Agnico Eagle Mines (NYSE:AEM) Rating Increased to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) from a hold rating to a strong-buy rating in a report issued on Wednesday,Zacks.com reports.

Other equities analysts have also issued reports about the stock. TD Securities raised shares of Agnico Eagle Mines to a “strong-buy” rating in a research report on Thursday, July 17th. National Bankshares reissued an “outperform” rating on shares of Agnico Eagle Mines in a report on Tuesday, June 24th. Raymond James Financial raised shares of Agnico Eagle Mines to a “moderate buy” rating and set a $130.00 target price on the stock in a report on Monday, June 30th. CIBC reissued an “outperform” rating on shares of Agnico Eagle Mines in a report on Tuesday, July 15th. Finally, UBS Group raised their target price on shares of Agnico Eagle Mines from $125.00 to $160.00 and gave the company a “neutral” rating in a report on Friday, September 19th. Six investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $141.40.

Agnico Eagle Mines Price Performance

NYSE:AEM opened at $168.05 on Wednesday. Agnico Eagle Mines has a 52 week low of $75.17 and a 52 week high of $171.45. The firm has a market cap of $84.50 billion, a price-to-earnings ratio of 28.58, a P/E/G ratio of 1.14 and a beta of 0.46. The firm’s 50-day simple moving average is $144.53 and its 200 day simple moving average is $125.64. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.16 and a current ratio of 2.03.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last released its quarterly earnings results on Wednesday, July 30th. The mining company reported $1.94 EPS for the quarter, topping analysts’ consensus estimates of $1.83 by $0.11. Agnico Eagle Mines had a net margin of 30.63% and a return on equity of 13.79%. The business had revenue of $2.86 billion for the quarter, compared to analyst estimates of $2.46 billion. During the same period last year, the firm earned $1.07 earnings per share. Agnico Eagle Mines’s revenue for the quarter was up 35.6% compared to the same quarter last year. As a group, sell-side analysts predict that Agnico Eagle Mines will post 4.63 earnings per share for the current year.

Institutional Investors Weigh In On Agnico Eagle Mines

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of Agnico Eagle Mines by 3.1% in the 2nd quarter. Vanguard Group Inc. now owns 20,417,906 shares of the mining company’s stock valued at $2,432,603,000 after purchasing an additional 614,437 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in shares of Agnico Eagle Mines by 3.9% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 13,441,198 shares of the mining company’s stock valued at $1,457,160,000 after purchasing an additional 499,362 shares in the last quarter. TD Asset Management Inc boosted its stake in shares of Agnico Eagle Mines by 3.6% in the 2nd quarter. TD Asset Management Inc now owns 9,356,548 shares of the mining company’s stock valued at $1,112,500,000 after purchasing an additional 323,252 shares in the last quarter. Mackenzie Financial Corp boosted its stake in shares of Agnico Eagle Mines by 1.9% in the 2nd quarter. Mackenzie Financial Corp now owns 8,778,276 shares of the mining company’s stock valued at $1,046,468,000 after purchasing an additional 160,650 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its stake in shares of Agnico Eagle Mines by 38.8% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 8,296,796 shares of the mining company’s stock valued at $987,398,000 after purchasing an additional 2,319,131 shares in the last quarter. 68.34% of the stock is currently owned by institutional investors and hedge funds.

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.