Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report released on Friday. The firm currently has a $51.00 target price on the mining company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 16.70% from the stock’s previous close.

According to Zacks, “Estimates for the second quarter for Agnico-Eagle are going up lately. Agnico-Eagle has outperformed the Mining-Gold industry over the last one year. The company maintains a solid exploration budget and is reinvesting in its assets to expand output. It is making a good progress with its key growth projects and is also expanding mine life across a number of properties. The company's move to jointly acquire Osisko will also boost its production profile and improve cost structure.”

AEM has been the subject of a number of other reports. J P Morgan Chase & Co raised Agnico Eagle Mines Limited from a “neutral” rating to an “overweight” rating in a research note on Wednesday, March 29th. Royal Bank Of Canada decreased their target price on Agnico Eagle Mines Limited from $51.00 to $46.00 and set a “sector perform” rating for the company in a research note on Thursday, March 16th. Scotiabank reissued an “outperform” rating and issued a $56.50 target price on shares of Agnico Eagle Mines Limited in a research note on Friday, April 28th. ValuEngine raised Agnico Eagle Mines Limited from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, TD Securities reissued a “hold” rating and issued a $48.00 target price on shares of Agnico Eagle Mines Limited in a research note on Friday, April 28th. One analyst has rated the stock with a sell rating, five have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $53.61.

Shares of Agnico Eagle Mines Limited (NYSE:AEM) opened at 43.70 on Friday. Agnico Eagle Mines Limited has a 52 week low of $35.05 and a 52 week high of $60.10. The company has a 50-day moving average price of $47.99 and a 200 day moving average price of $45.27. The stock has a market capitalization of $10.06 billion, a P/E ratio of 48.56 and a beta of -0.67.

Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) last posted its earnings results on Thursday, April 27th. The mining company reported $0.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.17. Agnico Eagle Mines Limited had a return on equity of 4.57% and a net margin of 9.43%. The firm had revenue of $547.50 million during the quarter, compared to analysts’ expectations of $528.14 million. During the same period in the previous year, the firm earned $0.12 earnings per share. The company’s revenue was up 11.6% on a year-over-year basis. Analysts forecast that Agnico Eagle Mines Limited will post $0.72 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Thursday, June 15th. Stockholders of record on Thursday, June 1st were issued a $0.10 dividend. The ex-dividend date of this dividend was Tuesday, May 30th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.92%. Agnico Eagle Mines Limited’s dividend payout ratio (DPR) is 43.96%.

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Several hedge funds have recently modified their holdings of the stock. IFP Advisors Inc raised its stake in shares of Agnico Eagle Mines Limited by 9.8% in the first quarter. IFP Advisors Inc now owns 2,639 shares of the mining company’s stock worth $112,000 after buying an additional 235 shares during the period. Financial Architects Inc raised its stake in shares of Agnico Eagle Mines Limited by 52.8% in the first quarter. Financial Architects Inc now owns 2,605 shares of the mining company’s stock worth $111,000 after buying an additional 900 shares during the period. First Manhattan Co. raised its stake in shares of Agnico Eagle Mines Limited by 56.3% in the first quarter. First Manhattan Co. now owns 23,805 shares of the mining company’s stock worth $1,289,000 after buying an additional 8,576 shares during the period. Hexavest Inc. raised its stake in shares of Agnico Eagle Mines Limited by 5,539.4% in the first quarter. Hexavest Inc. now owns 329,343 shares of the mining company’s stock worth $13,976,000 after buying an additional 323,503 shares during the period. Finally, Capstone Asset Management Co. raised its stake in shares of Agnico Eagle Mines Limited by 15.4% in the first quarter. Capstone Asset Management Co. now owns 34,271 shares of the mining company’s stock worth $1,454,000 after buying an additional 4,580 shares during the period. Institutional investors own 60.65% of the company’s stock.

Agnico Eagle Mines Limited 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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Analyst Recommendations for Agnico Eagle Mines Limited (NYSE:AEM)

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