Agnico Eagle Mines Limited (NYSE:AEM) Sees Large Decline in Short Interest

Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) was the recipient of a large decline in short interest during the month of January. As of January 30th, there was short interest totaling 4,829,239 shares, a decline of 16.9% from the January 15th total of 5,814,683 shares. Based on an average daily volume of 3,532,079 shares, the short-interest ratio is currently 1.4 days. Approximately 1.0% of the company’s shares are short sold. Approximately 1.0% of the company’s shares are short sold. Based on an average daily volume of 3,532,079 shares, the short-interest ratio is currently 1.4 days.

Agnico Eagle Mines Stock Down 1.7%

Shares of AEM traded down $3.68 on Tuesday, hitting $212.91. The company’s stock had a trading volume of 2,232,299 shares, compared to its average volume of 2,984,936. The firm’s fifty day moving average price is $190.57 and its 200-day moving average price is $168.81. Agnico Eagle Mines has a fifty-two week low of $92.11 and a fifty-two week high of $225.00. The company has a quick ratio of 1.31, a current ratio of 2.12 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $106.67 billion, a price-to-earnings ratio of 23.98, a P/E/G ratio of 0.51 and a beta of 0.63.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last issued its quarterly earnings data on Thursday, February 12th. The mining company reported $2.69 EPS for the quarter, topping analysts’ consensus estimates of $2.56 by $0.13. The business had revenue of $3.53 billion for the quarter, compared to analyst estimates of $3.40 billion. Agnico Eagle Mines had a net margin of 37.47% and a return on equity of 18.53%. The firm’s quarterly revenue was up 60.3% on a year-over-year basis. During the same period last year, the business posted $1.26 earnings per share. On average, equities research analysts expect that Agnico Eagle Mines will post 4.63 EPS for the current year.

Agnico Eagle Mines Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Monday, March 2nd will be issued a dividend of $0.45 per share. The ex-dividend date is Monday, March 2nd. This is a boost from Agnico Eagle Mines’s previous quarterly dividend of $0.40. This represents a $1.80 dividend on an annualized basis and a dividend yield of 0.8%. Agnico Eagle Mines’s dividend payout ratio is 18.02%.

Hedge Funds Weigh In On Agnico Eagle Mines

Hedge funds have recently made changes to their positions in the business. TD Waterhouse Canada Inc. lifted its stake in Agnico Eagle Mines by 13.4% in the third quarter. TD Waterhouse Canada Inc. now owns 1,133,384 shares of the mining company’s stock valued at $192,951,000 after acquiring an additional 134,147 shares during the last quarter. Ninety One UK Ltd lifted its stake in Agnico Eagle Mines by 386.5% in the 3rd quarter. Ninety One UK Ltd now owns 188,189 shares of the mining company’s stock valued at $31,703,000 after purchasing an additional 149,506 shares during the last quarter. Campbell & CO Investment Adviser LLC lifted its stake in Agnico Eagle Mines by 1,560.8% in the 3rd quarter. Campbell & CO Investment Adviser LLC now owns 48,677 shares of the mining company’s stock valued at $8,205,000 after purchasing an additional 45,746 shares during the last quarter. AustralianSuper Pty Ltd bought a new position in Agnico Eagle Mines during the third quarter worth about $23,958,000. Finally, Addenda Capital Inc. increased its position in Agnico Eagle Mines by 2.3% during the third quarter. Addenda Capital Inc. now owns 724,231 shares of the mining company’s stock worth $122,076,000 after buying an additional 15,965 shares during the last quarter. 68.34% of the stock is owned by institutional investors.

Analysts Set New Price Targets

AEM has been the subject of several research reports. Jefferies Financial Group set a $189.00 target price on Agnico Eagle Mines in a research note on Sunday, December 7th. JPMorgan Chase & Co. started coverage on shares of Agnico Eagle Mines in a research note on Thursday, January 29th. They issued a “neutral” rating and a $248.00 target price on the stock. Citigroup boosted their price target on shares of Agnico Eagle Mines from $198.00 to $256.00 and gave the stock a “buy” rating in a research note on Thursday, January 15th. Weiss Ratings cut shares of Agnico Eagle Mines from a “buy (a-)” rating to a “buy (b)” rating in a research note on Monday, January 12th. Finally, TD Securities set a $251.00 target price on shares of Agnico Eagle Mines and gave the company a “buy” rating in a research report on Tuesday. Three research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Agnico Eagle Mines presently has an average rating of “Moderate Buy” and an average target price of $236.09.

About Agnico Eagle Mines

Agnico Eagle Mines Limited (NYSE: AEM) is a Canadian-based senior gold producer headquartered in Toronto, Ontario. The company is principally engaged in the exploration, development, production and reclamation of gold-bearing properties. Agnico Eagle pursues both greenfield and brownfield exploration to expand its resource base and operates a portfolio of producing mines and development projects to generate long-life gold production.

Its core business activities span the full mining lifecycle: grassroots and advanced-stage exploration, prefeasibility and feasibility studies, mine construction, underground and open-pit mining, ore processing and metal recovery, and post-mining reclamation and closure.