Agnico Eagle Mines (NYSE:AEM) Stock Price Expected to Rise, Royal Bank Of Canada Analyst Says

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) had its target price raised by analysts at Royal Bank Of Canada from $210.00 to $225.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has a “sector perform” rating on the mining company’s stock. Royal Bank Of Canada’s price objective points to a potential upside of 13.06% from the stock’s previous close.

A number of other analysts also recently commented on AEM. Canadian Imperial Bank of Commerce set a $285.00 price objective on shares of Agnico Eagle Mines in a report on Thursday, July 16th. Raymond James Financial dropped their price target on Agnico Eagle Mines from $230.00 to $225.00 and set an “outperform” rating for the company in a research report on Friday, September 4th. Zacks Research raised Agnico Eagle Mines from a “strong sell” rating to a “hold” rating in a report on Monday, September 7th. Scotia reduced their price objective on Agnico Eagle Mines from $280.00 to $278.00 and set a “sector outperform” rating on the stock in a research report on Friday, July 3rd. Finally, Citigroup lowered their price objective on Agnico Eagle Mines from $256.00 to $200.00 and set a “buy” rating on the stock in a research note on Monday, July 27th. Twelve investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $227.15.

Agnico Eagle Mines Price Performance

AEM stock traded up $2.11 during midday trading on Wednesday, reaching $199.01. The stock had a trading volume of 831,915 shares, compared to its average volume of 2,758,977. Agnico Eagle Mines has a 52-week low of $134.38 and a 52-week high of $255.24. The company has a current ratio of 2.86, a quick ratio of 2.02 and a debt-to-equity ratio of 0.01. The company’s fifty day simple moving average is $176.20 and its 200 day simple moving average is $185.35. The company has a market cap of $100.88 billion, a price-to-earnings ratio of 16.99, a price-to-earnings-growth ratio of 2.45 and a beta of 0.67.

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, topping analysts’ consensus estimates of $2.89 by $0.16. The business had revenue of $3.77 billion during the quarter, compared to analyst estimates of $3.78 billion. Agnico Eagle Mines had a net margin of 40.44% and a return on equity of 22.04%. The company’s revenue for the quarter was up 35.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.94 earnings per share. As a group, sell-side analysts predict that Agnico Eagle Mines will post 11.58 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Agnico Eagle Mines

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Capital World Investors increased its position in shares of Agnico Eagle Mines by 2.8% during the 4th quarter. Capital World Investors now owns 21,338,277 shares of the mining company’s stock worth $3,618,730,000 after purchasing an additional 572,473 shares during the last quarter. Van ECK Associates Corp lifted its holdings in shares of Agnico Eagle Mines by 21.6% in the 4th quarter. Van ECK Associates Corp now owns 17,225,477 shares of the mining company’s stock worth $2,920,258,000 after acquiring an additional 3,062,705 shares during the last quarter. TD Asset Management Inc lifted its stake in Agnico Eagle Mines by 1.7% during the fourth quarter. TD Asset Management Inc now owns 9,665,456 shares of the mining company’s stock worth $1,641,239,000 after purchasing an additional 165,263 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in Agnico Eagle Mines by 0.5% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 8,629,935 shares of the mining company’s stock valued at $1,463,166,000 after acquiring an additional 40,190 shares during the period. Finally, Deutsche Bank AG boosted its stake in shares of Agnico Eagle Mines by 4.2% in the fourth quarter. Deutsche Bank AG now owns 8,570,961 shares of the mining company’s stock valued at $1,453,035,000 after purchasing an additional 345,362 shares during the period. Institutional investors and hedge funds own 68.34% of the company’s stock.

Agnico Eagle Mines Company Profile

Agnico Eagle Mines Limited is a Canadian-based gold mining company engaged in the exploration, development and production of gold and other mineral resources. The company’s primary product is gold, with silver and other byproducts also recovered from certain operations. Its activities include operating mines, advancing development projects and conducting exploration to expand and replace mineral reserves.

Founded in 1957 through the merger of Agnico Mines and Eagle Mines, Agnico Eagle has grown into one of the world’s major gold producers.