Scotia Lowers Agnico Eagle Mines (NYSE:AEM) Price Target to $278.00

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) had its price objective cut by stock analysts at Scotia from $280.00 to $278.00 in a research report issued on Friday,BayStreet.CA reports. The firm currently has a “sector outperform” rating on the mining company’s stock. Scotia’s price objective would suggest a potential upside of 80.76% from the company’s current price.

A number of other research firms have also recently commented on AEM. TD lifted their price objective on Agnico Eagle Mines from $251.00 to $252.00 and gave the stock a “buy” rating in a research report on Tuesday, April 21st. Wall Street Zen raised shares of Agnico Eagle Mines from a “hold” rating to a “buy” rating in a research note on Saturday, June 27th. Zacks Research lowered shares of Agnico Eagle Mines from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 30th. Weiss Ratings downgraded shares of Agnico Eagle Mines from a “buy (b+)” rating to a “buy (b)” rating in a research note on Wednesday, May 13th. Finally, Canadian Imperial Bank of Commerce raised their target price on shares of Agnico Eagle Mines from C$304.00 to C$310.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 26th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, Agnico Eagle Mines presently has a consensus rating of “Moderate Buy” and a consensus target price of $236.23.

Agnico Eagle Mines Price Performance

AEM stock traded down $0.06 on Friday, reaching $153.80. The company had a trading volume of 5,194,216 shares, compared to its average volume of 3,021,813. Agnico Eagle Mines has a 1 year low of $115.19 and a 1 year high of $255.24. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.18 and a current ratio of 3.15. The company’s fifty day moving average is $175.55 and its 200 day moving average is $193.82. The company has a market cap of $78.06 billion, a P/E ratio of 14.45, a PEG ratio of 3.39 and a beta of 0.60.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last released its quarterly earnings results on Thursday, April 30th. The mining company reported $3.40 earnings per share for the quarter, topping the consensus estimate of $3.19 by $0.21. Agnico Eagle Mines had a return on equity of 21.09% and a net margin of 39.46%.The company had revenue of $4 billion during the quarter, compared to the consensus estimate of $3.96 billion. During the same quarter last year, the business posted $1.53 earnings per share. Agnico Eagle Mines’s revenue was up 66.1% compared to the same quarter last year. On average, research analysts forecast that Agnico Eagle Mines will post 13.22 earnings per share for the current year.

Institutional Trading of Agnico Eagle Mines

Several institutional investors have recently made changes to their positions in the stock. Brighton Jones LLC raised its position in shares of Agnico Eagle Mines by 11.5% in the 4th quarter. Brighton Jones LLC now owns 3,216 shares of the mining company’s stock worth $252,000 after buying an additional 331 shares during the period. AQR Capital Management LLC raised its holdings in shares of Agnico Eagle Mines by 36.4% in the 1st quarter. AQR Capital Management LLC now owns 19,829 shares of the mining company’s stock worth $2,150,000 after purchasing an additional 5,293 shares during the period. Sivia Capital Partners LLC lifted its stake in shares of Agnico Eagle Mines by 57.2% in the 2nd 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 in the last quarter. Rhumbline Advisers grew its holdings in shares of 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 during the period. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Agnico Eagle Mines by 25.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 929 shares of the mining company’s stock worth $110,000 after purchasing an additional 187 shares during the period. 68.34% of the stock is 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.