Agnico Eagle Mines (TSE:AEM) Reaches New 52-Week High Following Dividend Announcement

Agnico Eagle Mines Limited (TSE:AEM) (NYSE:AEM)’s stock price hit a new 52-week high during trading on Wednesday following a dividend announcement from the company. The stock traded as high as C$203.97 and last traded at C$203.59, with a volume of 1915596 shares. The stock had previously closed at C$198.01.

The newly announced dividend which will be paid on Monday, September 15th. Investors of record on Monday, September 15th will be paid a $0.40 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $1.60 annualized dividend and a dividend yield of 0.8%. Agnico Eagle Mines’s payout ratio is presently 27.21%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on AEM shares. TD Securities raised Agnico Eagle Mines to a “strong-buy” rating in a research note on Thursday, July 17th. Raymond James Financial raised Agnico Eagle Mines to a “moderate buy” rating in a research note on Monday, June 30th. Five research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Strong Buy” and an average price target of C$163.33.

Agnico Eagle Mines Trading Up 2.8%

The company has a fifty day moving average of C$175.84 and a two-hundred day moving average of C$162.25. The company has a current ratio of 1.75, a quick ratio of 0.89 and a debt-to-equity ratio of 7.88. The stock has a market capitalization of C$102.27 billion, a price-to-earnings ratio of 34.62, a price-to-earnings-growth ratio of 22.97 and a beta of 0.97.

Insider Activity at Agnico Eagle Mines

In other news, Senior Officer Christopher Charles Norman Vollmershausen sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of C$170.54, for a total transaction of C$852,700.00. 0.08% of the stock is currently owned by company insiders.

About Agnico Eagle Mines

Agnico Eagle Mines is a gold miner operating mines in Canada, Mexico, and Finland. It also owns 50% of the Canadian Malartic mine. Agnico operated just one mine, LaRonde, as recently as 2008 before bringing its other mines on line in rapid succession in the following years. The company produced more than 1.7 million gold ounces in 2020.