Agnico Eagle Mines (NYSE:AEM) Reaches New 52-Week High After Dividend Announcement

Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) shares hit a new 52-week high during trading on Wednesday following a dividend announcement from the company. The company traded as high as $139.80 and last traded at $139.59, with a volume of 2072439 shares traded. The stock had previously closed at $136.62.

The newly announced dividend which will be paid on Monday, September 15th. Investors of record on Wednesday, September 3rd will be paid a dividend of $0.40 per share. This represents a dividend yield of 120.0%. The ex-dividend date of this dividend is Tuesday, September 2nd. Agnico Eagle Mines’s dividend payout ratio (DPR) is currently 27.21%.

Analyst Ratings Changes

Several research analysts have commented on the company. Raymond James Financial upgraded Agnico Eagle Mines to a “moderate buy” rating and set a $130.00 price objective on the stock in a report on Monday, June 30th. TD Securities upgraded Agnico Eagle Mines to a “strong-buy” rating in a report on Thursday, July 17th. Lake Street Capital restated a “buy” rating on shares of Agnico Eagle Mines in a report on Monday, June 23rd. Bank of America raised their price objective on Agnico Eagle Mines from $170.00 to $173.00 and gave the stock a “buy” rating in a report on Monday, June 23rd. Finally, CIBC restated an “outperform” rating on shares of Agnico Eagle Mines in a report on Tuesday, July 15th. Five equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $136.90.

Agnico Eagle Mines Price Performance

The firm has a market capitalization of $70.16 billion, a P/E ratio of 23.73, a P/E/G ratio of 0.96 and a beta of 0.44. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.03 and a quick ratio of 1.16. The stock’s fifty day simple moving average is $126.30 and its 200 day simple moving average is $115.42.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last announced its earnings results on Wednesday, July 30th. The mining company reported $1.94 EPS for the quarter, topping analysts’ consensus estimates of $1.83 by $0.11. The business had revenue of $2.86 billion during the quarter, compared to the consensus estimate of $2.46 billion. Agnico Eagle Mines had a net margin of 30.63% and a return on equity of 13.79%. The firm’s revenue was up 35.6% on a year-over-year basis. During the same period in the previous year, the company posted $1.07 earnings per share. On average, equities research analysts predict that Agnico Eagle Mines Limited will post 4.63 EPS for the current year.

Institutional Trading of Agnico Eagle Mines

Hedge funds and other institutional investors have recently made changes to their positions in the business. DAVENPORT & Co LLC purchased a new stake in shares of Agnico Eagle Mines during the 1st quarter valued at $226,000. Bank of New York Mellon Corp lifted its holdings in shares of Agnico Eagle Mines by 1.2% during the 1st quarter. Bank of New York Mellon Corp now owns 485,317 shares of the mining company’s stock valued at $52,613,000 after purchasing an additional 5,717 shares during the last quarter. Private Trust Co. NA lifted its holdings in shares of Agnico Eagle Mines by 454.9% during the 1st quarter. Private Trust Co. NA now owns 283 shares of the mining company’s stock valued at $31,000 after purchasing an additional 232 shares during the last quarter. Golden State Wealth Management LLC purchased a new stake in shares of Agnico Eagle Mines during the 1st quarter valued at $34,000. Finally, Captrust Financial Advisors lifted its holdings in shares of Agnico Eagle Mines by 6.5% during the 4th quarter. Captrust Financial Advisors now owns 5,663 shares of the mining company’s stock valued at $443,000 after purchasing an additional 347 shares during the last quarter. Hedge funds and other institutional investors own 68.34% of the company’s stock.

About Agnico Eagle Mines

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.