Cormark Has Positive Forecast for TSE:AEM FY2024 Earnings

Agnico Eagle Mines Limited (TSE:AEM) (NYSE:AEM) – Cormark lifted their FY2024 earnings estimates for Agnico Eagle Mines in a note issued to investors on Friday, November 1st. Cormark analyst R. Gray now forecasts that the company will post earnings per share of $5.84 for the year, up from their prior estimate of $5.66. The consensus estimate for Agnico Eagle Mines’ current full-year earnings is $5.50 per share. Cormark also issued estimates for Agnico Eagle Mines’ Q4 2024 earnings at $1.74 EPS.

Agnico Eagle Mines (TSE:AEM) (NYSE:AEM) last released its earnings results on Wednesday, October 30th. The company reported C$1.56 EPS for the quarter, beating analysts’ consensus estimates of C$1.35 by C$0.21. Agnico Eagle Mines had a return on equity of 3.10% and a net margin of 8.49%. The company had revenue of C$2.94 billion during the quarter, compared to the consensus estimate of C$2.50 billion.

A number of other analysts also recently issued reports on the stock. Eight Capital increased their target price on shares of Agnico Eagle Mines from C$105.00 to C$115.00 in a research report on Thursday, July 11th. Canaccord Genuity Group increased their target price on Agnico Eagle Mines from C$105.00 to C$118.00 in a research note on Tuesday, July 23rd. UBS Group raised Agnico Eagle Mines to a “strong-buy” rating in a research report on Tuesday, September 17th. National Bankshares increased their target price on Agnico Eagle Mines from C$143.00 to C$144.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Finally, Stifel Nicolaus increased their target price on Agnico Eagle Mines from C$114.00 to C$140.00 in a research report on Monday, October 21st. Four investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of C$116.00.

Agnico Eagle Mines Price Performance

Agnico Eagle Mines stock opened at C$118.74 on Monday. The firm’s 50-day simple moving average is C$112.18 and its 200 day simple moving average is C$100.23. Agnico Eagle Mines has a 52 week low of C$60.17 and a 52 week high of C$123.86. The firm has a market capitalization of C$59.49 billion, a PE ratio of 74.59, a P/E/G ratio of 22.97 and a beta of 1.10. The company has a quick ratio of 0.89, a current ratio of 1.51 and a debt-to-equity ratio of 9.94.

Agnico Eagle Mines Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 1.35%. The ex-dividend date of this dividend is Friday, November 29th. Agnico Eagle Mines’s dividend payout ratio (DPR) is currently 135.63%.

Insider Transactions at Agnico Eagle Mines

In other news, Director John Merfyn Roberts sold 2,000 shares of Agnico Eagle Mines stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of C$111.84, for a total transaction of C$223,680.00. In related news, Senior Officer Dominique Girard sold 5,000 shares of the company’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of C$109.29, for a total value of C$546,450.00. Also, Director John Merfyn Roberts sold 2,000 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of C$111.84, for a total value of C$223,680.00. In the last quarter, insiders have sold 90,000 shares of company stock valued at $9,971,900. 0.08% of the stock is owned by corporate insiders.

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.