Bank of America Forecasts Strong Price Appreciation for Agnico Eagle Mines (NYSE:AEM) Stock

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) had its price objective raised by Bank of America from $209.00 to $226.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the mining company’s stock. Bank of America‘s price objective would suggest a potential upside of 29.38% from the company’s previous close.

Other research analysts have also recently issued research reports about the stock. Lake Street Capital reaffirmed a “buy” rating on shares of Agnico Eagle Mines in a report on Monday, June 23rd. Raymond James Financial raised their price target on shares of Agnico Eagle Mines from $155.00 to $182.00 and gave the stock an “outperform” rating in a report on Friday, October 10th. Zacks Research raised shares of Agnico Eagle Mines from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 1st. CIBC raised their price target on shares of Agnico Eagle Mines from $165.00 to $231.00 and gave the stock an “outperformer” rating in a report on Friday, October 10th. Finally, Weiss Ratings reissued a “buy (a)” rating on shares of Agnico Eagle Mines in a report on Wednesday, October 8th. Six analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, Agnico Eagle Mines currently has an average rating of “Buy” and a consensus price target of $175.20.

Agnico Eagle Mines Price Performance

Shares of AEM stock opened at $174.68 on Thursday. 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 company’s 50-day simple moving average is $153.76 and its two-hundred day simple moving average is $130.59. Agnico Eagle Mines has a one year low of $75.17 and a one year high of $187.50. The company has a market capitalization of $87.83 billion, a P/E ratio of 29.71, a P/E/G ratio of 1.23 and a beta of 0.46.

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

Institutional Trading of Agnico Eagle Mines

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Oak Harvest Investment Services grew its position in Agnico Eagle Mines by 2.4% during the third quarter. Oak Harvest Investment Services now owns 108,143 shares of the mining company’s stock valued at $18,229,000 after buying an additional 2,511 shares during the period. Optivise Advisory Services LLC acquired a new stake in Agnico Eagle Mines during the third quarter valued at $287,000. 5T Wealth LLC acquired a new stake in Agnico Eagle Mines during the third quarter valued at $271,000. Perigon Wealth Management LLC grew its position in Agnico Eagle Mines by 11.4% during the third quarter. Perigon Wealth Management LLC now owns 9,821 shares of the mining company’s stock valued at $1,655,000 after buying an additional 1,003 shares during the period. Finally, Client 1ST Advisory Group LLC acquired a new stake in Agnico Eagle Mines during the third quarter valued at $229,000. Institutional investors and hedge funds 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.