Agnico Eagle Mines (NYSE:AEM) Price Target Cut to $77.00

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) had its price target lowered by equities research analysts at BMO Capital Markets from $79.00 to $77.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has an “outperform” rating on the mining company’s stock. BMO Capital Markets’ price target suggests a potential upside of 18.12% from the company’s previous close.

A number of other research firms also recently weighed in on AEM. Scotiabank upped their target price on Agnico Eagle Mines from $71.00 to $81.00 and gave the stock a “sector outperform” rating in a research report on Thursday, May 23rd. CIBC upped their target price on Agnico Eagle Mines from $80.00 to $81.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 30th. Jefferies Financial Group upped their target price on Agnico Eagle Mines from $54.00 to $57.00 and gave the stock a “hold” rating in a research report on Monday, April 22nd. National Bank Financial restated an “outperform overweight” rating on shares of Agnico Eagle Mines in a research report on Monday, April 8th. Finally, TD Securities upped their target price on Agnico Eagle Mines from $74.00 to $78.00 and gave the stock a “buy” rating in a research report on Tuesday, April 30th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, Agnico Eagle Mines has an average rating of “Moderate Buy” and an average target price of $72.22.

Agnico Eagle Mines Stock Performance

Shares of NYSE AEM opened at $65.19 on Thursday. The company has a quick ratio of 0.88, a current ratio of 2.21 and a debt-to-equity ratio of 0.09. The firm’s 50-day moving average price is $66.01 and its two-hundred day moving average price is $57.49. Agnico Eagle Mines has a 52-week low of $43.22 and a 52-week high of $71.50. The stock has a market capitalization of $32.61 billion, a P/E ratio of 68.62, a P/E/G ratio of 0.71 and a beta of 1.11.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last issued its earnings results on Thursday, April 25th. The mining company reported $0.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.60 by $0.16. The firm had revenue of $1.83 billion for the quarter, compared to analysts’ expectations of $1.78 billion. Agnico Eagle Mines had a net margin of 6.79% and a return on equity of 6.09%. Agnico Eagle Mines’s revenue was up 21.2% on a year-over-year basis. During the same quarter last year, the company posted $0.57 earnings per share. As a group, sell-side analysts forecast that Agnico Eagle Mines will post 3.16 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Raymond James & Associates raised its stake in Agnico Eagle Mines by 15.5% during the 4th quarter. Raymond James & Associates now owns 364,440 shares of the mining company’s stock valued at $19,990,000 after purchasing an additional 48,782 shares during the period. Beck Bode LLC acquired a new stake in Agnico Eagle Mines during the 4th quarter valued at $1,318,000. Wellington Management Group LLP raised its stake in Agnico Eagle Mines by 5.7% during the 3rd quarter. Wellington Management Group LLP now owns 632,403 shares of the mining company’s stock valued at $28,752,000 after purchasing an additional 34,072 shares during the period. Campbell & CO Investment Adviser LLC acquired a new stake in Agnico Eagle Mines during the 4th quarter valued at $2,297,000. Finally, ANTIPODES PARTNERS Ltd acquired a new stake in Agnico Eagle Mines during the 4th quarter valued at $41,610,000. 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.