Zacks Investment Research upgraded shares of Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) from a hold rating to a buy rating in a report issued on Tuesday. The firm currently has $52.00 price target on the mining company’s stock.
According to Zacks, “Agnico-Eagle has outperformed the industry it belongs to over a year. The company 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's move to jointly acquire Osisko will also boost its production profile and improve cost structure. The acquisition is expected to be accretive to Agnico-Eagle and will also improve its total cash cost and all-in sustaining cost profiles.”
Several other analysts have also recently issued reports on the stock. Canaccord Genuity reiterated a buy rating and issued a $77.00 target price on shares of Agnico Eagle Mines in a research note on Thursday, December 28th. Credit Suisse Group set a $62.00 target price on shares of Agnico Eagle Mines and gave the stock a buy rating in a research note on Thursday, December 28th. CSFB increased their target price on shares of Agnico Eagle Mines from $59.00 to $62.00 and gave the stock an outperform rating in a research note on Thursday, December 28th. Desjardins reiterated a buy rating on shares of Agnico Eagle Mines in a research note on Monday, December 11th. Finally, BMO Capital Markets set a $47.00 target price on shares of Agnico Eagle Mines and gave the stock a hold rating in a research note on Tuesday, November 14th. Four investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus price target of $57.85.
Shares of Agnico Eagle Mines (AEM) opened at $46.86 on Tuesday. Agnico Eagle Mines has a 52 week low of $39.30 and a 52 week high of $51.86. The company has a quick ratio of 2.70, a current ratio of 3.85 and a debt-to-equity ratio of 0.28. The stock has a market cap of $10,763.53, a P/E ratio of 40.05, a price-to-earnings-growth ratio of 49.16 and a beta of -0.74.
The business also recently disclosed a quarterly dividend, which was paid on Friday, December 15th. Stockholders of record on Friday, December 1st were given a dividend of $0.11 per share. The ex-dividend date of this dividend was Thursday, November 30th. This represents a $0.44 annualized dividend and a dividend yield of 0.94%. This is a boost from Agnico Eagle Mines’s previous quarterly dividend of $0.10. Agnico Eagle Mines’s dividend payout ratio (DPR) is 37.61%.
Institutional investors have recently bought and sold shares of the company. Sei Investments Co. raised its position in shares of Agnico Eagle Mines by 75.7% during the 2nd quarter. Sei Investments Co. now owns 2,260 shares of the mining company’s stock valued at $102,000 after buying an additional 974 shares in the last quarter. Pinebridge Investments L.P. purchased a new stake in shares of Agnico Eagle Mines during the 3rd quarter valued at $170,000. WFG Advisors LP raised its position in shares of Agnico Eagle Mines by 8.6% during the 2nd quarter. WFG Advisors LP now owns 3,889 shares of the mining company’s stock valued at $175,000 after buying an additional 309 shares in the last quarter. Oppenheimer & Close LLC purchased a new stake in shares of Agnico Eagle Mines during the 2nd quarter valued at $209,000. Finally, High Pointe Capital Management LLC purchased a new stake in shares of Agnico Eagle Mines during the 3rd quarter valued at $220,000. Hedge funds and other institutional investors own 58.31% of the company’s stock.
Agnico Eagle Mines Company Profile
Agnico Eagle Mines Ltd is a Canada-based gold producer with mining operations in northwestern Quebec, northern Mexico, northern Finland and Nunavut, as well as exploration activities in Canada, Europe, Latin America and the United States. It operates through the business units: Northern Business, which consists of its operations in Canada and Finland, such as the LaRonde mine, the Lapa mine, the Goldex mine, the Meadowbank mine, the Meliadine project and the Malartic Mine in Canada, as well as the Kittila mine in Finland; Southern Business, which consists of its operations in Mexico, such as the Pinos Altos mine that includes the Creston Mascota deposit and the La India mine owned by its indirect subsidiary, as well as Exploration Group, which focuses on the identification of new mineral reserves and mineral resources, and new development opportunities in gold producing regions.
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