Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Friday.

According to Zacks, “Earnings estimates for Agnico-Eagle for the third quarter have been going down of late. 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. The company has outperformed the industry it belongs to over the last six months. However, Agnico-Eagle is exposed to a volatile gold pricing environment. The company's lower expected production and higher anticipated costs may affect its performance in 2017.”

A number of other analysts have also recently commented on the company. ValuEngine upgraded Agnico Eagle Mines Limited from a “sell” rating to a “hold” rating in a research report on Friday, September 1st. Credit Suisse Group AG set a $64.00 price objective on Agnico Eagle Mines Limited and gave the company a “buy” rating in a research report on Sunday, September 10th. 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 report on Thursday, June 15th. National Bank Financial upgraded Agnico Eagle Mines Limited from a “sector perform” rating to an “outperform” rating in a research report on Monday, July 24th. Finally, Royal Bank Of Canada restated a “hold” rating and issued a $54.00 price objective on shares of Agnico Eagle Mines Limited in a research report on Tuesday, July 18th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $54.44.

Agnico Eagle Mines Limited (AEM) traded up 1.21% during midday trading on Friday, hitting $45.83. 1,003,772 shares of the stock traded hands. The company has a 50-day moving average of $47.92 and a 200-day moving average of $46.59. The stock has a market cap of $10.60 billion, a PE ratio of 42.12 and a beta of -0.76. Agnico Eagle Mines Limited has a 12 month low of $35.05 and a 12 month high of $53.17.

Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) last announced its quarterly earnings results on Wednesday, July 26th. The mining company reported $0.26 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.16 by $0.10. Agnico Eagle Mines Limited had a return on equity of 5.38% and a net margin of 11.32%. The company had revenue of $549.88 million during the quarter, compared to the consensus estimate of $529.43 million. During the same period in the previous year, the company 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. On average, equities research analysts anticipate that Agnico Eagle Mines Limited will post $0.80 earnings per share for the current year.

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Institutional investors and hedge funds have recently modified their holdings of the stock. Sprott Inc. increased its position in shares of Agnico Eagle Mines Limited by 67.8% during the third quarter. Sprott Inc. now owns 800,292 shares of the mining company’s stock worth $43,360,000 after purchasing an additional 323,250 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of Agnico Eagle Mines Limited by 1.8% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 762,976 shares of the mining company’s stock worth $40,644,000 after purchasing an additional 13,622 shares in the last quarter. ASA Gold & Precious Metals Ltd increased its position in shares of Agnico Eagle Mines Limited by 12.5% during the fourth quarter. ASA Gold & Precious Metals Ltd now owns 539,300 shares of the mining company’s stock worth $14,173,000 after purchasing an additional 60,000 shares in the last quarter. Cidel Asset Management Inc. purchased a new stake in shares of Agnico Eagle Mines Limited during the third quarter worth approximately $43,281,000. Finally, Neuberger Berman Group LLC increased its position in shares of Agnico Eagle Mines Limited by 4.2% during the second quarter. Neuberger Berman Group LLC now owns 816,794 shares of the mining company’s stock worth $36,854,000 after purchasing an additional 33,285 shares in the last quarter. Hedge funds and other institutional investors own 59.02% of the company’s stock.

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.

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