Agnico Eagle Mines (NYSE:AEM) Upgraded by Zacks Research to Hold Rating

Zacks Research upgraded shares of Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) from a strong sell rating to a hold rating in a report issued on Monday morning,Zacks reports.

Several other research firms have also recently commented on AEM. Scotia cut their price target on Agnico Eagle Mines from $280.00 to $278.00 and set a “sector outperform” rating for the company in a report on Friday, July 3rd. Weiss Ratings lowered Agnico Eagle Mines from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, July 2nd. Citigroup lowered their price objective on Agnico Eagle Mines from $256.00 to $200.00 and set a “buy” rating on the stock in a research report on Monday, July 27th. Raymond James Financial cut their target price on Agnico Eagle Mines from $230.00 to $225.00 and set an “outperform” rating for the company in a research note on Friday, September 4th. Finally, Wall Street Zen cut Agnico Eagle Mines from a “buy” rating to a “hold” rating in a research report on Sunday, July 12th. Twelve analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, Agnico Eagle Mines presently has an average rating of “Moderate Buy” and an average target price of $226.00.

Agnico Eagle Mines Stock Performance

NYSE:AEM opened at $201.74 on Monday. The firm’s 50-day moving average is $171.68 and its 200-day moving average is $186.65. Agnico Eagle Mines has a 52-week low of $134.38 and a 52-week high of $255.24. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.02 and a current ratio of 2.86. The company has a market cap of $102.26 billion, a price-to-earnings ratio of 17.26, a PEG ratio of 2.55 and a beta of 0.67.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last released its earnings results on Wednesday, July 29th. The mining company reported $3.05 earnings per share for the quarter, beating the consensus estimate of $2.89 by $0.16. Agnico Eagle Mines had a net margin of 40.44% and a return on equity of 22.04%. The business had revenue of $3.77 billion during the quarter, compared to analysts’ expectations of $3.78 billion. During the same quarter last year, the company earned $1.94 earnings per share. The firm’s revenue was up 35.0% on a year-over-year basis. Equities research analysts anticipate that Agnico Eagle Mines will post 11.56 earnings per share for the current year.

Hedge Funds Weigh In On Agnico Eagle Mines

Several institutional investors have recently added to or reduced their stakes in the company. BIP Wealth LLC bought a new stake in Agnico Eagle Mines in the second quarter valued at approximately $1,167,000. Annex Advisory Services LLC boosted its position in shares of Agnico Eagle Mines by 70.5% during the second quarter. Annex Advisory Services LLC now owns 29,007 shares of the mining company’s stock worth $4,500,000 after purchasing an additional 11,995 shares in the last quarter. K.J. Harrison & Partners Inc acquired a new position in shares of Agnico Eagle Mines in the 2nd quarter valued at $6,923,000. PensionDanmark Pensionsforsikringsaktieselskab grew its holdings in shares of Agnico Eagle Mines by 12.0% in the 2nd quarter. PensionDanmark Pensionsforsikringsaktieselskab now owns 103,312 shares of the mining company’s stock valued at $16,046,000 after buying an additional 11,100 shares during the period. Finally, Harvest Portfolios Group Inc. increased its position in shares of Agnico Eagle Mines by 45.7% in the 4th quarter. Harvest Portfolios Group Inc. now owns 137,292 shares of the mining company’s stock valued at $23,282,000 after buying an additional 43,051 shares in the last quarter. 68.34% of the stock is owned by institutional investors.

Agnico Eagle Mines Company Profile

Agnico Eagle Mines Limited is a Canadian-based gold mining company engaged in the exploration, development and production of gold and other mineral resources. The company’s primary product is gold, with silver and other byproducts also recovered from certain operations. Its activities include operating mines, advancing development projects and conducting exploration to expand and replace mineral reserves.

Founded in 1957 through the merger of Agnico Mines and Eagle Mines, Agnico Eagle has grown into one of the world’s major gold producers.