Zacks Investment Research upgraded shares of Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) from a hold rating to a buy rating in a research note released on Thursday, May 11th. The brokerage currently has $52.00 price target on the mining company’s stock.
According to Zacks, “Agnico-Eagle saw higher profits in the first quarter of 2017. Adjusted earnings and sales for the quarter topped the respective Zacks Consensus Estimate. The company witnessed a modest increase in gold production and lower unit costs in the quarter. Agnico-Eagle has outperformed the Mining-Gold industry over a year. The company maintains a solid exploration budget and is reinvesting in its assets to expand output. It is making a good progress with its key growth projects and is also expanding mine life across a number of properties. The company's move to jointly acquire Osisko will also boost its production profile and improve cost structure.”
Other equities research analysts have also recently issued reports about the company. TheStreet upgraded Agnico Eagle Mines Limited from a c rating to a b- rating in a report on Tuesday, February 21st. Credit Suisse Group reiterated a buy rating on shares of Agnico Eagle Mines Limited in a report on Wednesday, February 15th. BMO Capital Markets set a $46.00 price objective on Agnico Eagle Mines Limited and gave the stock a hold rating in a report on Thursday, February 2nd. Royal Bank of Canada reiterated a hold rating and issued a $46.00 price objective on shares of Agnico Eagle Mines Limited in a report on Tuesday, April 18th. Finally, TD Securities reiterated a hold rating and issued a $48.00 price objective on shares of Agnico Eagle Mines Limited in a report on Friday, April 28th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company’s stock. Agnico Eagle Mines Limited presently has an average rating of Hold and an average price target of $53.72.
Shares of Agnico Eagle Mines Limited (NYSE AEM) opened at 46.84 on Thursday. Agnico Eagle Mines Limited has a 52 week low of $35.05 and a 52 week high of $60.10. The stock has a 50 day moving average price of $48.04 and a 200-day moving average price of $44.89. The company has a market capitalization of $10.78 billion, a PE ratio of 52.04 and a beta of -0.63.
Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) last issued its earnings results on Thursday, April 27th. The mining company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.17. The company had revenue of $547.50 million during the quarter, compared to analysts’ expectations of $528.14 million. Agnico Eagle Mines Limited had a return on equity of 4.57% and a net margin of 9.43%. Agnico Eagle Mines Limited’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.12 EPS. Equities research analysts expect that Agnico Eagle Mines Limited will post $0.73 EPS for the current year.
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The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 15th. Shareholders of record on Thursday, June 1st were paid a dividend of $0.10 per share. The ex-dividend date was Tuesday, May 30th. This represents a $0.40 annualized dividend and a yield of 0.85%. Agnico Eagle Mines Limited’s payout ratio is currently 43.96%.
A number of large investors have recently modified their holdings of the company. Norges Bank acquired a new position in Agnico Eagle Mines Limited during the fourth quarter worth approximately $79,369,000. Russell Investments Group Ltd. acquired a new position in Agnico Eagle Mines Limited during the fourth quarter worth approximately $53,495,000. Van ECK Associates Corp boosted its position in Agnico Eagle Mines Limited by 8.0% in the fourth quarter. Van ECK Associates Corp now owns 16,405,344 shares of the mining company’s stock worth $689,024,000 after buying an additional 1,211,074 shares in the last quarter. Paulson & CO. Inc. purchased a new stake in shares of Agnico Eagle Mines Limited during the fourth quarter worth about $45,385,000. Finally, 1832 Asset Management L.P. raised its stake in shares of Agnico Eagle Mines Limited by 59.8% in the third quarter. 1832 Asset Management L.P. now owns 2,556,158 shares of the mining company’s stock worth $138,109,000 after buying an additional 956,987 shares during the last quarter. 61.04% of the stock is currently owned by institutional investors.
About Agnico Eagle Mines Limited
Agnico Eagle Mines Limited is a gold producer with mining operations in northwestern Quebec, northern Mexico, northern Finland and Nunavut and exploration activities in Canada, Europe, Latin America and the United States. The Company operates through three business units. The Northern Business consists of its operations in Canada and Finland.
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