Agnico Eagle Mines Ltd. (AEM) Upgraded to Hold by Zacks Investment Research
According to Zacks, “Agnico-Eagle’s adjusted earnings and sales for the third quarter of 2016 beat the respective Zacks Consensus Estimate. However, the company recorded lower gold production and higher unit costs in the quarter. Agnico-Eagle maintains a solid exploration budget and is reinvesting in its assets to expand output. The company's move to jointly acquire Osisko will also boost its production profile and improve cost structure. However, 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 recently issued research reports about the company. BMO Capital Markets set a $72.30 target price on Agnico Eagle Mines and gave the company a hold rating in a research report on Sunday, September 18th. Royal Bank Of Canada cut Agnico Eagle Mines from an outperform rating to a sector perform rating and set a $67.00 price objective for the company. in a research report on Monday, August 8th. TD Securities reissued a hold rating and issued a $61.00 price objective on shares of Agnico Eagle Mines in a research report on Monday. RBC Capital Markets cut Agnico Eagle Mines from an outperform rating to a sector perform rating and set a $67.00 price objective for the company. in a research report on Monday, August 8th. Finally, Citigroup Inc. reissued a sell rating on shares of Agnico Eagle Mines in a research report on Thursday, August 18th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus target price of $55.47.
Shares of Agnico Eagle Mines (NYSE:AEM) opened at 42.74 on Tuesday. The stock has a market cap of $9.60 billion, a PE ratio of 120.06 and a beta of -0.42. The firm has a 50-day moving average price of $47.11 and a 200-day moving average price of $51.18. Agnico Eagle Mines has a 12 month low of $24.93 and a 12 month high of $60.10.
Agnico Eagle Mines (NYSE:AEM) last announced its earnings results on Wednesday, October 26th. The mining company reported $0.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.05. The business had revenue of $610.86 million for the quarter, compared to analysts’ expectations of $555.47 million. Agnico Eagle Mines had a return on equity of 2.27% and a net margin of 3.80%. The business’s revenue for the quarter was up 20.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.02 EPS. Equities analysts forecast that Agnico Eagle Mines will post $0.67 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Thursday, December 1st will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.94%. The ex-dividend date of this dividend is Tuesday, November 29th. Agnico Eagle Mines’s payout ratio is 88.89%.
Hedge funds have recently made changes to their positions in the stock. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Agnico Eagle Mines by 9.9% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,941,418 shares of the mining company’s stock worth $158,793,000 after buying an additional 264,625 shares during the last quarter. Boyle Capital Management L.L.C. raised its stake in shares of Agnico Eagle Mines by 0.5% in the third quarter. Boyle Capital Management L.L.C. now owns 35,762 shares of the mining company’s stock worth $1,938,000 after buying an additional 174 shares during the last quarter. 1832 Asset Management L.P. raised its stake in shares of Agnico Eagle Mines by 59.8% in the third quarter. 1832 Asset Management L.P. now owns 2,556,158 shares of the mining company’s stock worth $138,109,000 after buying an additional 956,987 shares during the last quarter. OLD Mission Capital LLC purchased a new stake in shares of Agnico Eagle Mines during the third quarter worth about $1,855,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in shares of Agnico Eagle Mines during the third quarter worth about $45,294,000. 62.14% of the stock is currently owned by institutional investors.
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Agnico Eagle Mines Company Profile
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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