Agnico Eagle Mines (NYSE:AEM) Given New $179.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan raised Agnico Eagle Mines’ price target from $175 to $179 while maintaining a “neutral” rating, implying 22.54% upside from the prior close.
• Analyst sentiment is broadly positive, with 12 Buy, four Hold and one Sell rating; the consensus rating is “Moderate Buy” with a target price of $226.
• Agnico Eagle reported quarterly EPS of $3.05, beating estimates of $2.89, while revenue rose 35% year over year to $3.77 billion.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM had its price target raised by stock analysts at JPMorgan Chase & Co. from $175.00 to $179.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a "neutral" rating on the mining company's stock. JPMorgan Chase & Co.'s price objective would suggest a potential upside of 22.54% from the stock's previous close.

Several other brokerages have also issued reports on AEM. Jefferies Financial Group raised Agnico Eagle Mines from a "hold" rating to a "buy" rating and upped their price target for the company from $187.00 to $200.00 in a research note on Monday, July 6th. UBS Group cut their target price on shares of Agnico Eagle Mines from $210.00 to $170.00 and set a "neutral" rating on the stock in a research report on Tuesday, June 30th. ATB Cormark Capital Markets raised shares of Agnico Eagle Mines from a "hold" rating to an "outperform" rating in a research note on Monday, May 4th. Weiss Ratings downgraded shares of Agnico Eagle Mines from a "buy (b)" rating to a "buy (b-)" rating in a research note on Thursday, July 2nd. Finally, Royal Bank Of Canada cut their price objective on shares of Agnico Eagle Mines from $230.00 to $210.00 and set a "sector perform" rating on the stock in a report on Thursday, July 9th. Twelve analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $226.00.

Agnico Eagle Mines Price Performance

Shares of AEM stock traded up $0.81 during trading hours on Monday, reaching $146.08. 309,685 shares of the company were exchanged, compared to its average volume of 2,672,712. Agnico Eagle Mines has a fifty-two week low of $126.93 and a fifty-two week high of $255.24. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.86 and a quick ratio of 2.02. The stock's fifty day moving average is $157.36 and its two-hundred day moving average is $189.12. The company has a market cap of $74.03 billion, a price-to-earnings ratio of 12.55, a P/E/G ratio of 1.79 and a beta of 0.61.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last issued its quarterly earnings results on Wednesday, July 29th. The mining company reported $3.05 earnings per share for the quarter, beating analysts' consensus estimates of $2.89 by $0.16. Agnico Eagle Mines had a net margin of 40.44% and a return on equity of 22.04%. The business had revenue of $3.77 billion during the quarter, compared to analyst estimates of $3.78 billion. During the same quarter last year, the business posted $1.94 earnings per share. Agnico Eagle Mines's revenue for the quarter was up 35.0% compared to the same quarter last year. Sell-side analysts forecast that Agnico Eagle Mines will post 11.76 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Acumen Wealth Advisors LLC bought a new position in shares of Agnico Eagle Mines during the 4th quarter valued at about $26,000. Jessup Wealth Management Inc acquired a new stake in Agnico Eagle Mines during the 4th quarter worth approximately $35,000. Allied Private Wealth LLC acquired a new stake in Agnico Eagle Mines during the 2nd quarter worth approximately $36,000. Banque Cantonale Vaudoise bought a new position in Agnico Eagle Mines in the fourth quarter valued at approximately $39,000. Finally, University of Texas Texas AM Investment Management Co. lifted its stake in Agnico Eagle Mines by 64.7% in the fourth quarter. University of Texas Texas AM Investment Management Co. now owns 229 shares of the mining company's stock valued at $39,000 after buying an additional 90 shares in the last quarter. 68.34% of the stock is owned by institutional investors and hedge funds.

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.

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