Zacks Investment Research Downgrades Agnico Eagle Mines Ltd. (AEM) to Strong Sell
Agnico Eagle Mines Ltd. (NYSE:AEM) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report released on Monday.
According to Zacks, “Estimates for Agnico-Eagle have been going down ahead of the company's thid-quarter 2016 earnings release. Agnico-Eagle is exposed to a volatile gold pricing environment. The recent pullback in gold prices poses a concern for the company. Moreover, Agnico-Eagle faces currency exchange translation risk and its mines are also affected by geopolitical issues. Any potential delay associated with the company's key development projects may also jeopardize its future production.”
A number of other analysts also recently issued reports on the company. BMO Capital Markets set a $72.30 price objective on Agnico Eagle Mines and gave the stock a “hold” rating in a research report on Sunday, September 18th. RBC Capital Markets reaffirmed a “sector perform” rating on shares of Agnico Eagle Mines in a research report on Monday, September 19th. Citigroup Inc. reaffirmed a “sell” rating on shares of Agnico Eagle Mines in a research report on Thursday, August 18th. TD Securities reaffirmed a “hold” rating and issued a $61.00 target price (up from $56.00) on shares of Agnico Eagle Mines in a research report on Saturday, August 13th. Finally, Barclays PLC lifted their target price on Agnico Eagle Mines from $50.00 to $61.00 and gave the company an “overweight” rating in a research report on Monday, August 8th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and ten have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $53.05.
Agnico Eagle Mines (NYSE:AEM) opened at 48.01 on Monday. The company has a 50 day moving average of $51.03 and a 200 day moving average of $50.06. The stock has a market capitalization of $10.73 billion, a price-to-earnings ratio of 331.10 and a beta of -0.84. Agnico Eagle Mines has a 12 month low of $24.80 and a 12 month high of $60.10.
Agnico Eagle Mines (NYSE:AEM) last issued its quarterly earnings data on Thursday, July 28th. The mining company reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.06. The firm earned $537.60 million during the quarter, compared to the consensus estimate of $507.37 million. Agnico Eagle Mines had a return on equity of 1.88% and a net margin of 1.61%. The company’s quarterly revenue was up 5.4% on a year-over-year basis. During the same period last year, the company earned $0.09 EPS. On average, equities analysts predict that Agnico Eagle Mines will post $0.67 EPS for the current year.
A number of institutional investors have recently added to or reduced their stakes in the company. IFP Advisors Inc boosted its position in Agnico Eagle Mines by 7.8% in the second quarter. IFP Advisors Inc now owns 2,174 shares of the mining company’s stock worth $116,000 after buying an additional 157 shares during the period. Creative Planning boosted its position in shares of Agnico Eagle Mines by 25.3% in the third quarter. Creative Planning now owns 2,974 shares of the mining company’s stock valued at $161,000 after buying an additional 600 shares during the last quarter. USA Mutuals Advisors Inc. bought a new position in shares of Agnico Eagle Mines during the first quarter valued at $181,000. Seven Eight Capital LLC bought a new position in shares of Agnico Eagle Mines during the second quarter valued at $198,000. Finally, Cipher Capital LP bought a new position in shares of Agnico Eagle Mines during the second quarter valued at $216,000. Hedge funds and other institutional investors own 62.03% of the company’s stock.
Agnico Eagle Mines Company Profile
Agnico Eagle Mines Limited is a gold producer with mining operations in northwestern Quebec, northern Mexico, northern Finland and Nunavut and exploration activities in Canada, Europe, Latin America and the United States. The Company operates through three business units. The Northern Business consists of its operations in Canada and Finland.
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