Agnico Eagle Mines (NYSE:AEM) Raised to “Buy” at Freedom Broker

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) was upgraded by stock analysts at Freedom Broker from a “hold” rating to a “buy” rating in a research report issued on Monday, Benzinga reports. The firm currently has a $212.00 target price on the mining company’s stock. Freedom Broker‘s target price would suggest a potential upside of 24.55% from the stock’s previous close.

A number of other brokerages have also commented on AEM. Jefferies Financial Group upgraded shares of Agnico Eagle Mines from a “hold” rating to a “buy” rating and lifted their price target for the stock from $187.00 to $200.00 in a report on Monday, July 6th. Scotiabank reduced their price objective on shares of 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. Citigroup decreased their price objective on Agnico Eagle Mines from $256.00 to $200.00 and set a “buy” rating for the company in a report on Monday, July 27th. UBS Group raised their target price on Agnico Eagle Mines from $170.00 to $190.00 and gave the stock a “neutral” rating in a research report on Thursday, October 8th. Finally, JPMorgan Chase & Co. lifted their target price on Agnico Eagle Mines from $190.00 to $193.00 and gave the stock a “neutral” rating in a report on Friday. Thirteen investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $227.00.

Agnico Eagle Mines Trading Up 2.9%

NYSE AEM traded up $4.83 during trading hours on Monday, reaching $170.21. The company’s stock had a trading volume of 2,062,404 shares, compared to its average volume of 2,615,940. The firm has a fifty day simple moving average of $192.73 and a 200-day simple moving average of $189.47. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.75 and a quick ratio of 1.90. Agnico Eagle Mines has a 52 week low of $134.38 and a 52 week high of $255.24. The stock has a market cap of $86.29 billion, a P/E ratio of 13.88, a P/E/G ratio of 2.46 and a beta of 0.64.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last posted its earnings results on Wednesday, October 28th. The mining company reported $2.62 earnings per share for the quarter, topping analysts’ consensus estimates of $2.47 by $0.15. Agnico Eagle Mines had a net margin of 41.01% and a return on equity of 21.68%. The firm had revenue of $3.54 billion for the quarter, compared to analyst estimates of $3.51 billion. During the same period in the previous year, the firm posted $2.10 EPS. The company’s revenue for the quarter was up 17.1% compared to the same quarter last year. Equities analysts forecast that Agnico Eagle Mines will post 11.40 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in AEM. Compass Financial Management LLC acquired a new stake in shares of Agnico Eagle Mines during the third quarter worth $57,000. Provenance Wealth Advisors LLC lifted its holdings in Agnico Eagle Mines by 55.8% in the third quarter. Provenance Wealth Advisors LLC now owns 2,866 shares of the mining company’s stock valued at $525,000 after buying an additional 1,026 shares during the period. IPG Investment Advisors LLC lifted its holdings in Agnico Eagle Mines by 77.3% in the third quarter. IPG Investment Advisors LLC now owns 3,900 shares of the mining company’s stock valued at $715,000 after buying an additional 1,700 shares during the period. McAlvany Wealth Management LLC boosted its position in Agnico Eagle Mines by 23.9% during the third quarter. McAlvany Wealth Management LLC now owns 45,995 shares of the mining company’s stock valued at $8,430,000 after acquiring an additional 8,887 shares during the last quarter. Finally, Walled Lake Planning & Wealth Management LLC acquired a new stake in Agnico Eagle Mines during the 3rd quarter worth about $219,000. Institutional investors own 68.34% of the company’s stock.

Agnico Eagle Mines Company Profile

Agnico Eagle Mines Limited (NYSE:AEM) is a Canadian gold mining company engaged in the exploration, development and production of gold, as well as related activities such as mineral processing and mine-site reclamation. The company’s principal product is gold, with silver and other byproducts also recovered from certain operations.

Founded in 1957 through the merger of Agnico Mines and Eagle Mines, Agnico Eagle has grown into one of the world’s largest gold producers. Its operating portfolio is concentrated in established mining regions, including the Canadian provinces of Ontario and Quebec, Nunavut in northern Canada, and Finland.