Agnico Eagle Mines Limited (NYSE:AEM) Forecasted to Post Q1 2024 Earnings of $0.58 Per Share

Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) – Research analysts at Cormark boosted their Q1 2024 earnings estimates for shares of Agnico Eagle Mines in a note issued to investors on Monday, April 22nd. Cormark analyst R. Gray now anticipates that the mining company will post earnings of $0.58 per share for the quarter, up from their previous estimate of $0.55. The consensus estimate for Agnico Eagle Mines’ current full-year earnings is $2.51 per share.

AEM has been the subject of a number of other reports. TD Securities reduced their price target on shares of Agnico Eagle Mines from $64.00 to $62.00 and set a “buy” rating for the company in a research report on Wednesday, February 21st. Jefferies Financial Group boosted their price target on shares of Agnico Eagle Mines from $54.00 to $57.00 and gave the company a “hold” rating in a research report on Monday. Raymond James boosted their price target on shares of Agnico Eagle Mines from $66.00 to $71.00 and gave the company an “outperform” rating in a research report on Friday, January 12th. CIBC reduced their price target on shares of Agnico Eagle Mines from $72.00 to $69.00 and set an “outperform” rating for the company in a research report on Wednesday, February 7th. Finally, National Bank Financial reissued an “outperform overweight” rating on shares of Agnico Eagle Mines in a research report on Monday, April 8th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $64.14.

Agnico Eagle Mines Price Performance

Shares of AEM opened at $62.22 on Tuesday. Agnico Eagle Mines has a 1-year low of $43.22 and a 1-year high of $64.19. The stock has a market cap of $31.02 billion, a PE ratio of 15.14, a price-to-earnings-growth ratio of 0.96 and a beta of 1.06. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.09 and a quick ratio of 0.74. The firm has a fifty day moving average price of $55.45 and a 200 day moving average price of $52.16.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last released its quarterly earnings data on Friday, February 16th. The mining company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.09. The business had revenue of $1.76 billion during the quarter, compared to analysts’ expectations of $1.72 billion. Agnico Eagle Mines had a net margin of 29.29% and a return on equity of 5.54%. The company’s revenue for the quarter was up 26.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.41 EPS.

Institutional Investors Weigh In On Agnico Eagle Mines

Institutional investors and hedge funds have recently made changes to their positions in the business. Raymond James Financial Services Advisors Inc. raised its holdings in Agnico Eagle Mines by 7.6% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 110,498 shares of the mining company’s stock worth $6,591,000 after purchasing an additional 7,834 shares in the last quarter. Nicholas Hoffman & Company LLC. purchased a new position in Agnico Eagle Mines during the first quarter worth about $214,000. PFG Investments LLC raised its holdings in Agnico Eagle Mines by 4.8% during the first quarter. PFG Investments LLC now owns 10,667 shares of the mining company’s stock worth $636,000 after purchasing an additional 493 shares in the last quarter. Accordant Advisory Group Inc purchased a new position in Agnico Eagle Mines during the first quarter worth about $2,003,000. Finally, Maryland State Retirement & Pension System raised its holdings in Agnico Eagle Mines by 9.0% during the first quarter. Maryland State Retirement & Pension System now owns 148,005 shares of the mining company’s stock worth $9,204,000 after purchasing an additional 12,197 shares in the last quarter. 68.34% of the stock is owned by hedge funds and other institutional investors.

Agnico Eagle Mines Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were issued a $0.40 dividend. The ex-dividend date was Thursday, February 29th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.57%. Agnico Eagle Mines’s payout ratio is 38.93%.

Agnico Eagle Mines Company Profile

Agnico Eagle Mines Limited, a gold mining company, exploration, development, and production of precious metals. It explores for gold. The company's mines are located in Canada, Australia, Finland and Mexico, with exploration and development activities in Canada, Australia, Europe, Latin America, and the United States.