Agnico Eagle Mines (NYSE:AEM) Price Target Cut to $278.00 by Analysts at Scotia

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) had its target price lowered by investment analysts at Scotia from $280.00 to $278.00 in a research note issued to investors on Friday,BayStreet.CA reports. The firm currently has a “sector outperform” rating on the mining company’s stock. Scotia’s price target would suggest a potential upside of 80.76% from the stock’s current price.

Several other brokerages have also recently commented on AEM. Erste Group Bank cut shares of Agnico Eagle Mines from a “buy” rating to a “hold” rating in a research report on Tuesday, March 24th. Wall Street Zen raised Agnico Eagle Mines from a “hold” rating to a “buy” rating in a research report on Saturday, June 27th. ATB Cormark Capital Markets upgraded Agnico Eagle Mines from a “hold” rating to an “outperform” rating in a research note on Monday, May 4th. Zacks Research lowered Agnico Eagle Mines from a “strong-buy” rating to a “hold” rating in a report on Monday, March 30th. Finally, Barclays started coverage on Agnico Eagle Mines in a research note on Thursday, May 21st. They set an “overweight” rating and a $213.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $236.23.

Agnico Eagle Mines Trading Down 0.0%

Shares of AEM traded down $0.06 during midday trading on Friday, hitting $153.80. 5,194,216 shares of the stock were exchanged, compared to its average volume of 3,021,813. The stock has a fifty day simple moving average of $175.55 and a 200 day simple moving average of $193.82. Agnico Eagle Mines has a 52-week low of $115.19 and a 52-week high of $255.24. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.18 and a current ratio of 3.15. The firm has a market cap of $78.06 billion, a P/E ratio of 14.45, a P/E/G ratio of 3.39 and a beta of 0.60.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last released its earnings results on Thursday, April 30th. The mining company reported $3.40 earnings per share for the quarter, beating the consensus estimate of $3.19 by $0.21. Agnico Eagle Mines had a return on equity of 21.09% and a net margin of 39.46%.The company had revenue of $4 billion during the quarter, compared to the consensus estimate of $3.96 billion. During the same period in the previous year, the company posted $1.53 EPS. Agnico Eagle Mines’s revenue was up 66.1% compared to the same quarter last year. On average, research analysts anticipate that Agnico Eagle Mines will post 13.22 EPS for the current fiscal year.

Hedge Funds Weigh In On Agnico Eagle Mines

A number of hedge funds and other institutional investors have recently bought and sold shares of AEM. VectorGlobal IAG Inc. acquired a new position in Agnico Eagle Mines during the first quarter worth about $429,000. Western Wealth Management LLC acquired a new stake in shares of Agnico Eagle Mines in the 1st quarter worth approximately $208,000. Parallel Advisors LLC increased its stake in Agnico Eagle Mines by 9.3% in the 1st quarter. Parallel Advisors LLC now owns 2,100 shares of the mining company’s stock valued at $426,000 after purchasing an additional 179 shares in the last quarter. Axiom Investment Management LLC acquired a new position in Agnico Eagle Mines during the first quarter worth $382,000. Finally, BankChampaign National Association purchased a new stake in Agnico Eagle Mines during the first quarter worth $1,555,000. 68.34% of the stock is currently owned by hedge funds and other institutional investors.

About Agnico Eagle Mines

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.