Agnico Eagle Mines (NYSE:AEM) Price Target Lowered to $235.00 at JPMorgan Chase & Co.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) had its target price cut by JPMorgan Chase & Co. from $248.00 to $235.00 in a research report sent to investors on Wednesday,Benzinga reports. They currently have a neutral rating on the mining company’s stock.

Several other equities research analysts have also recently issued reports on AEM. Raymond James Financial reaffirmed an “outperform” rating and set a $225.00 price objective on shares of Agnico Eagle Mines in a research report on Wednesday, January 14th. Weiss Ratings downgraded Agnico Eagle Mines from a “buy (a-)” rating to a “buy (b)” rating in a report on Monday, January 12th. Wall Street Zen downgraded Agnico Eagle Mines from a “strong-buy” rating to a “buy” rating in a report on Saturday, January 31st. UBS Group reissued a “neutral” rating and set a $240.00 target price on shares of Agnico Eagle Mines in a research report on Friday, January 30th. Finally, Royal Bank Of Canada downgraded Agnico Eagle Mines from an “outperform” rating to a “sector perform” rating and upped their price target for the company from $185.00 to $205.00 in a report on Wednesday, December 10th. Three equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $234.91.

Agnico Eagle Mines Stock Performance

Shares of AEM opened at $220.77 on Wednesday. Agnico Eagle Mines has a 1 year low of $92.11 and a 1 year high of $225.00. The stock has a market capitalization of $110.61 billion, a PE ratio of 24.86, a PEG ratio of 0.50 and a beta of 0.63. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.31 and a current ratio of 2.02. The stock has a 50-day simple moving average of $192.63 and a 200-day simple moving average of $169.78.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last issued its quarterly earnings results on Thursday, February 12th. The mining company reported $2.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.56 by $0.13. Agnico Eagle Mines had a net margin of 37.47% and a return on equity of 18.09%. The company had revenue of $3.53 billion during the quarter, compared to the consensus estimate of $3.40 billion. During the same quarter in the previous year, the firm earned $1.26 earnings per share. The firm’s quarterly revenue was up 60.3% on a year-over-year basis. On average, analysts predict that Agnico Eagle Mines will post 4.63 earnings per share for the current fiscal year.

Agnico Eagle Mines Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Monday, March 2nd will be given a $0.45 dividend. This is a positive change from Agnico Eagle Mines’s previous quarterly dividend of $0.40. The ex-dividend date is Monday, March 2nd. This represents a $1.80 annualized dividend and a yield of 0.8%. Agnico Eagle Mines’s payout ratio is currently 18.02%.

Hedge Funds Weigh In On Agnico Eagle Mines

A number of hedge funds and other institutional investors have recently made changes to their positions in AEM. Norges Bank purchased a new position in shares of Agnico Eagle Mines in the 4th quarter valued at approximately $1,367,783,000. Capital World Investors lifted its holdings in shares of Agnico Eagle Mines by 20.0% during the third quarter. Capital World Investors now owns 20,765,804 shares of the mining company’s stock worth $3,497,470,000 after purchasing an additional 3,462,968 shares during the period. Van ECK Associates Corp grew its position in Agnico Eagle Mines by 21.6% in the 4th quarter. Van ECK Associates Corp now owns 17,225,477 shares of the mining company’s stock valued at $2,920,258,000 after buying an additional 3,062,705 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its stake in Agnico Eagle Mines by 38.8% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 8,296,796 shares of the mining company’s stock valued at $987,398,000 after buying an additional 2,319,131 shares during the period. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its position in Agnico Eagle Mines by 48.3% during the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 4,528,022 shares of the mining company’s stock worth $538,506,000 after buying an additional 1,474,385 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 (NYSE: AEM) is a Canadian-based senior gold producer headquartered in Toronto, Ontario. The company is principally engaged in the exploration, development, production and reclamation of gold-bearing properties. Agnico Eagle pursues both greenfield and brownfield exploration to expand its resource base and operates a portfolio of producing mines and development projects to generate long-life gold production.

Its core business activities span the full mining lifecycle: grassroots and advanced-stage exploration, prefeasibility and feasibility studies, mine construction, underground and open-pit mining, ore processing and metal recovery, and post-mining reclamation and closure.