Scotiabank Reiterates Outperform Rating for Agnico Eagle Mines Ltd. (AEM)
Agnico Eagle Mines Ltd. (NYSE:AEM) (TSE:AEM)‘s stock had its “outperform” rating reaffirmed by equities researchers at Scotiabank in a research report issued to clients and investors on Thursday. They presently have a $68.50 target price on the mining company’s stock. Scotiabank’s target price would indicate a potential upside of 67.56% from the stock’s previous close.
A number of other research firms have also recently weighed in on AEM. TD Securities reiterated a “hold” rating and issued a $61.00 target price on shares of Agnico Eagle Mines in a research note on Monday, October 31st. Zacks Investment Research cut shares of Agnico Eagle Mines from a “hold” rating to a “strong sell” rating in a research note on Monday, October 17th. Citigroup Inc. reiterated a “sell” rating on shares of Agnico Eagle Mines in a research note on Thursday, August 18th. Barclays PLC boosted their target price on shares of Agnico Eagle Mines from $50.00 to $61.00 and gave the company an “overweight” rating in a research note on Monday, August 8th. Finally, RBC Capital Markets restated a “sector perform” rating on shares of Agnico Eagle Mines in a research note on Wednesday, October 26th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and eleven have assigned a buy rating to the stock. Agnico Eagle Mines presently has a consensus rating of “Buy” and a consensus price target of $57.13.
Agnico Eagle Mines (NYSE:AEM) opened at 40.88 on Thursday. Agnico Eagle Mines has a 52 week low of $24.93 and a 52 week high of $60.10. The company has a market capitalization of $9.18 billion, a PE ratio of 114.83 and a beta of -0.42. The company has a 50-day moving average of $46.77 and a 200-day moving average of $51.07.
Agnico Eagle Mines (NYSE:AEM) last released its earnings results on Wednesday, October 26th. The mining company reported $0.25 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.05. The firm had revenue of $610.86 million for the quarter, compared to analysts’ expectations of $555.47 million. Agnico Eagle Mines had a net margin of 3.80% and a return on equity of 2.27%. The company’s quarterly revenue was up 20.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.02 earnings per share. On average, equities research analysts anticipate that Agnico Eagle Mines will post $0.67 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Thursday, December 1st will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.98%. The ex-dividend date of this dividend is Tuesday, November 29th. Agnico Eagle Mines’s dividend payout ratio is currently 88.89%.
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Several institutional investors have recently added to or reduced their stakes in AEM. Highstreet Asset Management Inc. raised its position in Agnico Eagle Mines by 523.0% in the second quarter. Highstreet Asset Management Inc. now owns 81,330 shares of the mining company’s stock valued at $4,351,000 after buying an additional 68,276 shares in the last quarter. James Investment Research Inc. acquired a new position in Agnico Eagle Mines during the second quarter valued at approximately $5,661,000. Barometer Capital Management Inc. raised its position in Agnico Eagle Mines by 40.6% in the second quarter. Barometer Capital Management Inc. now owns 158,196 shares of the mining company’s stock valued at $8,463,000 after buying an additional 45,696 shares in the last quarter. Fruth Investment Management acquired a new position in Agnico Eagle Mines during the second quarter valued at approximately $251,000. Finally, Gulf International Bank UK Ltd raised its position in Agnico Eagle Mines by 0.4% in the second quarter. Gulf International Bank UK Ltd now owns 67,528 shares of the mining company’s stock valued at $3,597,000 after buying an additional 300 shares in the last quarter. 62.14% of the stock is currently owned by institutional investors.
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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