JPMorgan Chase & Co. Has Lowered Expectations for Agnico Eagle Mines (NYSE:AEM) Stock Price

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) had its target price reduced by investment analysts at JPMorgan Chase & Co. from $222.00 to $175.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the mining company’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 19.07% from the company’s previous close.

Other equities analysts have also recently issued reports about the company. Royal Bank Of Canada reduced their target price on Agnico Eagle Mines from $230.00 to $210.00 and set a “sector perform” rating on the stock in a research note on Thursday, July 9th. ATB Cormark Capital Markets raised Agnico Eagle Mines from a “hold” rating to an “outperform” rating in a research note on Monday, May 4th. Scotia cut their price target on shares of Agnico Eagle Mines from $280.00 to $278.00 and set a “sector outperform” rating on the stock in a report on Friday, July 3rd. TD lifted their price target on shares of Agnico Eagle Mines from $251.00 to $252.00 and gave the company a “buy” rating in a report on Tuesday, April 21st. Finally, Weiss Ratings downgraded shares of Agnico Eagle Mines from a “buy (b)” rating to a “buy (b-)” rating in a research report on Thursday, July 2nd. Twelve investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $230.00.

Agnico Eagle Mines Stock Up 3.8%

NYSE AEM opened at $146.97 on Tuesday. Agnico Eagle Mines has a 1 year low of $122.32 and a 1 year high of $255.24. The stock has a market capitalization of $74.60 billion, a PE ratio of 13.81, a PEG ratio of 2.11 and a beta of 0.60. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.15 and a quick ratio of 2.18. The business’s 50-day moving average is $162.11 and its 200 day moving average is $190.95.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last released its quarterly earnings results on Thursday, April 30th. The mining company reported $3.40 EPS for the quarter, beating analysts’ consensus estimates of $3.19 by $0.21. Agnico Eagle Mines had a return on equity of 21.09% and a net margin of 39.46%.The business had revenue of $4 billion during the quarter, compared to analyst estimates of $3.96 billion. During the same quarter in the prior year, the company posted $1.53 EPS. Agnico Eagle Mines’s quarterly revenue was up 66.1% compared to the same quarter last year. Sell-side analysts forecast that Agnico Eagle Mines will post 12.09 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. Brighton Jones LLC increased its stake in shares of Agnico Eagle Mines by 11.5% during the fourth quarter. Brighton Jones LLC now owns 3,216 shares of the mining company’s stock valued at $252,000 after purchasing an additional 331 shares in the last quarter. AQR Capital Management LLC lifted its holdings in shares of Agnico Eagle Mines by 36.4% during the first quarter. AQR Capital Management LLC now owns 19,829 shares of the mining company’s stock valued at $2,150,000 after purchasing an additional 5,293 shares during the last quarter. Sivia Capital Partners LLC boosted its position in shares of Agnico Eagle Mines by 57.2% in the 2nd quarter. Sivia Capital Partners LLC now owns 3,188 shares of the mining company’s stock worth $379,000 after purchasing an additional 1,160 shares in the last quarter. Rhumbline Advisers boosted its position in shares of Agnico Eagle Mines by 8.0% in the 2nd quarter. Rhumbline Advisers now owns 1,810 shares of the mining company’s stock worth $215,000 after purchasing an additional 134 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its position in Agnico Eagle Mines by 25.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 929 shares of the mining company’s stock valued at $110,000 after buying an additional 187 shares in the last quarter. 68.34% of the stock is owned by hedge funds and other institutional investors.

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.