Agnico Eagle Mines (NYSE:AEM) Price Target Cut to $175.00 by Analysts at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. cut its price target on Agnico Eagle Mines from $222 to $175 while keeping a neutral rating, implying about 24.4% upside from the prior close.
• Other analysts have also turned more cautious recently, including UBS and Barclays lowering price targets and Wall Street Zen downgrading the stock to hold. Still, the overall consensus remains Moderate Buy with an average target price of $230.
• Agnico Eagle Mines recently reported strong quarterly results, beating earnings and revenue estimates, while the stock traded at $140.69 on Tuesday, well below its recent moving averages and 52-week high.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM had its target price reduced by equities researchers at JPMorgan Chase & Co. from $222.00 to $175.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a "neutral" rating on the mining company's stock. JPMorgan Chase & Co.'s target price suggests a potential upside of 24.38% from the stock's previous close.

Several other analysts also recently weighed in on AEM. Wall Street Zen downgraded Agnico Eagle Mines from a "buy" rating to a "hold" rating in a research note on Sunday, July 12th. UBS Group reduced their price target on Agnico Eagle Mines from $210.00 to $170.00 and set a "neutral" rating for the company in a research report on Tuesday, June 30th. Barclays decreased their price target on Agnico Eagle Mines from $210.00 to $188.00 and set an "overweight" rating for the company in a research note on Wednesday, July 15th. Scotia lowered their price target on Agnico Eagle Mines from $280.00 to $278.00 and set a "sector outperform" rating on the stock in a report on Friday, July 3rd. Finally, Weiss Ratings cut shares of Agnico Eagle Mines from a "buy (b)" rating to a "buy (b-)" rating in a research note on Thursday, July 2nd. Twelve equities research 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's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $230.00.

Agnico Eagle Mines Stock Performance

NYSE AEM traded up $4.36 on Tuesday, hitting $140.69. The stock had a trading volume of 927,714 shares, compared to its average volume of 2,681,614. The company's 50-day moving average is $164.20 and its two-hundred day moving average is $191.31. Agnico Eagle Mines has a one year low of $122.32 and a one year high of $255.24. The stock has a market cap of $71.41 billion, a price-to-earnings ratio of 13.26, a P/E/G ratio of 1.82 and a beta of 0.60. The company has a quick ratio of 2.18, a current ratio of 3.15 and a debt-to-equity ratio of 0.01.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last released its quarterly earnings results on Thursday, April 30th. The mining company reported $3.40 earnings per share for the quarter, beating analysts' consensus estimates of $3.19 by $0.21. The company had revenue of $4 billion for the quarter, compared to analysts' expectations of $3.96 billion. Agnico Eagle Mines had a return on equity of 21.09% and a net margin of 39.46%.The business's revenue for the quarter was up 66.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.53 earnings per share. On average, analysts expect that Agnico Eagle Mines will post 12.29 earnings per share for the current year.

Institutional Trading of Agnico Eagle Mines

A number of large investors have recently added to or reduced their stakes in the business. Brighton Jones LLC lifted its position in shares of Agnico Eagle Mines by 11.5% during the 4th quarter. Brighton Jones LLC now owns 3,216 shares of the mining company's stock valued at $252,000 after acquiring an additional 331 shares during the last quarter. AQR Capital Management LLC grew its holdings in shares of Agnico Eagle Mines by 36.4% in the 1st quarter. AQR Capital Management LLC now owns 19,829 shares of the mining company's stock worth $2,150,000 after acquiring an additional 5,293 shares during the last quarter. Sivia Capital Partners LLC grew its holdings in shares of Agnico Eagle Mines by 57.2% in the 2nd quarter. Sivia Capital Partners LLC now owns 3,188 shares of the mining company's stock worth $379,000 after acquiring an additional 1,160 shares during the last quarter. Rhumbline Advisers raised its position in shares of Agnico Eagle Mines by 8.0% during the second quarter. Rhumbline Advisers now owns 1,810 shares of the mining company's stock worth $215,000 after purchasing an additional 134 shares during the period. Finally, EverSource Wealth Advisors LLC raised its position in shares of Agnico Eagle Mines by 25.2% during the second quarter. EverSource Wealth Advisors LLC now owns 929 shares of the mining company's stock worth $110,000 after purchasing an additional 187 shares during the period. 68.34% of the stock is currently owned by institutional investors.

Agnico Eagle Mines Company Profile

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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