Agnico Eagle Mines Ltd. (AEM) Downgraded by Zacks Investment Research to “Strong Sell”
Agnico Eagle Mines Ltd. (NYSE:AEM) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued on Monday.
According to Zacks, “Estimates for Agnico-Eagle have been going down ahead of the company's thid-quarter 2016 earnings release. Agnico-Eagle is exposed to a volatile gold pricing environment. The recent pullback in gold prices poses a concern for the company. Moreover, Agnico-Eagle faces currency exchange translation risk and its mines are also affected by geopolitical issues. Any potential delay associated with the company's key development projects may also jeopardize its future production.”
AEM has been the subject of several other reports. Royal Bank Of Canada lowered Agnico Eagle Mines from an “outperform” rating to a “sector perform” rating and set a $67.00 target price for the company. in a report on Monday, August 8th. Desjardins raised Agnico Eagle Mines from a “hold” rating to a “buy” rating in a report on Wednesday, July 13th. BMO Capital Markets reissued a “hold” rating and issued a $55.00 price objective on shares of Agnico Eagle Mines in a report on Thursday, July 28th. HSBC reissued a “buy” rating on shares of Agnico Eagle Mines in a report on Thursday, July 7th. Finally, TD Securities reissued a “hold” rating and issued a $61.00 price objective (up from $56.00) on shares of Agnico Eagle Mines in a report on Saturday, August 13th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and ten have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $53.05.
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Agnico Eagle Mines (NYSE:AEM) opened at 45.66 on Monday. Agnico Eagle Mines has a one year low of $24.80 and a one year high of $60.10. The firm has a market capitalization of $10.20 billion, a PE ratio of 314.90 and a beta of -0.84. The company’s 50-day moving average price is $51.36 and its 200 day moving average price is $49.72.
Agnico Eagle Mines (NYSE:AEM) last posted its earnings results on Thursday, July 28th. The mining company reported $0.16 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.10 by $0.06. The company earned $537.60 million during the quarter, compared to analyst estimates of $507.37 million. Agnico Eagle Mines had a return on equity of 1.88% and a net margin of 1.61%. The business’s revenue was up 5.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.09 earnings per share. On average, analysts forecast that Agnico Eagle Mines will post $0.67 earnings per share for the current year.
Several institutional investors have recently bought and sold shares of AEM. IFP Advisors Inc increased its position in Agnico Eagle Mines by 7.8% in the second quarter. IFP Advisors Inc now owns 2,174 shares of the mining company’s stock worth $116,000 after buying an additional 157 shares during the period. Creative Planning increased its position in Agnico Eagle Mines by 25.3% in the third quarter. Creative Planning now owns 2,974 shares of the mining company’s stock worth $161,000 after buying an additional 600 shares during the period. USA Mutuals Advisors Inc. acquired a new position in Agnico Eagle Mines during the first quarter valued at approximately $181,000. Seven Eight Capital LLC acquired a new position in Agnico Eagle Mines during the second quarter valued at approximately $198,000. Finally, Cipher Capital LP acquired a new position in Agnico Eagle Mines during the second quarter valued at approximately $216,000. 62.03% of the stock is currently owned by institutional investors and hedge funds.
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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