Agnico Eagle Mines (NYSE:AEM) Stock Price Target Lowered at Barclays

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) had its target price cut by Barclays from $218.00 to $215.00 in a report issued on Monday, Benzinga reports. The brokerage presently has an “overweight” rating on the mining company’s stock. Barclays‘s price target points to a potential upside of 26.35% from the stock’s previous close.

A number of other brokerages have also recently commented on AEM. JPMorgan Chase & Co. raised their target price on Agnico Eagle Mines from $190.00 to $193.00 and gave the company a “neutral” rating in a report on Friday. UBS Group boosted their price target on shares of Agnico Eagle Mines from $170.00 to $190.00 and gave the stock a “neutral” rating in a research note on Thursday, October 8th. Raymond James Financial reduced their price target on shares of Agnico Eagle Mines from $230.00 to $225.00 and set an “outperform” rating on the stock in a research report on Friday, September 4th. Bank of America lowered their price objective on shares of Agnico Eagle Mines from $302.00 to $240.00 and set a “buy” rating for the company in a research note on Thursday, July 9th. Finally, Scotiabank dropped their price objective on shares of Agnico Eagle Mines from $278.00 to $260.00 and set a “sector outperform” rating for the company in a report on Tuesday, July 14th. Twelve analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, Agnico Eagle Mines presently has an average rating of “Moderate Buy” and an average price target of $227.00.

Agnico Eagle Mines Trading Up 2.9%

NYSE AEM traded up $4.78 on Monday, reaching $170.16. The stock had a trading volume of 1,223,514 shares, compared to its average volume of 2,611,713. The company has a quick ratio of 1.90, a current ratio of 2.75 and a debt-to-equity ratio of 0.01. The stock has a fifty day moving average price of $192.73 and a two-hundred day moving average price of $189.47. Agnico Eagle Mines has a 12-month low of $134.38 and a 12-month high of $255.24. The firm has a market capitalization of $86.26 billion, a price-to-earnings ratio of 13.87, a P/E/G ratio of 2.46 and a beta of 0.64.

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

Institutional Investors Weigh In On Agnico Eagle Mines

A number of hedge funds have recently bought and sold shares of the stock. Deutsche Bank AG purchased a new position in Agnico Eagle Mines in the second quarter worth approximately $1,362,158,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Agnico Eagle Mines in the 2nd quarter valued at approximately $927,602,000. Bank of America Corp DE purchased a new stake in shares of Agnico Eagle Mines in the 2nd quarter valued at approximately $844,096,000. The Manufacturers Life Insurance Company increased its position in shares of Agnico Eagle Mines by 9.0% in the 1st quarter. The Manufacturers Life Insurance Company now owns 4,091,837 shares of the mining company’s stock valued at $829,916,000 after purchasing an additional 338,486 shares during the last quarter. Finally, TD Waterhouse Canada Inc. raised its holdings in shares of Agnico Eagle Mines by 3.7% in the 3rd quarter. TD Waterhouse Canada Inc. now owns 3,655,707 shares of the mining company’s stock valued at $659,679,000 after purchasing an additional 131,514 shares in the last quarter. Institutional investors and hedge funds 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.