Agnico Eagle Mines (NYSE:AEM) Hits New 52-Week High – Still a Buy?

Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM)’s share price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $223.44 and last traded at $215.6260, with a volume of 3793107 shares trading hands. The stock had previously closed at $214.54.

Analyst Ratings Changes

A number of brokerages have recently commented on AEM. Bank of America increased their price target on shares of Agnico Eagle Mines from $209.00 to $226.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Raymond James Financial reissued an “outperform” rating and issued a $225.00 target price on shares of Agnico Eagle Mines in a research note on Wednesday, January 14th. Scotiabank lifted their price target on Agnico Eagle Mines from $219.00 to $276.00 and gave the stock an “outperform” rating in a research note on Monday. Zacks Research upgraded Agnico Eagle Mines from a “hold” rating to a “strong-buy” rating in a report on Thursday, December 4th. Finally, Citigroup raised their price objective on Agnico Eagle Mines from $198.00 to $256.00 and gave the company a “buy” rating in a report on Thursday, January 15th. Five research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $217.40.

Agnico Eagle Mines Trading Up 0.5%

The firm’s 50-day simple moving average is $179.08 and its 200-day simple moving average is $159.99. The firm has a market capitalization of $107.96 billion, a PE ratio of 31.48, a price-to-earnings-growth ratio of 0.62 and a beta of 0.63. The company has a quick ratio of 1.31, a current ratio of 2.12 and a debt-to-equity ratio of 0.01.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last released its earnings results on Wednesday, October 29th. The mining company reported $2.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.76 by $0.40. The company had revenue of $3.07 billion during the quarter, compared to analyst estimates of $2.93 billion. Agnico Eagle Mines had a return on equity of 15.64% and a net margin of 32.62%.During the same quarter in the previous year, the company posted $1.14 EPS. Equities analysts expect that Agnico Eagle Mines Limited will post 4.63 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in AEM. Brighton Jones LLC raised its holdings in Agnico Eagle Mines by 11.5% during the 4th quarter. Brighton Jones LLC now owns 3,216 shares of the mining company’s stock valued at $252,000 after buying an additional 331 shares during the last quarter. AQR Capital Management LLC increased its position in shares of Agnico Eagle Mines by 36.4% in the first quarter. AQR Capital Management LLC now owns 19,829 shares of the mining company’s stock valued at $2,150,000 after acquiring an additional 5,293 shares during the period. Sivia Capital Partners LLC raised its stake in shares of Agnico Eagle Mines by 57.2% during the second quarter. Sivia Capital Partners LLC now owns 3,188 shares of the mining company’s stock valued at $379,000 after acquiring an additional 1,160 shares during the last quarter. Ballentine Partners LLC purchased a new stake in shares of Agnico Eagle Mines during the second quarter worth about $205,000. Finally, Dakota Wealth Management boosted its holdings in shares of Agnico Eagle Mines by 25.3% during the second quarter. Dakota Wealth Management now owns 5,216 shares of the mining company’s stock worth $620,000 after purchasing an additional 1,053 shares during the period. Institutional investors own 68.34% of the company’s stock.

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.