Agnico Eagle Mines (NYSE:AEM) Issues Earnings Results

Agnico Eagle Mines (NYSE:AEM – Get Rating) (TSE:AEM) issued its earnings results on Thursday. The mining company reported $0.61 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.22, MarketWatch Earnings reports. The business had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.25 billion. Agnico Eagle Mines had a return on equity of 11.16% and a net margin of 12.22%. The firm’s revenue for the quarter was up 39.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.67 earnings per share.

Agnico Eagle Mines stock traded up $2.38 during trading on Friday, hitting $58.23. 4,582,820 shares of the company were exchanged, compared to its average volume of 2,702,284. The business’s 50 day moving average is $60.05 and its 200 day moving average is $54.87. Agnico Eagle Mines has a 52 week low of $45.42 and a 52 week high of $74.50. The company has a market capitalization of $14.30 billion, a P/E ratio of 30.17, a PEG ratio of 26.13 and a beta of 0.86. The company has a current ratio of 1.71, a quick ratio of 0.56 and a debt-to-equity ratio of 0.24.

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 15th. Investors of record on Monday, March 7th were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, March 4th. This represents a $1.60 annualized dividend and a yield of 2.75%. This is an increase from Agnico Eagle Mines’s previous quarterly dividend of $0.35. Agnico Eagle Mines’s dividend payout ratio is 82.90%.

A number of hedge funds have recently bought and sold shares of the business. Morgan Stanley boosted its position in Agnico Eagle Mines by 45.8% in the second quarter. Morgan Stanley now owns 1,472,959 shares of the mining company’s stock worth $89,040,000 after purchasing an additional 462,968 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Agnico Eagle Mines by 1.2% in the third quarter. Bank of New York Mellon Corp now owns 291,580 shares of the mining company’s stock worth $15,119,000 after purchasing an additional 3,501 shares during the last quarter. LPL Financial LLC boosted its position in Agnico Eagle Mines by 12.2% in the fourth quarter. LPL Financial LLC now owns 48,308 shares of the mining company’s stock worth $2,567,000 after purchasing an additional 5,238 shares during the last quarter. Stifel Financial Corp boosted its position in Agnico Eagle Mines by 2.5% in the fourth quarter. Stifel Financial Corp now owns 34,036 shares of the mining company’s stock worth $1,808,000 after purchasing an additional 837 shares during the last quarter. Finally, NEXT Financial Group Inc boosted its position in Agnico Eagle Mines by 133.5% in the fourth quarter. NEXT Financial Group Inc now owns 15,239 shares of the mining company’s stock worth $810,000 after purchasing an additional 8,714 shares during the last quarter. 64.62% of the stock is currently owned by institutional investors and hedge funds.

A number of equities research analysts have weighed in on AEM shares. BMO Capital Markets lowered their target price on Agnico Eagle Mines from $93.00 to $88.00 in a report on Friday, February 25th. TheStreet upgraded Agnico Eagle Mines from a “c+” rating to a “b” rating in a report on Wednesday, March 23rd. Canaccord Genuity Group decreased their price objective on Agnico Eagle Mines from C$90.00 to C$84.00 and set a “buy” rating for the company in a report on Tuesday, March 1st. Raymond James set a $76.00 price objective on Agnico Eagle Mines and gave the company an “outperform” rating in a report on Friday. Finally, TD Securities decreased their price objective on Agnico Eagle Mines from $65.00 to $62.00 and set a “buy” rating for the company in a report on Tuesday, March 1st. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $83.68.

Agnico Eagle Mines Company Profile (Get Rating)

Agnico Eagle Mines Limited engages in the exploration, development, and production of mineral properties in Canada, Mexico, and Finland. It operates through Northern Business and Southern Business segments. The company primarily produces and sells gold deposits, as well as explores for silver, zinc, and copper deposits.

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