Agnico Eagle Mines (NYSE:AEM) Sets New 52-Week High on Analyst Upgrade

Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM)’s stock price reached a new 52-week high on Monday after CIBC raised their price target on the stock from $165.00 to $231.00. CIBC currently has an outperformer rating on the stock. Agnico Eagle Mines traded as high as $172.29 and last traded at $172.11, with a volume of 2259705 shares trading hands. The stock had previously closed at $164.38.

Several other analysts have also weighed in on the stock. National Bankshares reiterated an “outperform” rating on shares of Agnico Eagle Mines in a research note on Tuesday, June 24th. Bank of America boosted their price target on shares of Agnico Eagle Mines from $170.00 to $173.00 and gave the company a “buy” rating in a research note on Monday, June 23rd. Weiss Ratings restated a “buy (a)” rating on shares of Agnico Eagle Mines in a research note on Wednesday, October 8th. TD Securities boosted their price target on shares of Agnico Eagle Mines from $154.00 to $195.00 and gave the company a “buy” rating in a research note on Wednesday, October 8th. Finally, Lake Street Capital restated a “buy” rating on shares of Agnico Eagle Mines in a research note on Monday, June 23rd. Six investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, Agnico Eagle Mines has a consensus rating of “Buy” and a consensus target price of $162.10.

Hedge Funds Weigh In On Agnico Eagle Mines

A number of hedge funds have recently bought and sold shares of AEM. Norges Bank purchased a new position in Agnico Eagle Mines during the 2nd quarter worth $938,644,000. TD Asset Management Inc increased its holdings in Agnico Eagle Mines by 42.8% during the first quarter. TD Asset Management Inc now owns 9,033,296 shares of the mining company’s stock worth $978,553,000 after buying an additional 2,709,005 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in Agnico Eagle Mines by 38.8% in the second quarter. Arrowstreet Capital Limited Partnership now owns 8,296,796 shares of the mining company’s stock worth $987,398,000 after acquiring an additional 2,319,131 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its stake in Agnico Eagle Mines by 48.3% in the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 4,528,022 shares of the mining company’s stock valued at $538,506,000 after acquiring an additional 1,474,385 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in Agnico Eagle Mines by 53.1% in the second quarter. Invesco Ltd. now owns 4,164,046 shares of the mining company’s stock valued at $495,230,000 after acquiring an additional 1,444,746 shares during the last quarter. 68.34% of the stock is owned by hedge funds and other institutional investors.

Agnico Eagle Mines Trading Up 4.7%

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 has a market capitalization of $86.54 billion, a PE ratio of 29.27, a PEG ratio of 1.09 and a beta of 0.46. The stock’s 50 day simple moving average is $150.38 and its two-hundred day simple moving average is $128.96.

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

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.