Citigroup Increases Agnico Eagle Mines (NYSE:AEM) Price Target to $80.00

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) had its target price lifted by Citigroup from $65.00 to $80.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has a buy rating on the mining company’s stock.

A number of other analysts also recently commented on AEM. Raymond James upped their target price on Agnico Eagle Mines from $66.00 to $71.00 and gave the stock an outperform rating in a research note on Friday, January 12th. CIBC lowered their price objective on Agnico Eagle Mines from $72.00 to $69.00 and set an outperform rating on the stock in a research report on Wednesday, February 7th. National Bank Financial reiterated an outperform overweight rating on shares of Agnico Eagle Mines in a research note on Monday, April 8th. TD Securities lowered their price target on shares of Agnico Eagle Mines from $64.00 to $62.00 and set a buy rating on the stock in a report on Wednesday, February 21st. Finally, Jefferies Financial Group upped their price objective on shares of Agnico Eagle Mines from $54.00 to $57.00 and gave the stock a hold rating in a research report on Monday, April 22nd. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, Agnico Eagle Mines currently has an average rating of Moderate Buy and an average target price of $69.63.

Agnico Eagle Mines Stock Performance

Shares of NYSE AEM opened at $65.06 on Tuesday. The company has a 50 day simple moving average of $58.20 and a two-hundred day simple moving average of $53.07. The stock has a market cap of $32.44 billion, a price-to-earnings ratio of 68.48, a PEG ratio of 0.75 and a beta of 1.04. 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 has a 12 month low of $43.22 and a 12 month high of $67.80.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last posted its earnings results on Thursday, April 25th. The mining company reported $0.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.16. Agnico Eagle Mines had a net margin of 6.79% and a return on equity of 6.09%. The company had revenue of $1.83 billion during the quarter, compared to the consensus estimate of $1.78 billion. The firm’s quarterly revenue was up 21.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.57 earnings per share. As a group, analysts predict that Agnico Eagle Mines will post 3.23 earnings per share for the current year.

Agnico Eagle Mines Dividend Announcement

The business 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 $0.40 dividend. The ex-dividend date of this dividend is Friday, May 31st. This represents a $1.60 annualized dividend and a dividend yield of 2.46%. Agnico Eagle Mines’s dividend payout ratio (DPR) is 168.42%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. AE Wealth Management LLC purchased a new position in Agnico Eagle Mines in the 3rd quarter valued at $231,000. Commonwealth Equity Services LLC boosted its position in Agnico Eagle Mines by 4.4% during the third quarter. Commonwealth Equity Services LLC now owns 83,299 shares of the mining company’s stock worth $3,786,000 after acquiring an additional 3,519 shares during the last quarter. Maryland State Retirement & Pension System grew its stake in Agnico Eagle Mines by 4.0% during the 3rd quarter. Maryland State Retirement & Pension System now owns 163,345 shares of the mining company’s stock valued at $7,426,000 after acquiring an additional 6,243 shares in the last quarter. Tectonic Advisors LLC raised its holdings in Agnico Eagle Mines by 8.5% in the 3rd quarter. Tectonic Advisors LLC now owns 29,304 shares of the mining company’s stock valued at $1,332,000 after acquiring an additional 2,297 shares during the last quarter. Finally, Raymond James & Associates lifted its stake in Agnico Eagle Mines by 7.5% in the 3rd quarter. Raymond James & Associates now owns 315,658 shares of the mining company’s stock worth $14,347,000 after purchasing an additional 22,019 shares in the last quarter. Institutional investors and hedge funds own 68.34% of the company’s stock.

About Agnico Eagle Mines

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.