Agnico Eagle Mines (TSE:AEM) Stock Breaks Above 200-Day Moving Average – Here’s Why

Agnico Eagle Mines Limited (TSE:AEM) (NYSE:AEM) shares crossed above its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of C$262.32 and traded as high as C$266.99. Agnico Eagle Mines shares last traded at C$264.85, with a volume of 1,492,770 shares traded.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. TD decreased their price objective on Agnico Eagle Mines from C$244.00 to C$242.00 and set a “buy” rating on the stock in a report on Tuesday, October 20th. Barclays lowered their target price on shares of Agnico Eagle Mines from C$298.00 to C$266.00 in a research note on Thursday, July 16th. Freedom Broker raised shares of Agnico Eagle Mines from a “hold” rating to a “strong-buy” rating in a report on Monday, November 2nd. Stifel Nicolaus reduced their target price on shares of Agnico Eagle Mines from C$350.00 to C$310.00 in a research report on Friday, July 17th. Finally, National Bank Financial reduced their target price on shares of Agnico Eagle Mines from C$310.00 to C$305.00 and set an “outperform” rating for the company in a research report on Friday, October 30th. Three equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of C$292.00.

Agnico Eagle Mines Stock Performance

The company has a debt-to-equity ratio of 1.11, a current ratio of 2.75 and a quick ratio of 0.89. The stock has a market cap of C$136.88 billion, a price-to-earnings ratio of 22.07, a PEG ratio of 22.97 and a beta of 2.11. The firm has a fifty day moving average of C$265.47 and a 200 day moving average of C$262.23.

Agnico Eagle Mines (TSE:AEM) (NYSE:AEM) last released its quarterly earnings data on Wednesday, October 28th. The company reported C$3.72 earnings per share for the quarter. The company had revenue of C$5.10 billion for the quarter. Agnico Eagle Mines had a return on equity of 22.64% and a net margin of 41.00%. As a group, sell-side analysts forecast that Agnico Eagle Mines Limited will post 5.50 EPS for the current year.

Agnico Eagle Mines Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 15th were given a dividend of $0.45 per share. The ex-dividend date of this dividend was Tuesday, September 1st. This represents a $1.80 annualized dividend and a dividend yield of 0.7%. Agnico Eagle Mines’s payout ratio is presently 14.26%.

Insider Activity

In related news, Director John Merfyn Roberts sold 1,500 shares of the company’s stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of C$273.35, for a total value of C$410,025.00. Following the completion of the sale, the director owned 16,182 shares of the company’s stock, valued at approximately C$4,423,349.70. This represents a 8.48% decrease in their ownership of the stock. Corporate insiders own 0.08% of the company’s stock.

About Agnico Eagle Mines

Canadian-based and led, Agnico Eagle is Canada’s largest mining company and the second largest gold producer in the world, operating mines in Canada, Australia, Finland and Mexico. The Company is advancing a pipeline of high-quality development projects in these regions to support sustainable growth over the next decade. Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading sustainability practices. Agnico Eagle was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.