Agnico Eagle Mines (NYSE:AEM) Downgraded to “Hold” Rating by Erste Group Bank

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) was downgraded by analysts at Erste Group Bank from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday,Finviz reports.

Other equities analysts have also issued reports about the stock. Zacks Research raised shares of Agnico Eagle Mines from a “hold” rating to a “strong-buy” rating in a research report on Friday, February 27th. UBS Group restated a “neutral” rating and set a $240.00 price target on shares of Agnico Eagle Mines in a research report on Friday, January 30th. Wall Street Zen raised Agnico Eagle Mines from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Jefferies Financial Group set a $189.00 price objective on Agnico Eagle Mines in a report on Sunday, December 7th. Finally, Raymond James Financial reiterated an “outperform” rating and issued a $225.00 target price on shares of Agnico Eagle Mines in a research report on Wednesday, January 14th. Three research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $234.91.

Agnico Eagle Mines Stock Performance

AEM stock traded down $0.21 during midday trading on Tuesday, reaching $183.83. The stock had a trading volume of 1,109,975 shares, compared to its average volume of 2,886,063. The firm has a fifty day simple moving average of $213.56 and a two-hundred day simple moving average of $183.63. Agnico Eagle Mines has a 52-week low of $94.77 and a 52-week high of $255.24. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.33 and a current ratio of 2.02. The stock has a market cap of $92.11 billion, a PE ratio of 20.72 and a beta of 0.61.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last posted its quarterly earnings results on Thursday, February 12th. The mining company reported $2.69 earnings per share for the quarter, beating the consensus estimate of $2.56 by $0.13. The business had revenue of $3.53 billion for the quarter, compared to the consensus estimate of $3.40 billion. Agnico Eagle Mines had a return on equity of 18.09% and a net margin of 37.47%.The company’s quarterly revenue was up 60.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.26 EPS. As a group, equities research analysts anticipate that Agnico Eagle Mines will post 4.63 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Brighton Jones LLC grew its stake in shares of Agnico Eagle Mines by 11.5% in the fourth quarter. Brighton Jones LLC now owns 3,216 shares of the mining company’s stock worth $252,000 after acquiring an additional 331 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of Agnico Eagle Mines by 36.4% in the first quarter. AQR Capital Management LLC now owns 19,829 shares of the mining company’s stock valued at $2,150,000 after acquiring an additional 5,293 shares in the last quarter. Sivia Capital Partners LLC boosted its holdings in Agnico Eagle Mines by 57.2% in the second quarter. Sivia Capital Partners LLC now owns 3,188 shares of the mining company’s stock valued at $379,000 after purchasing an additional 1,160 shares during the period. Cetera Investment Advisers grew its stake in Agnico Eagle Mines by 8.0% during the 2nd quarter. Cetera Investment Advisers now owns 41,875 shares of the mining company’s stock worth $4,980,000 after purchasing an additional 3,094 shares in the last quarter. Finally, Rhumbline Advisers grew its stake in Agnico Eagle Mines by 8.0% during the 2nd quarter. Rhumbline Advisers now owns 1,810 shares of the mining company’s stock worth $215,000 after purchasing an additional 134 shares in the last quarter. 68.34% of the stock is currently owned by hedge funds and other institutional investors.

About Agnico Eagle Mines

Agnico Eagle Mines Limited (NYSE: AEM) is a Canadian-based senior gold producer headquartered in Toronto, Ontario. The company is principally engaged in the exploration, development, production and reclamation of gold-bearing properties. Agnico Eagle pursues both greenfield and brownfield exploration to expand its resource base and operates a portfolio of producing mines and development projects to generate long-life gold production.

Its core business activities span the full mining lifecycle: grassroots and advanced-stage exploration, prefeasibility and feasibility studies, mine construction, underground and open-pit mining, ore processing and metal recovery, and post-mining reclamation and closure.