Agnico Eagle Mines Limited (NYSE:AEM) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) has received an average recommendation of “Moderate Buy” from the seventeen analysts that are covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and twelve have issued a buy recommendation on the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $226.00.

Several analysts have weighed in on the company. Scotiabank dropped their price target on Agnico Eagle Mines from $278.00 to $260.00 and set a “sector outperform” rating on the stock in a research note on Tuesday, July 14th. Scotia decreased their target price 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. Zacks Research lowered Agnico Eagle Mines from a “hold” rating to a “strong sell” rating in a research report on Friday, July 17th. Bank of America cut their price target on shares of Agnico Eagle Mines from $302.00 to $240.00 and set a “buy” rating on the stock in a report on Thursday, July 9th. Finally, Wall Street Zen lowered shares of Agnico Eagle Mines from a “buy” rating to a “hold” rating in a research report on Sunday, July 12th.

Agnico Eagle Mines Price Performance

Shares of AEM opened at $203.16 on Tuesday. The firm has a market capitalization of $102.98 billion, a PE ratio of 17.38, a price-to-earnings-growth ratio of 2.56 and a beta of 0.61. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.86 and a quick ratio of 2.02. Agnico Eagle Mines has a 1-year low of $134.38 and a 1-year high of $255.24. The company’s fifty day moving average price is $166.23 and its 200-day moving average price is $187.22.

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 (EPS) for the quarter, beating the consensus estimate of $2.89 by $0.16. The firm had revenue of $3.77 billion for the quarter, compared to the consensus estimate of $3.78 billion. Agnico Eagle Mines had a return on equity of 22.04% and a net margin of 40.44%.The firm’s revenue was up 35.0% on a year-over-year basis. During the same period in the prior year, the firm earned $1.94 EPS. On average, equities research analysts predict that Agnico Eagle Mines will post 11.56 EPS for the current year.

Institutional Trading of Agnico Eagle Mines

A number of hedge funds and other institutional investors have recently made changes to their positions in AEM. Deutsche Bank AG purchased a new position in shares of Agnico Eagle Mines during the second quarter worth $1,362,158,000. Norges Bank purchased a new stake in Agnico Eagle Mines in the fourth quarter valued at $1,367,783,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Agnico Eagle Mines in the second quarter valued at $927,602,000. Bank of America Corp DE acquired a new stake in Agnico Eagle Mines during the 2nd quarter worth about $844,096,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in Agnico Eagle Mines during the 2nd quarter worth about $608,054,000. Institutional investors and hedge funds 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.