Agnico Eagle Mines (NYSE:AEM) Shares Gap Down After Analyst Downgrade

Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) shares gapped down before the market opened on Monday after Weiss Ratings downgraded the stock from a buy (a) rating to a buy (b+) rating. The stock had previously closed at $163.35, but opened at $156.51. Agnico Eagle Mines shares last traded at $154.16, with a volume of 820,454 shares trading hands.

Several other equities research analysts have also issued reports on AEM. CIBC lifted their price target on Agnico Eagle Mines from $165.00 to $231.00 and gave the company an “outperformer” rating in a report on Friday, October 10th. Bank of America lifted their price target on Agnico Eagle Mines from $209.00 to $226.00 and gave the company a “buy” rating in a report on Thursday, October 16th. Citigroup lifted their target price on shares of Agnico Eagle Mines from $140.00 to $198.00 and gave the company a “buy” rating in a research note on Wednesday, October 15th. Raymond James Financial lifted their target price on shares of Agnico Eagle Mines from $155.00 to $182.00 and gave the company an “outperform” rating in a research note on Friday, October 10th. Finally, TD Securities lifted their price objective 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. Five research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $184.50.

Hedge Funds Weigh In On Agnico Eagle Mines

A number of institutional investors have recently made changes to their positions in AEM. Brighton Jones LLC increased its stake in shares of Agnico Eagle Mines by 11.5% in the fourth quarter. Brighton Jones LLC now owns 3,216 shares of the mining company’s stock worth $252,000 after purchasing an additional 331 shares during the period. Golden State Wealth Management LLC bought a new position in Agnico Eagle Mines in the 1st quarter worth approximately $34,000. Sequoia Financial Advisors LLC increased its position in Agnico Eagle Mines by 29.0% in the 1st quarter. Sequoia Financial Advisors LLC now owns 3,807 shares of the mining company’s stock worth $413,000 after buying an additional 856 shares during the period. Allspring Global Investments Holdings LLC increased its position in Agnico Eagle Mines by 0.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 507,856 shares of the mining company’s stock worth $55,038,000 after acquiring an additional 3,334 shares during the period. Finally, KBC Group NV bought a new position in Agnico Eagle Mines during the first quarter worth $1,638,000. 68.34% of the stock is currently owned by institutional investors.

Agnico Eagle Mines Price Performance

The stock’s 50-day moving average is $157.43 and its 200-day moving average is $133.54. The firm has a market cap of $77.96 billion, a P/E ratio of 26.37, a price-to-earnings-growth ratio of 0.73 and a beta of 0.46. The company has a quick ratio of 1.16, a current ratio of 2.03 and a debt-to-equity ratio of 0.03.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last posted its quarterly earnings data on Wednesday, July 30th. The mining company reported $1.94 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $2.86 billion for the quarter, compared to the consensus estimate of $2.46 billion. During the same quarter in the previous year, the firm posted $1.07 EPS. The business’s revenue was up 35.6% compared to the same quarter last year. As a group, equities analysts anticipate that Agnico Eagle Mines Limited will post 4.63 EPS for the current fiscal 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.