Agnico Eagle Mines Ltd. (AEM) Downgraded by Zacks Investment Research
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 to clients and investors 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.”
A number of other research analysts have also commented on AEM. Royal Bank Of Canada lowered Agnico Eagle Mines from an “outperform” rating to a “sector perform” rating and set a $67.00 price target on the stock. 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. HSBC reissued a “buy” rating on shares of Agnico Eagle Mines in a report on Thursday, July 7th. BMO Capital Markets reissued a “hold” rating and set a $55.00 price target on shares of Agnico Eagle Mines in a report on Thursday, July 28th. Finally, TD Securities reissued a “hold” rating and set a $61.00 price target (up from $56.00) on shares of Agnico Eagle Mines in a report on Saturday, August 13th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and ten have given a buy rating to the company’s stock. Agnico Eagle Mines presently has a consensus rating of “Hold” and an average target price of $53.05.
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Shares of Agnico Eagle Mines (NYSE:AEM) traded up 1.42% during trading on Monday, reaching $46.31. 60,060 shares of the company’s stock traded hands. Agnico Eagle Mines has a 1-year low of $24.80 and a 1-year high of $60.10. The company has a 50 day moving average of $51.36 and a 200-day moving average of $49.72. The company has a market capitalization of $10.35 billion, a price-to-earnings ratio of 319.38 and a beta of -0.84.
Agnico Eagle Mines (NYSE:AEM) last announced its quarterly earnings data on Thursday, July 28th. The mining company reported $0.16 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.10 by $0.06. Agnico Eagle Mines had a return on equity of 1.88% and a net margin of 1.61%. The firm had revenue of $537.60 million for the quarter, compared to analysts’ expectations of $507.37 million. During the same period last year, the business posted $0.09 earnings per share. The firm’s revenue for the quarter was up 5.4% on a year-over-year basis. Equities analysts predict that Agnico Eagle Mines will post $0.67 earnings per share for the current year.
Large investors have recently made changes to their positions in the stock. IFP Advisors Inc raised its stake in shares of Agnico Eagle Mines by 7.8% in the second quarter. IFP Advisors Inc now owns 2,174 shares of the mining company’s stock valued at $116,000 after buying an additional 157 shares in the last quarter. Creative Planning raised its stake in shares of Agnico Eagle Mines by 25.3% in the third quarter. Creative Planning now owns 2,974 shares of the mining company’s stock valued at $161,000 after buying an additional 600 shares in the last quarter. USA Mutuals Advisors Inc. purchased a new stake in shares of Agnico Eagle Mines during the first quarter valued at about $181,000. Seven Eight Capital LLC purchased a new stake in shares of Agnico Eagle Mines during the second quarter valued at about $198,000. Finally, Cipher Capital LP purchased a new stake in shares of Agnico Eagle Mines during the second quarter valued at about $216,000. Institutional investors and hedge funds own 62.03% of the company’s stock.
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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