Agnico Eagle Mines Limited (NYSE:AEM) Sees Large Growth in Short Interest

Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) saw a significant growth in short interest in the month of April. As of April 15th, there was short interest totalling 8,010,000 shares, a growth of 15.4% from the March 31st total of 6,940,000 shares. Currently, 1.6% of the company’s shares are short sold. Based on an average daily trading volume, of 3,400,000 shares, the days-to-cover ratio is presently 2.4 days.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on AEM shares. Jefferies Financial Group upped their price objective on Agnico Eagle Mines from $54.00 to $57.00 and gave the company a “hold” rating in a research note on Monday, April 22nd. CIBC upped their target price on Agnico Eagle Mines from $80.00 to $81.00 and gave the company an “outperform” rating in a report on Tuesday. Citigroup upped their target price on Agnico Eagle Mines from $65.00 to $80.00 and gave the company a “buy” rating in a report on Tuesday. TD Securities upped their target price on Agnico Eagle Mines from $74.00 to $78.00 and gave the company a “buy” rating in a report on Tuesday. Finally, National Bank Financial reiterated an “outperform overweight” rating on shares of Agnico Eagle Mines in a report on Monday, April 8th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $69.63.

Institutional Investors Weigh In On Agnico Eagle Mines

Several large investors have recently made changes to their positions in the business. DORCHESTER WEALTH MANAGEMENT Co increased its position in shares of Agnico Eagle Mines by 0.7% during the 1st quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 156,953 shares of the mining company’s stock valued at $8,545,000 after purchasing an additional 1,074 shares during the last quarter. Diversify Advisory Services LLC purchased a new stake in shares of Agnico Eagle Mines during the 1st quarter valued at $260,000. Private Advisor Group LLC increased its position in shares of Agnico Eagle Mines by 10.6% during the 1st quarter. Private Advisor Group LLC now owns 11,189 shares of the mining company’s stock valued at $667,000 after purchasing an additional 1,073 shares during the last quarter. Hartline Investment Corp purchased a new stake in Agnico Eagle Mines in the 1st quarter worth about $421,000. Finally, Norden Group LLC increased its holdings in Agnico Eagle Mines by 67.5% in the 1st quarter. Norden Group LLC now owns 7,353 shares of the mining company’s stock worth $439,000 after acquiring an additional 2,963 shares during the last quarter. 68.34% of the stock is owned by hedge funds and other institutional investors.

Agnico Eagle Mines Trading Down 3.7 %

NYSE AEM opened at $63.35 on Wednesday. The firm has a market capitalization of $31.59 billion, a P/E ratio of 66.68, a PEG ratio of 0.89 and a beta of 1.06. The business has a fifty day simple moving average of $57.26 and a 200 day simple moving average of $52.80. Agnico Eagle Mines has a 12 month low of $43.22 and a 12 month high of $67.80. The company has a current ratio of 2.21, a quick ratio of 0.88 and a debt-to-equity ratio of 0.09.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last released its quarterly earnings results on Thursday, April 25th. The mining company reported $0.76 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.16. The business had revenue of $1.83 billion during the quarter, compared to analyst estimates of $1.78 billion. Agnico Eagle Mines had a return on equity of 6.09% and a net margin of 6.79%. Agnico Eagle Mines’s quarterly revenue was up 21.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.57 EPS. On average, analysts predict that Agnico Eagle Mines will post 2.77 EPS for the current fiscal year.

Agnico Eagle Mines Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Friday, May 31st will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.53%. The ex-dividend date of this dividend is Friday, May 31st. Agnico Eagle Mines’s dividend payout ratio is presently 168.42%.

Agnico Eagle Mines Company Profile

Agnico Eagle Mines Limited, a gold mining company, exploration, development, and production of precious metals. It explores for gold. The company's mines are located in Canada, Australia, Finland and Mexico, with exploration and development activities in Canada, Australia, Europe, Latin America, and the United States.