JPMorgan Chase & Co. Initiates Coverage on Agnico Eagle Mines (NYSE:AEM)

Analysts at JPMorgan Chase & Co. initiated coverage on shares of Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) in a report issued on Thursday. The brokerage set a “neutral” rating and a $248.00 price target on the mining company’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 11.13% from the company’s current price.

Several other research analysts also recently weighed in on the stock. Zacks Research downgraded shares of Agnico Eagle Mines from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 23rd. CIBC increased their target price on Agnico Eagle Mines from $165.00 to $231.00 and gave the company an “outperformer” rating in a report on Friday, October 10th. Weiss Ratings lowered Agnico Eagle Mines from a “buy (a-)” rating to a “buy (b)” rating in a research note on Monday, January 12th. Scotiabank boosted their price target on shares of Agnico Eagle Mines from $219.00 to $276.00 and gave the stock an “outperform” rating in a research report on Monday. Finally, Citigroup increased their price objective on shares of Agnico Eagle Mines from $198.00 to $256.00 and gave the company a “buy” rating in a report on Thursday, January 15th. Four equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $220.18.

Agnico Eagle Mines Stock Up 3.2%

Shares of AEM opened at $223.17 on Thursday. The stock’s 50 day moving average is $181.18 and its two-hundred day moving average is $161.10. Agnico Eagle Mines has a 12 month low of $89.16 and a 12 month high of $224.30. The firm has a market cap of $111.74 billion, a P/E ratio of 32.58, a PEG ratio of 0.63 and a beta of 0.63. The company has a current ratio of 2.12, a quick ratio of 1.31 and a debt-to-equity ratio of 0.01.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last posted its quarterly earnings data on Wednesday, October 29th. The mining company reported $2.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.76 by $0.40. The company had revenue of $3.07 billion during the quarter, compared to analysts’ expectations of $2.93 billion. Agnico Eagle Mines had a net margin of 32.62% and a return on equity of 15.64%. During the same period in the prior year, the business posted $1.14 earnings per share. Analysts predict that Agnico Eagle Mines will post 4.63 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Agnico Eagle Mines

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Brighton Jones LLC grew its holdings in shares of Agnico Eagle Mines by 11.5% during the 4th quarter. Brighton Jones LLC now owns 3,216 shares of the mining company’s stock worth $252,000 after purchasing an additional 331 shares during the period. AQR Capital Management LLC lifted its position in 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 buying an additional 5,293 shares during the last quarter. Sivia Capital Partners LLC boosted its stake in Agnico Eagle Mines by 57.2% during the second quarter. Sivia Capital Partners LLC now owns 3,188 shares of the mining company’s stock worth $379,000 after buying an additional 1,160 shares during the period. HB Wealth Management LLC boosted its position in shares of Agnico Eagle Mines by 13.0% during the 2nd quarter. HB Wealth Management LLC now owns 5,571 shares of the mining company’s stock worth $663,000 after purchasing an additional 639 shares during the period. Finally, Capital Investment Advisors LLC increased its holdings in Agnico Eagle Mines by 38.4% in the 2nd quarter. Capital Investment Advisors LLC now owns 3,263 shares of the mining company’s stock valued at $388,000 after purchasing an additional 906 shares during the last quarter. Hedge funds and other institutional investors own 68.34% of the company’s stock.

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.