Agnico Eagle Mines (NYSE:AEM) Shares Gap Down – Here’s What Happened

Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $154.85, but opened at $149.88. Agnico Eagle Mines shares last traded at $151.5890, with a volume of 1,253,857 shares.

Agnico Eagle Mines News Summary

Here are the key news stories impacting Agnico Eagle Mines this week:

• Negative Sentiment: Agnico Eagle suspended mining at the Barnat open pit after a rock mass movement, creating uncertainty around production at the Canadian Malartic complex. AGNICO EAGLE REPORTS WALL MOVEMENT AT BARNAT OPEN PIT AT CANADIAN MALARTIC
• Negative Sentiment: Several reports highlighted the operational issue and possible production impact, reinforcing the market’s concern about a short-term earnings headwind. Agnico Eagle suspends Quebec pit mining, flags production hit
• Neutral Sentiment: Scotia slightly lowered its price target on Agnico Eagle to $278 from $280 while keeping a “sector outperform” rating, signaling continued optimism despite the recent operational setback. BayStreet.CA analyst ratings

Wall Street Analyst Weigh In

AEM has been the subject of a number of recent analyst reports. Canadian Imperial Bank of Commerce boosted their price target on shares of Agnico Eagle Mines from C$304.00 to C$310.00 and gave the company an “outperform” rating in a research report on Tuesday, May 26th. Weiss Ratings downgraded Agnico Eagle Mines from a “buy (b)” rating to a “buy (b-)” rating in a research report on Thursday. ATB Cormark Capital Markets upgraded Agnico Eagle Mines from a “hold” rating to an “outperform” rating in a research report on Monday, May 4th. Zacks Research lowered Agnico Eagle Mines from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 30th. Finally, Scotia reduced their target price on Agnico Eagle Mines from $280.00 to $278.00 and set a “sector outperform” rating for the company in a research report on Friday. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $236.23.

Agnico Eagle Mines Price Performance

The business’s 50 day moving average is $174.55 and its two-hundred day moving average is $193.54. The firm has a market capitalization of $78.06 billion, a PE ratio of 14.45, a P/E/G ratio of 3.37 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.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last announced its earnings results on Thursday, April 30th. The mining company reported $3.40 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $4 billion during the quarter, compared to analyst estimates of $3.96 billion. During the same period in the previous year, the business posted $1.53 earnings per share. Agnico Eagle Mines’s revenue for the quarter was up 66.1% on a year-over-year basis. As a group, research analysts anticipate that Agnico Eagle Mines Limited will post 13.22 EPS for the current year.

Institutional Trading of Agnico Eagle Mines

A number of hedge funds have recently made changes to their positions in the stock. VectorGlobal IAG Inc. purchased a new position in Agnico Eagle Mines in the first quarter worth $429,000. Western Wealth Management LLC bought a new position in Agnico Eagle Mines in the first quarter valued at $208,000. Parallel Advisors LLC raised its position in Agnico Eagle Mines by 9.3% during the first quarter. Parallel Advisors LLC now owns 2,100 shares of the mining company’s stock valued at $426,000 after purchasing an additional 179 shares in the last quarter. Axiom Investment Management LLC purchased a new stake in Agnico Eagle Mines during the first quarter valued at about $382,000. Finally, BankChampaign National Association bought a new stake in Agnico Eagle Mines during the first quarter worth about $1,555,000. 68.34% of the stock is owned by 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.