Raymond James Has Positive Outlook for AEM Q3 Earnings

Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) – Stock analysts at Raymond James raised their Q3 2024 earnings per share (EPS) estimates for Agnico Eagle Mines in a research note issued to investors on Monday, October 21st. Raymond James analyst F. Hamed now anticipates that the mining company will post earnings of $1.02 per share for the quarter, up from their prior estimate of $1.00. The consensus estimate for Agnico Eagle Mines’ current full-year earnings is $3.88 per share. Raymond James also issued estimates for Agnico Eagle Mines’ FY2024 earnings at $3.92 EPS.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last posted its earnings results on Wednesday, July 31st. The mining company reported $1.07 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.14. The firm had revenue of $2.08 billion for the quarter, compared to the consensus estimate of $2.03 billion. Agnico Eagle Mines had a net margin of 8.44% and a return on equity of 7.16%. The business’s quarterly revenue was up 20.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.65 EPS.

A number of other analysts also recently issued reports on the company. UBS Group began coverage on shares of Agnico Eagle Mines in a research note on Tuesday, September 17th. They set a “buy” rating and a $95.00 price objective for the company. TD Securities lifted their price target on shares of Agnico Eagle Mines from $90.00 to $91.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. StockNews.com upgraded shares of Agnico Eagle Mines from a “hold” rating to a “buy” rating in a report on Thursday, June 27th. CIBC raised their price objective on shares of Agnico Eagle Mines from $81.00 to $101.00 and gave the stock an “outperformer” rating in a research note on Wednesday, July 10th. Finally, Scotiabank upped their target price on Agnico Eagle Mines from $81.00 to $94.00 and gave the company a “sector outperform” rating in a research note on Monday, August 19th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $86.78.

Agnico Eagle Mines Price Performance

NYSE:AEM opened at $88.64 on Wednesday. The firm has a market capitalization of $44.34 billion, a price-to-earnings ratio of 93.31, a PEG ratio of 0.71 and a beta of 1.10. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.51 and a quick ratio of 0.76. The business has a 50 day simple moving average of $81.23 and a 200-day simple moving average of $72.85. Agnico Eagle Mines has a 1 year low of $44.37 and a 1 year high of $88.64.

Institutional Investors Weigh In On Agnico Eagle Mines

Several large investors have recently modified their holdings of the business. Van ECK Associates Corp boosted its stake in shares of Agnico Eagle Mines by 0.3% during the second quarter. Van ECK Associates Corp now owns 22,320,085 shares of the mining company’s stock valued at $1,459,741,000 after purchasing an additional 58,681 shares in the last quarter. Massachusetts Financial Services Co. MA increased its holdings in shares of Agnico Eagle Mines by 1.0% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 13,281,926 shares of the mining company’s stock valued at $868,638,000 after acquiring an additional 134,872 shares during the period. Capital World Investors increased its holdings in shares of Agnico Eagle Mines by 0.8% in the 1st quarter. Capital World Investors now owns 9,769,275 shares of the mining company’s stock valued at $582,529,000 after acquiring an additional 79,275 shares during the period. First Eagle Investment Management LLC raised its position in shares of Agnico Eagle Mines by 10.8% in the 1st quarter. First Eagle Investment Management LLC now owns 6,891,385 shares of the mining company’s stock worth $411,106,000 after acquiring an additional 672,503 shares in the last quarter. Finally, CIBC Asset Management Inc lifted its stake in shares of Agnico Eagle Mines by 4.1% during the 2nd quarter. CIBC Asset Management Inc now owns 6,083,606 shares of the mining company’s stock worth $397,657,000 after purchasing an additional 237,347 shares during the last quarter. Institutional investors own 68.34% of the company’s stock.

About Agnico Eagle Mines

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.