Agnico Eagle Mines (NYSE:AEM) Trading Up 8.9% – Still a Buy?

Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM)’s stock price was up 8.9% during mid-day trading on Wednesday . The company traded as high as $201.86 and last traded at $203.59. 917,842 shares changed hands during mid-day trading, a decline of 66% from the average session volume of 2,719,998 shares. The stock had previously closed at $186.94.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Weiss Ratings lowered shares of Agnico Eagle Mines from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, July 2nd. Zacks Research lowered Agnico Eagle Mines from a “hold” rating to a “strong sell” rating in a report on Friday, July 17th. UBS Group reduced their price target on Agnico Eagle Mines from $210.00 to $170.00 and set a “neutral” rating for the company in a research report on Tuesday, June 30th. Royal Bank Of Canada decreased their price objective on Agnico Eagle Mines from $230.00 to $210.00 and set a “sector perform” rating on the stock in a research note on Thursday, July 9th. Finally, Bank of America decreased their price objective on Agnico Eagle Mines from $302.00 to $240.00 and set a “buy” rating on the stock in a research note on Thursday, July 9th. Twelve investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $226.00.

Agnico Eagle Mines Stock Up 1.8%

The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.02 and a current ratio of 2.86. The firm has a market capitalization of $107.16 billion, a PE ratio of 18.08, a PEG ratio of 2.58 and a beta of 0.60. The company’s 50 day simple moving average is $159.95 and its 200-day simple moving average is $186.50.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last released its quarterly earnings results on Wednesday, July 29th. The mining company reported $3.05 EPS for the quarter, beating analysts’ consensus estimates of $2.89 by $0.16. The firm 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 business’s revenue for the quarter was up 35.0% on a year-over-year basis. During the same period in the previous year, the business earned $1.94 EPS. On average, analysts forecast that Agnico Eagle Mines Limited will post 11.56 EPS for the current fiscal year.

Hedge Funds Weigh In On Agnico Eagle Mines

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. K.J. Harrison & Partners Inc bought a new position in shares of Agnico Eagle Mines during the second quarter valued at about $6,923,000. Annex Advisory Services LLC lifted its stake in shares of Agnico Eagle Mines by 70.5% in the 2nd quarter. Annex Advisory Services LLC now owns 29,007 shares of the mining company’s stock valued at $4,500,000 after acquiring an additional 11,995 shares during the last quarter. BIP Wealth LLC purchased a new stake in Agnico Eagle Mines during the 2nd quarter valued at about $1,167,000. RFG Advisory LLC purchased a new stake in Agnico Eagle Mines during the 4th quarter valued at about $1,122,000. Finally, Harvest Portfolios Group Inc. grew its position in Agnico Eagle Mines by 45.7% during the 4th quarter. Harvest Portfolios Group Inc. now owns 137,292 shares of the mining company’s stock worth $23,282,000 after acquiring an additional 43,051 shares during the last quarter. 68.34% of the stock is currently owned by hedge funds and other institutional investors.

About Agnico Eagle Mines

Agnico Eagle Mines Limited (NYSE: AEM) is a Canadian-based senior gold producer headquartered in Toronto, Ontario. The company is principally engaged in the exploration, development, production and reclamation of gold-bearing properties. Agnico Eagle pursues both greenfield and brownfield exploration to expand its resource base and operates a portfolio of producing mines and development projects to generate long-life gold production.

Its core business activities span the full mining lifecycle: grassroots and advanced-stage exploration, prefeasibility and feasibility studies, mine construction, underground and open-pit mining, ore processing and metal recovery, and post-mining reclamation and closure.