Scotiabank Reaffirms “Outperform” Rating for Agnico Eagle Mines Ltd. (AEM)
Scotiabank restated their outperform rating on shares of Agnico Eagle Mines Ltd. (NYSE:AEM) (TSE:AEM) in a research note published on Thursday morning. The firm currently has a $68.50 target price on the mining company’s stock.
Other research analysts have also recently issued research reports about the stock. Zacks Investment Research cut shares of Agnico Eagle Mines from a buy rating to a hold rating in a report on Wednesday, September 7th. BMO Capital Markets set a $72.30 target price on shares of Agnico Eagle Mines and gave the stock a hold rating in a report on Sunday, September 18th. TD Securities restated a hold rating and issued a $61.00 target price (up previously from $56.00) on shares of Agnico Eagle Mines in a report on Saturday, August 13th. Raymond James Financial Inc. upgraded shares of Agnico Eagle Mines from a market perform rating to an outperform rating in a report on Tuesday, October 25th. Finally, Barclays PLC lifted their price target on shares of Agnico Eagle Mines from $50.00 to $61.00 and gave the company an overweight rating in a report on Monday, August 8th. One analyst has rated the stock with a sell rating, eight have given a hold rating and eleven have assigned a buy rating to the company’s stock. Agnico Eagle Mines has an average rating of Buy and an average price target of $57.13.
Agnico Eagle Mines (NYSE:AEM) opened at 42.17 on Thursday. Agnico Eagle Mines has a 12-month low of $24.93 and a 12-month high of $60.10. The firm’s 50-day moving average is $46.69 and its 200 day moving average is $51.12. The firm has a market cap of $9.47 billion, a P/E ratio of 118.46 and a beta of -0.42.
Agnico Eagle Mines (NYSE:AEM) last issued its earnings results on Wednesday, October 26th. The mining company reported $0.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.05. Agnico Eagle Mines had a net margin of 3.80% and a return on equity of 2.27%. The firm had revenue of $610.86 million for the quarter, compared to analysts’ expectations of $555.47 million. During the same quarter last year, the business earned $0.02 earnings per share. The business’s revenue was up 20.1% on a year-over-year basis. Equities analysts forecast that Agnico Eagle Mines will post $0.67 earnings per share for the current year.
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The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Thursday, December 1st will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.98%. The ex-dividend date is Tuesday, November 29th. Agnico Eagle Mines’s dividend payout ratio (DPR) is 88.89%.
A number of institutional investors have recently modified their holdings of the company. IFP Advisors Inc raised its position in shares of 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 raised 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 worth $161,000 after buying an additional 600 shares during the period. Seven Eight Capital LLC acquired a new position in shares of Agnico Eagle Mines during the second quarter worth $198,000. Cipher Capital LP acquired a new position in shares of Agnico Eagle Mines during the second quarter worth $216,000. Finally, US Bancorp DE raised its position in shares of Agnico Eagle Mines by 12.3% in the second quarter. US Bancorp DE now owns 4,346 shares of the mining company’s stock worth $232,000 after buying an additional 476 shares during the period. 61.18% of the stock is owned by institutional investors and hedge funds.
About Agnico Eagle Mines
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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