Agnico Eagle Mines Stock Price Down 9.8% Following Weak Earnings (AEM)
Agnico Eagle Mines (NYSE:AEM)’s share price dropped 9.8% during mid-day trading on Thursday following a dissappointing earnings announcement, ARN reports. The stock traded as low as $36.60 and last traded at $36.77, with a volume of 3,195,372 shares changing hands. The stock had previously closed at $40.76.
The company reported $0.28 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.29 by $0.01. The company had revenue of $437.80 million for the quarter, compared to the consensus estimate of $453.41 million. During the same quarter last year, the company posted ($0.03) earnings per share. Agnico Eagle Mines’s revenue was up 30.1% compared to the same quarter last year.
Several analysts have recently commented on the stock. Analysts at Desjardins downgraded shares of Agnico Eagle Mines from a “buy” rating to a “hold” rating in a research note on Thursday. Separately, analysts at BMO Capital Markets downgraded shares of Agnico Eagle Mines from an “outperform” rating to a “market perform” rating in a research note on Thursday. Finally, analysts at HSBC downgraded shares of Agnico Eagle Mines from a “neutral” rating to an “underweight” rating in a research note on Friday, July 25th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the stock. Agnico Eagle Mines presently has an average rating of “Buy” and a consensus target price of $40.40.
The stock has a 50-day moving average of $38.30 and a 200-day moving average of $33.18. The company’s market cap is $6.473 billion.
Agnico Eagle Mines Limited (NYSE:AEM) is a Canada-based international 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.
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