Agnico Eagle Mines Limited (NYSE:AEM) Downgraded to “Hold” at Zacks Investment Research

Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Monday, July 24th.

According to Zacks, “Agnico-Eagle has outperformed the industry it belongs to over the last three months. 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. However, Agnico-Eagle is exposed to a volatile gold pricing environment. The company's lower expected production and higher anticipated costs may affect its performance in 2017. Its mines are also affected by geopolitical issues.”

Several other equities analysts have also recently commented on the stock. National Bank Financial raised shares of Agnico Eagle Mines Limited from a “sector perform” rating to an “outperform” rating in a research report on Monday, July 24th. Credit Suisse Group set a $63.00 price objective on shares of Agnico Eagle Mines Limited and gave the stock a “buy” rating in a research report on Tuesday, July 18th. Royal Bank Of Canada reaffirmed a “hold” rating and set a $54.00 price objective on shares of Agnico Eagle Mines Limited in a research report on Tuesday, July 18th. Raymond James Financial, Inc. reaffirmed an “outperform” rating and set a $61.00 price objective on shares of Agnico Eagle Mines Limited in a research report on Thursday, June 15th. Finally, ValuEngine raised shares of Agnico Eagle Mines Limited from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $54.81.

Shares of Agnico Eagle Mines Limited (NYSE:AEM) opened at 46.82 on Monday. Agnico Eagle Mines Limited has a one year low of $35.05 and a one year high of $57.35. The stock has a market cap of $10.83 billion, a price-to-earnings ratio of 43.03 and a beta of -0.67. The company has a 50 day moving average price of $45.46 and a 200-day moving average price of $45.92.

Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) last issued its quarterly earnings results on Wednesday, July 26th. The mining company reported $0.26 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.16 by $0.10. Agnico Eagle Mines Limited had a net margin of 11.32% and a return on equity of 5.38%. The company had revenue of $549.88 million during the quarter, compared to analysts’ expectations of $529.43 million. During the same quarter last year, the company posted $0.16 EPS. The firm’s revenue was up 2.3% compared to the same quarter last year. Equities analysts predict that Agnico Eagle Mines Limited will post $0.78 earnings per share for the current fiscal year.

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Large investors have recently made changes to their positions in the company. Van ECK Associates Corp raised its stake in shares of Agnico Eagle Mines Limited by 4.4% in the first quarter. Van ECK Associates Corp now owns 17,122,389 shares of the mining company’s stock valued at $726,674,000 after buying an additional 717,045 shares in the last quarter. FMR LLC raised its stake in shares of Agnico Eagle Mines Limited by 10.9% in the second quarter. FMR LLC now owns 11,617,737 shares of the mining company’s stock valued at $523,909,000 after buying an additional 1,141,509 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Agnico Eagle Mines Limited by 6.9% in the second quarter. Vanguard Group Inc. now owns 5,444,848 shares of the mining company’s stock valued at $245,672,000 after buying an additional 352,417 shares in the last quarter. Prudential PLC raised its stake in shares of Agnico Eagle Mines Limited by 0.9% in the second quarter. Prudential PLC now owns 3,076,790 shares of the mining company’s stock valued at $138,825,000 after buying an additional 28,309 shares in the last quarter. Finally, TD Asset Management Inc. raised its stake in shares of Agnico Eagle Mines Limited by 3.1% in the second quarter. TD Asset Management Inc. now owns 2,861,685 shares of the mining company’s stock valued at $128,860,000 after buying an additional 86,145 shares in the last quarter. Hedge funds and other institutional investors own 60.28% of the company’s stock.

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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