Agnico Eagle Mines Limited (NYSE:AEM) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) have received an average rating of “Moderate Buy” from the seventeen research firms that are presently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and twelve have assigned a buy recommendation to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $226.00.

A number of analysts have recently weighed in on the stock. Zacks Research cut shares of Agnico Eagle Mines from a “hold” rating to a “strong sell” rating in a report on Friday, July 17th. Bank of America reduced their price objective on shares of Agnico Eagle Mines from $302.00 to $240.00 and set a “buy” rating for the company in a research note on Thursday, July 9th. Canadian Imperial Bank of Commerce set a $285.00 target price on shares of Agnico Eagle Mines in a research report on Thursday, July 16th. Wall Street Zen downgraded shares of Agnico Eagle Mines from a “buy” rating to a “hold” rating in a research note on Sunday, July 12th. Finally, Scotiabank cut their price target on shares of Agnico Eagle Mines from $278.00 to $260.00 and set a “sector outperform” rating on the stock in a report on Tuesday, July 14th.

Agnico Eagle Mines Price Performance

NYSE AEM opened at $203.16 on Tuesday. Agnico Eagle Mines has a 52-week low of $134.38 and a 52-week high of $255.24. The firm’s 50 day moving average price is $166.23 and its 200-day moving average price is $187.22. The company has a market cap of $102.98 billion, a PE ratio of 17.38, a P/E/G ratio of 2.56 and a beta of 0.61. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.02 and a current ratio of 2.86.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last released its quarterly earnings results on Wednesday, July 29th. The mining company reported $3.05 EPS for the quarter, topping the consensus estimate of $2.89 by $0.16. The firm had revenue of $3.77 billion during the quarter, compared to analyst estimates of $3.78 billion. Agnico Eagle Mines had a return on equity of 22.04% and a net margin of 40.44%.The business’s revenue for the quarter was up 35.0% compared to the same quarter last year. During the same period in the previous year, the company posted $1.94 EPS. Sell-side analysts forecast that Agnico Eagle Mines will post 11.56 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Deutsche Bank AG purchased a new stake in Agnico Eagle Mines in the second quarter valued at about $1,362,158,000. Norges Bank purchased a new stake in shares of Agnico Eagle Mines during the fourth quarter worth about $1,367,783,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Agnico Eagle Mines during the second quarter worth about $927,602,000. Bank of America Corp DE acquired a new position in shares of Agnico Eagle Mines during the second quarter valued at about $844,096,000. Finally, The Manufacturers Life Insurance Company acquired a new position in shares of Agnico Eagle Mines during the second quarter valued at about $608,054,000. 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.