Agnico Eagle Mines (NYSE:AEM) Rating Increased to Buy at Wall Street Zen

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) was upgraded by analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report issued on Saturday.

Several other research analysts also recently commented on the stock. Canadian Imperial Bank of Commerce raised their price objective on shares of Agnico Eagle Mines from C$304.00 to C$310.00 and gave the stock an “outperform” rating in a report on Tuesday, May 26th. Erste Group Bank lowered Agnico Eagle Mines from a “buy” rating to a “hold” rating in a research note on Tuesday, March 24th. Weiss Ratings cut Agnico Eagle Mines from a “buy (b+)” rating to a “buy (b)” rating in a research note on Wednesday, May 13th. TD increased their price objective on Agnico Eagle Mines from $251.00 to $252.00 and gave the company a “buy” rating in a research note on Tuesday, April 21st. Finally, TD Securities raised their target price on shares of Agnico Eagle Mines from $241.00 to $251.00 and gave the stock a “buy” rating in a report on Tuesday, March 3rd. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $236.08.

Agnico Eagle Mines Stock Performance

NYSE AEM opened at $157.24 on Friday. The company has a market capitalization of $79.81 billion, a PE ratio of 14.78, a price-to-earnings-growth ratio of 3.43 and a beta of 0.56. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.18 and a current ratio of 3.15. Agnico Eagle Mines has a 52-week low of $114.60 and a 52-week high of $255.24. The company has a 50-day simple moving average of $180.30 and a 200 day simple moving average of $193.98.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last posted its quarterly earnings results on Thursday, April 30th. The mining company reported $3.40 EPS for the quarter, topping analysts’ consensus estimates of $3.19 by $0.21. Agnico Eagle Mines had a net margin of 39.46% and a return on equity of 21.09%. The company had revenue of $4 billion for the quarter, compared to analysts’ expectations of $3.96 billion. During the same quarter in the previous year, the firm posted $1.53 EPS. Agnico Eagle Mines’s revenue was up 66.1% on a year-over-year basis. On average, research analysts predict that Agnico Eagle Mines will post 13.2 EPS for the current year.

Hedge Funds Weigh In On Agnico Eagle Mines

Hedge funds have recently made changes to their positions in the business. Norges Bank bought a new stake in shares of Agnico Eagle Mines during the 4th quarter valued at about $1,367,783,000. Capital World Investors boosted its holdings in shares of Agnico Eagle Mines by 20.0% in the third quarter. Capital World Investors now owns 20,765,804 shares of the mining company’s stock worth $3,497,470,000 after buying an additional 3,462,968 shares during the last quarter. Van ECK Associates Corp boosted its holdings in shares of Agnico Eagle Mines by 21.6% in the fourth quarter. Van ECK Associates Corp now owns 17,225,477 shares of the mining company’s stock worth $2,920,258,000 after buying an additional 3,062,705 shares during the last quarter. Alberta Investment Management Corp bought a new stake in Agnico Eagle Mines during the fourth quarter valued at approximately $194,195,000. Finally, Employees Provident Fund Board bought a new position in Agnico Eagle Mines in the fourth quarter worth approximately $183,341,000. 68.34% of the stock is owned by hedge funds and other institutional investors.

Agnico Eagle Mines Company Profile

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.