.69 EPS for the quarter, topping the consensus estimate of $2.56 by $0.13. The business had revenue of $3.53 billion for the quarter, compared to the consensus estimate of $3.40 billion. Agnico Eagle Mines had a return on equity of 18.09% and a net margin of 37.47%.The firm’s revenue was up 60.3% compared to the same quarter last year. During the same quarter last year, the business posted $1.26 EPS. Equities research analysts expect that Agnico Eagle Mines will post 4.63 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AEM. TD Waterhouse Canada Inc. increased its position in shares of Agnico Eagle Mines by 13.4% in the third quarter. TD Waterhouse Canada Inc. now owns 1,133,384 shares of the mining company’s stock worth $192,951,000 after purchasing an additional 134,147 shares during the period. Ninety One UK Ltd lifted its holdings in shares of Agnico Eagle Mines by 386.5% during the 3rd quarter. Ninety One UK Ltd now owns 188,189 shares of the mining company’s stock worth $31,703,000 after acquiring an additional 149,506 shares during the period. Campbell & CO Investment Adviser LLC boosted its position in shares of Agnico Eagle Mines by 1,560.8% during the 3rd quarter. Campbell & CO Investment Adviser LLC now owns 48,677 shares of the mining company’s stock worth $8,205,000 after acquiring an additional 45,746 shares in the last quarter. AustralianSuper Pty Ltd acquired a new position in Agnico Eagle Mines during the third quarter valued at approximately $23,958,000. Finally, Addenda Capital Inc. lifted its stake in Agnico Eagle Mines by 2.3% during the third quarter. Addenda Capital Inc. now owns 724,231 shares of the mining company’s stock worth $122,076,000 after purchasing an additional 15,965 shares during the last quarter. 68.34% of the stock is owned by institutional investors and hedge funds.

Agnico Eagle Mines Company Profile

Agnico Eagle Mines Limited (NYSE: AEM) is a Canadian-based senior gold producer headquartered in Toronto, Ontario. The company is principally engaged in the exploration, development, production and reclamation of gold-bearing properties. Agnico Eagle pursues both greenfield and brownfield exploration to expand its resource base and operates a portfolio of producing mines and development projects to generate long-life gold production.

Its core business activities span the full mining lifecycle: grassroots and advanced-stage exploration, prefeasibility and feasibility studies, mine construction, underground and open-pit mining, ore processing and metal recovery, and post-mining reclamation and closure.