Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The brokerage currently has a $51.00 target price on the mining company’s stock. Zacks Investment Research‘s price target points to a potential upside of 12.24% from the stock’s current price.

According to Zacks, “Earnings estimates for Agnico-Eagle for the third quarter have remained stable of late. The company has outperformed the industry it belongs to over the last six months. Agnico-Eagle 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. “

Several other equities analysts also recently issued reports on AEM. Royal Bank Of Canada set a $54.00 price objective on shares of Agnico Eagle Mines Limited and gave the company a “hold” rating in a research note on Monday, June 12th. Raymond James Financial, Inc. restated an “outperform” rating and issued a $61.00 price objective on shares of Agnico Eagle Mines Limited in a research note on Thursday, June 15th. Credit Suisse Group set a $63.00 price objective on shares of Agnico Eagle Mines Limited and gave the company a “buy” rating in a research note on Tuesday, July 18th. National Bank Financial upgraded shares of Agnico Eagle Mines Limited from a “sector perform” rating to an “outperform” rating in a research note on Monday, July 24th. Finally, Scotiabank upped their price objective on shares of Agnico Eagle Mines Limited from $58.00 to $58.50 and gave the company an “outperform” rating in a research note on Friday, July 28th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the stock. Agnico Eagle Mines Limited presently has an average rating of “Hold” and an average price target of $54.44.

Agnico Eagle Mines Limited (NYSE:AEM) opened at 45.44 on Tuesday. Agnico Eagle Mines Limited has a 52 week low of $35.05 and a 52 week high of $53.17. The company has a 50-day moving average price of $47.96 and a 200-day moving average price of $46.60. The stock has a market cap of $10.51 billion, a price-to-earnings ratio of 41.76 and a beta of -0.76.

Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) last released its quarterly earnings data on Wednesday, July 26th. The mining company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.10. Agnico Eagle Mines Limited had a net margin of 11.32% and a return on equity of 5.38%. The company had revenue of $549.88 million during the quarter, compared to the consensus estimate of $529.43 million. During the same quarter in the prior year, the firm posted $0.16 earnings per share. Agnico Eagle Mines Limited’s revenue for the quarter was up 2.3% on a year-over-year basis. Equities research analysts anticipate that Agnico Eagle Mines Limited will post $0.80 EPS for the current year.

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Several large investors have recently made changes to their positions in AEM. FMR LLC raised its holdings in Agnico Eagle Mines Limited by 10.9% during the second quarter. FMR LLC now owns 11,617,737 shares of the mining company’s stock worth $523,909,000 after purchasing an additional 1,141,509 shares in the last quarter. Vanguard Group Inc. raised its holdings in Agnico Eagle Mines Limited by 6.9% during the second quarter. Vanguard Group Inc. now owns 5,444,848 shares of the mining company’s stock worth $245,672,000 after purchasing an additional 352,417 shares in the last quarter. Credit Suisse AG raised its holdings in Agnico Eagle Mines Limited by 54.5% during the first quarter. Credit Suisse AG now owns 808,552 shares of the mining company’s stock worth $34,315,000 after purchasing an additional 285,248 shares in the last quarter. Hussman Strategic Advisors Inc. raised its holdings in Agnico Eagle Mines Limited by 700.0% during the second quarter. Hussman Strategic Advisors Inc. now owns 200,000 shares of the mining company’s stock worth $9,024,000 after purchasing an additional 175,000 shares in the last quarter. Finally, Fiera Capital Corp raised its holdings in Agnico Eagle Mines Limited by 23.4% during the second quarter. Fiera Capital Corp now owns 901,185 shares of the mining company’s stock worth $40,568,000 after purchasing an additional 170,684 shares in the last quarter. 59.02% of the stock is owned by institutional investors and hedge funds.

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.

Analyst Recommendations for Agnico Eagle Mines Limited (NYSE:AEM)

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