Agnico Eagle Mines (NYSE:AEM) Price Target Lowered to $260.00 at Scotiabank

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) had its target price cut by Scotiabank from $278.00 to $260.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has a “sector outperform” rating on the mining company’s stock. Scotiabank’s price target suggests a potential upside of 79.67% from the stock’s current price.

Other analysts have also issued reports about the stock. Erste Group Bank lowered shares of Agnico Eagle Mines from a “buy” rating to a “hold” rating in a research note on Tuesday, March 24th. Royal Bank Of Canada lowered their price objective on shares of Agnico Eagle Mines from $230.00 to $210.00 and set a “sector perform” rating for the company in a research note on Thursday, July 9th. UBS Group dropped their price objective on shares of Agnico Eagle Mines from $210.00 to $170.00 and set a “neutral” rating for the company in a report on Tuesday, June 30th. Zacks Research downgraded shares of Agnico Eagle Mines from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 30th. Finally, JPMorgan Chase & Co. increased their target price on shares of Agnico Eagle Mines from $220.00 to $222.00 and gave the stock a “neutral” rating in a report on Monday, May 4th. Twelve research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $236.77.

Agnico Eagle Mines Trading Up 0.8%

Shares of AEM traded up $1.20 during trading on Tuesday, reaching $144.71. 1,280,446 shares of the company traded hands, compared to its average volume of 2,696,689. The stock has a 50-day simple moving average of $169.18 and a 200-day simple moving average of $192.66. The stock has a market cap of $73.45 billion, a PE ratio of 13.59, a price-to-earnings-growth ratio of 1.93 and a beta of 0.60. Agnico Eagle Mines has a twelve month low of $116.83 and a twelve month high of $255.24. The company has a quick ratio of 2.18, a current ratio of 3.15 and a debt-to-equity ratio of 0.01.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last posted its quarterly earnings data on Thursday, April 30th. The mining company reported $3.40 earnings per share for the quarter, topping analysts’ consensus estimates of $3.19 by $0.21. Agnico Eagle Mines had a net margin of 39.46% and a return on equity of 21.09%. The firm had revenue of $4 billion during the quarter, compared to analysts’ expectations of $3.96 billion. During the same quarter last year, the company posted $1.53 EPS. The firm’s quarterly revenue was up 66.1% on a year-over-year basis. On average, analysts anticipate that Agnico Eagle Mines will post 12.44 earnings per share for the current year.

Institutional Trading of Agnico Eagle Mines

Hedge funds and other institutional investors have recently bought and sold shares of the business. Acumen Wealth Advisors LLC acquired a new position in shares of Agnico Eagle Mines during the 4th quarter worth about $26,000. Abound Wealth Management boosted its holdings in Agnico Eagle Mines by 99.0% in the fourth quarter. Abound Wealth Management now owns 209 shares of the mining company’s stock valued at $35,000 after purchasing an additional 104 shares in the last quarter. Lodestone Wealth Management LLC purchased a new position in Agnico Eagle Mines in the fourth quarter valued at approximately $35,000. Jessup Wealth Management Inc purchased a new position in Agnico Eagle Mines in the fourth quarter valued at approximately $35,000. Finally, Allied Private Wealth LLC acquired a new stake in Agnico Eagle Mines during the second quarter worth approximately $36,000. 68.34% of the stock is currently owned by institutional investors and hedge funds.

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.