Scotiabank Raises Agnico Eagle Mines (NYSE:AEM) Price Target to $94.00

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) had its price target raised by Scotiabank from $81.00 to $94.00 in a report published on Monday, Benzinga reports. Scotiabank currently has a sector outperform rating on the mining company’s stock.

A number of other research firms also recently commented on AEM. BMO Capital Markets decreased their price target on Agnico Eagle Mines from $79.00 to $77.00 and set an outperform rating for the company in a research note on Thursday, June 20th. StockNews.com upgraded Agnico Eagle Mines from a hold rating to a buy rating in a report on Thursday, June 27th. Citigroup raised their price objective on Agnico Eagle Mines from $65.00 to $80.00 and gave the stock a buy rating in a research note on Tuesday, April 30th. Jefferies Financial Group boosted their target price on shares of Agnico Eagle Mines from $59.00 to $66.00 and gave the company a hold rating in a research note on Friday, July 12th. Finally, CIBC increased their target price on shares of Agnico Eagle Mines from $81.00 to $101.00 and gave the stock an outperformer rating in a report on Wednesday, July 10th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, Agnico Eagle Mines has a consensus rating of Moderate Buy and an average target price of $82.86.

Agnico Eagle Mines Stock Performance

Shares of NYSE:AEM opened at $80.82 on Monday. The business has a 50-day moving average of $71.50 and a two-hundred day moving average of $63.53. The firm has a market capitalization of $40.43 billion, a PE ratio of 85.07, a P/E/G ratio of 0.77 and a beta of 1.06. Agnico Eagle Mines has a 12 month low of $43.22 and a 12 month high of $81.07. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.51 and a quick ratio of 0.88.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last issued its quarterly earnings data on Wednesday, July 31st. The mining company reported $1.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.14. The firm had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.03 billion. Agnico Eagle Mines had a return on equity of 7.16% and a net margin of 8.44%. Agnico Eagle Mines’s quarterly revenue was up 20.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.65 EPS. As a group, research analysts forecast that Agnico Eagle Mines will post 3.52 earnings per share for the current year.

Hedge Funds Weigh In On Agnico Eagle Mines

Several hedge funds and other institutional investors have recently modified their holdings of the company. Bay Colony Advisory Group Inc d b a Bay Colony Advisors lifted its position in Agnico Eagle Mines by 2.2% in the 2nd quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 7,217 shares of the mining company’s stock valued at $472,000 after purchasing an additional 158 shares during the last quarter. Banque Cantonale Vaudoise increased its stake in shares of Agnico Eagle Mines by 2.8% in the first quarter. Banque Cantonale Vaudoise now owns 6,190 shares of the mining company’s stock valued at $369,000 after purchasing an additional 169 shares during the period. Azzad Asset Management Inc. ADV raised its holdings in shares of Agnico Eagle Mines by 0.3% during the second quarter. Azzad Asset Management Inc. ADV now owns 61,820 shares of the mining company’s stock valued at $4,043,000 after buying an additional 189 shares during the last quarter. Lombard Odier Asset Management Europe Ltd boosted its position in shares of Agnico Eagle Mines by 0.4% during the second quarter. Lombard Odier Asset Management Europe Ltd now owns 49,651 shares of the mining company’s stock worth $3,248,000 after buying an additional 190 shares during the period. Finally, Baader Bank Aktiengesellschaft grew its holdings in Agnico Eagle Mines by 4.8% in the 2nd quarter. Baader Bank Aktiengesellschaft now owns 4,192 shares of the mining company’s stock worth $269,000 after buying an additional 192 shares in the last quarter. Institutional investors and hedge funds 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.