Agnico Eagle Mines Ltd. (NYSE:AEM) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued on Monday.

According to Zacks, “Estimates for Agnico-Eagle have been going down ahead of the company's thid-quarter 2016 earnings release. Agnico-Eagle is exposed to a volatile gold pricing environment. The recent pullback in gold prices poses a concern for the company. Moreover, Agnico-Eagle faces currency exchange translation risk and its mines are also affected by geopolitical issues. Any potential delay associated with the company's key development projects may also jeopardize its future production.”

Other analysts have also issued research reports about the stock. BMO Capital Markets set a $72.30 target price on shares of Agnico Eagle Mines and gave the stock a “hold” rating in a report on Sunday, September 18th. Barclays PLC increased their price objective on Agnico Eagle Mines from $50.00 to $61.00 and gave the company an “overweight” rating in a report on Monday, August 8th. TD Securities restated a “hold” rating and set a $56.00 price target on shares of Agnico Eagle Mines in a research note on Monday, July 25th. Dundee Securities downgraded Agnico Eagle Mines from a “buy” rating to a “neutral” rating in a research note on Thursday, July 14th. Finally, Citigroup Inc. started coverage on Agnico Eagle Mines in a research note on Tuesday, August 2nd. They set a “sell” rating and a $44.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and ten have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $53.05.

Analyst Recommendations for Agnico Eagle Mines (NYSE:AEM)

Agnico Eagle Mines (NYSE:AEM) opened at 45.66 on Monday. The firm has a market cap of $10.20 billion, a PE ratio of 314.90 and a beta of -0.84. The company has a 50 day moving average price of $51.36 and a 200 day moving average price of $49.72. Agnico Eagle Mines has a 1-year low of $24.80 and a 1-year high of $60.10.

Agnico Eagle Mines (NYSE:AEM) last issued its quarterly earnings results on Thursday, July 28th. The mining company reported $0.16 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.10 by $0.06. The company had revenue of $537.60 million for the quarter, compared to the consensus estimate of $507.37 million. Agnico Eagle Mines had a return on equity of 1.88% and a net margin of 1.61%. The firm’s revenue was up 5.4% compared to the same quarter last year. During the same period last year, the business posted $0.09 earnings per share. On average, equities research analysts forecast that Agnico Eagle Mines will post $0.67 earnings per share for the current year.

A number of institutional investors have recently modified their holdings of the company. Legal & General Group Plc boosted its position in shares of Agnico Eagle Mines by 1.7% in the first quarter. Legal & General Group Plc now owns 1,100,052 shares of the mining company’s stock valued at $39,965,000 after buying an additional 17,982 shares in the last quarter. AMP Capital Investors Ltd boosted its position in shares of Agnico Eagle Mines by 2.8% in the first quarter. AMP Capital Investors Ltd now owns 63,262 shares of the mining company’s stock valued at $2,331,000 after buying an additional 1,741 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of Agnico Eagle Mines by 144.5% in the first quarter. Wellington Management Group LLP now owns 546,945 shares of the mining company’s stock valued at $19,778,000 after buying an additional 323,286 shares in the last quarter. Amici Capital LLC purchased a new position in shares of Agnico Eagle Mines during the first quarter valued at about $4,603,000. Finally, Canada Pension Plan Investment Board purchased a new position in shares of Agnico Eagle Mines during the first quarter valued at about $270,000. 62.03% of the stock is owned by hedge funds and other institutional investors.

About Agnico Eagle Mines

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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