Agnico Eagle Mines (NYSE:AEM) Sets New 1-Year High After Earnings Beat

Shares of Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) hit a new 52-week high during trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $64.38 and last traded at $64.38, with a volume of 14321 shares trading hands. The stock had previously closed at $63.69.

The mining company reported $0.76 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.16. Agnico Eagle Mines had a net margin of 29.29% and a return on equity of 5.54%. The business had revenue of $1.83 billion for the quarter, compared to analyst estimates of $1.78 billion. During the same quarter in the previous year, the firm posted $0.57 earnings per share. The firm’s revenue for the quarter was up 21.2% on a year-over-year basis.

Agnico Eagle Mines Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date was Thursday, February 29th. Agnico Eagle Mines’s dividend payout ratio is currently 38.93%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on AEM shares. CIBC reduced their price target on Agnico Eagle Mines from $72.00 to $69.00 and set an “outperform” rating for the company in a research report on Wednesday, February 7th. Raymond James raised their target price on shares of Agnico Eagle Mines from $66.00 to $71.00 and gave the company an “outperform” rating in a research note on Friday, January 12th. National Bank Financial reaffirmed an “outperform overweight” rating on shares of Agnico Eagle Mines in a research report on Monday, April 8th. Jefferies Financial Group lifted their price objective on shares of Agnico Eagle Mines from $54.00 to $57.00 and gave the company a “hold” rating in a research report on Monday, April 22nd. Finally, TD Securities lowered their price objective on shares of Agnico Eagle Mines from $64.00 to $62.00 and set a “buy” rating on the stock in a research note on Wednesday, February 21st. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $64.14.

Hedge Funds Weigh In On Agnico Eagle Mines

Several institutional investors and hedge funds have recently modified their holdings of the stock. Stephens Consulting LLC acquired a new position in Agnico Eagle Mines in the 1st quarter valued at about $30,000. Bruce G. Allen Investments LLC acquired a new position in shares of Agnico Eagle Mines in the fourth quarter valued at approximately $33,000. CVA Family Office LLC bought a new position in shares of Agnico Eagle Mines during the fourth quarter worth approximately $36,000. Janiczek Wealth Management LLC lifted its holdings in Agnico Eagle Mines by 406.4% during the 1st quarter. Janiczek Wealth Management LLC now owns 709 shares of the mining company’s stock worth $42,000 after purchasing an additional 569 shares during the last quarter. Finally, Annis Gardner Whiting Capital Advisors LLC bought a new stake in Agnico Eagle Mines in the 3rd quarter valued at $34,000. 68.34% of the stock is currently owned by institutional investors and hedge funds.

Agnico Eagle Mines Trading Up 0.9 %

The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.74 and a current ratio of 2.09. The stock has a market capitalization of $32.66 billion, a price-to-earnings ratio of 15.94, a price-to-earnings-growth ratio of 0.90 and a beta of 1.06. The business has a fifty day simple moving average of $56.90 and a 200 day simple moving average of $52.59.

Agnico Eagle Mines Company Profile

Agnico Eagle Mines Limited, a gold mining company, exploration, development, and production of precious metals. It explores for gold. The company's mines are located in Canada, Australia, Finland and Mexico, with exploration and development activities in Canada, Australia, Europe, Latin America, and the United States.