Agnico Eagle Mines (NYSE:AEM) Sets New 1-Year High - Here's Why

Key Points

• Agnico Eagle Mines reached a new 52-week high, trading at $134.93, with a significant volume of 3.34 million shares on the market.
• The company recently reported a quarterly EPS of $1.94, surpassing analysts' expectations, and their revenue increased by 35.6% year-over-year to $2.86 billion.
• Agnico Eagle Mines announced a dividend of $0.40 per share, reflecting a yield of 136.0%, with a payout ratio of 27.21%.

Agnico Eagle Mines Limited (NYSE:AEM - Get Free Report) TSE: AEM reached a new 52-week high on Wednesday . The company traded as high as $134.93 and last traded at $134.55, with a volume of 3338235 shares trading hands. The stock had previously closed at $131.39.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on AEM shares. Cfra Research upgraded shares of Agnico Eagle Mines to a "strong-buy" rating in a research report on Friday, April 25th. BMO Capital Markets started coverage on Agnico Eagle Mines in a report on Wednesday, April 16th. They issued an "outperform" rating and a $181.00 target price on the stock. Bank of America raised their target price on Agnico Eagle Mines from $170.00 to $173.00 and gave the company a "buy" rating in a report on Monday, June 23rd. Royal Bank Of Canada boosted their target price on shares of Agnico Eagle Mines from $115.00 to $145.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 4th. Finally, Lake Street Capital reaffirmed a "buy" rating on shares of Agnico Eagle Mines in a research note on Monday, June 23rd. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and five have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $136.90.

Agnico Eagle Mines Stock Down 0.1%

The company has a quick ratio of 1.16, a current ratio of 2.03 and a debt-to-equity ratio of 0.03. The firm has a market cap of $68.21 billion, a P/E ratio of 23.07, a PEG ratio of 0.94 and a beta of 0.44. The stock's 50-day simple moving average is $122.78 and its 200 day simple moving average is $111.80.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) 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, topping analysts' consensus estimates of $1.83 by $0.11. The company 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 business's revenue was up 35.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.07 EPS. As a group, research analysts forecast that Agnico Eagle Mines Limited will post 4.63 EPS for the current fiscal year.

Agnico Eagle Mines Announces Dividend

The firm also recently declared a dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 2nd were given a $0.40 dividend. The ex-dividend date of this dividend was Friday, May 30th. This represents a yield of 136.0%. Agnico Eagle Mines's dividend payout ratio (DPR) is presently 27.21%.

Hedge Funds Weigh In On Agnico Eagle Mines

Several large investors have recently added to or reduced their stakes in AEM. Capital World Investors increased its stake in shares of Agnico Eagle Mines by 41.9% during the 4th quarter. Capital World Investors now owns 13,952,061 shares of the mining company's stock worth $1,091,550,000 after purchasing an additional 4,121,164 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in shares of Agnico Eagle Mines by 3.9% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 13,441,198 shares of the mining company's stock worth $1,457,160,000 after purchasing an additional 499,362 shares during the last quarter. Deutsche Bank AG increased its stake in shares of Agnico Eagle Mines by 0.7% during the 4th quarter. Deutsche Bank AG now owns 11,916,739 shares of the mining company's stock worth $932,008,000 after purchasing an additional 87,410 shares during the last quarter. TD Asset Management Inc increased its stake in shares of Agnico Eagle Mines by 3.6% during the 2nd quarter. TD Asset Management Inc now owns 9,356,548 shares of the mining company's stock worth $1,112,500,000 after purchasing an additional 323,252 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Agnico Eagle Mines by 11.1% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 6,720,301 shares of the mining company's stock worth $728,214,000 after purchasing an additional 673,400 shares during the last quarter. Institutional investors own 68.34% of the company's stock.

Agnico Eagle Mines Company Profile

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.