Agnico Eagle Mines Limited (AEM) Cut to “Hold” at Zacks Investment Research
Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report released on Monday, July 24th.
According to Zacks, “Agnico-Eagle has outperformed the industry it belongs to over the last three months. The company maintains a solid exploration budget and is reinvesting in its assets to expand output. It is making a good progress with its key growth projects and is also expanding mine life across a number of properties. However, Agnico-Eagle is exposed to a volatile gold pricing environment. The company's lower expected production and higher anticipated costs may affect its performance in 2017. Its mines are also affected by geopolitical issues.”
Several other research firms have also recently weighed in on AEM. Royal Bank Of Canada boosted their price target on Agnico Eagle Mines Limited from $58.00 to $63.00 and gave the stock a “sector perform” rating in a report on Thursday, May 11th. Credit Suisse Group set a $63.00 price objective on Agnico Eagle Mines Limited and gave the stock a “buy” rating in a research note on Tuesday, July 18th. TD Securities reaffirmed a “hold” rating and issued a $48.00 price objective on shares of Agnico Eagle Mines Limited in a research note on Friday, April 28th. ValuEngine raised Agnico Eagle Mines Limited from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, J P Morgan Chase & Co raised Agnico Eagle Mines Limited from a “neutral” rating to an “overweight” rating in a research note on Wednesday, March 29th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $54.81.
Agnico Eagle Mines Limited (NYSE:AEM) traded down 0.47% on Monday, reaching $46.82. 2,697,112 shares of the company’s stock were exchanged. The company has a market cap of $10.83 billion, a price-to-earnings ratio of 43.03 and a beta of -0.67. Agnico Eagle Mines Limited has a 52 week low of $35.05 and a 52 week high of $57.35. The stock’s 50 day moving average is $45.46 and its 200 day moving average is $45.92.
Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) last released its quarterly earnings results on Wednesday, July 26th. The mining company reported $0.26 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.16 by $0.10. The company had revenue of $549.88 million for the quarter, compared to analysts’ expectations of $529.43 million. Agnico Eagle Mines Limited had a return on equity of 5.38% and a net margin of 11.32%. The business’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.16 earnings per share. On average, equities analysts anticipate that Agnico Eagle Mines Limited will post $0.78 earnings per share for the current year.
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A number of institutional investors have recently modified their holdings of AEM. Sei Investments Co. raised its position in shares of Agnico Eagle Mines Limited by 75.7% in the second quarter. Sei Investments Co. now owns 2,260 shares of the mining company’s stock valued at $102,000 after buying an additional 974 shares during the period. Financial Architects Inc raised its position in shares of Agnico Eagle Mines Limited by 52.8% in the first quarter. Financial Architects Inc now owns 2,605 shares of the mining company’s stock valued at $111,000 after buying an additional 900 shares during the period. IFP Advisors Inc raised its position in shares of Agnico Eagle Mines Limited by 9.8% in the first quarter. IFP Advisors Inc now owns 2,639 shares of the mining company’s stock valued at $112,000 after buying an additional 235 shares during the period. WFG Advisors LP raised its position in shares of Agnico Eagle Mines Limited by 76.6% in the first quarter. WFG Advisors LP now owns 3,580 shares of the mining company’s stock valued at $152,000 after buying an additional 1,553 shares during the period. Finally, Oppenheimer & Close LLC acquired a new position in shares of Agnico Eagle Mines Limited during the second quarter valued at about $209,000. 60.28% of the stock is currently owned by hedge funds and other institutional investors.
About Agnico Eagle Mines Limited
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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