Agnico Eagle Mines (NYSE:AEM) Raised to "Strong-Buy" at Zacks Research

Key Points

• Agnico Eagle Mines has been upgraded from a "hold" to a "strong-buy" rating by Zacks Research, indicating increased investor confidence.
• Several analysts have raised their price targets for the stock, with Royal Bank Of Canada setting a new target of $145.00, reflecting strong market expectations.
• The company reported a significant increase in revenue for the last quarter, with earnings per share of $1.94, beating expectations and marking a 35.6% year-over-year increase.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM was upgraded by stock analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a note issued to investors on Wednesday,Zacks.com reports.

A number of other research analysts have also commented on the stock. Royal Bank Of Canada upped their price target on shares of Agnico Eagle Mines from $115.00 to $145.00 and gave the company an "outperform" rating in a research note on Wednesday, June 4th. Lake Street Capital reissued a "buy" rating on shares of Agnico Eagle Mines in a report on Monday, June 23rd. Raymond James Financial upgraded Agnico Eagle Mines to a "moderate buy" rating and set a $130.00 price objective for the company in a research report on Monday, June 30th. CIBC restated an "outperform" rating on shares of Agnico Eagle Mines in a research report on Tuesday, July 15th. Finally, National Bankshares reissued an "outperform" rating on shares of Agnico Eagle Mines in a report on Tuesday, June 24th. Six investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $141.40.

Agnico Eagle Mines Stock Down 1.3%

AEM stock opened at $168.05 on Wednesday. The company has a market cap of $84.50 billion, a price-to-earnings ratio of 28.58, a P/E/G ratio of 1.14 and a beta of 0.46. Agnico Eagle Mines has a twelve month low of $75.17 and a twelve month high of $171.45. The business has a 50 day moving average price of $144.53 and a two-hundred day moving average price of $125.64. 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 - Get Free Report) TSE: AEM last posted its quarterly earnings results 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 firm had revenue of $2.86 billion for the quarter, compared to analyst estimates of $2.46 billion. During the same period in the prior year, the firm posted $1.07 earnings per share. The company's quarterly revenue was up 35.6% compared to the same quarter last year. Analysts anticipate that Agnico Eagle Mines will post 4.63 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Evergreen Capital Management LLC raised its holdings in shares of Agnico Eagle Mines by 0.9% during the second quarter. Evergreen Capital Management LLC now owns 8,232 shares of the mining company's stock valued at $979,000 after acquiring an additional 77 shares in the last quarter. Brown Advisory Inc. grew its holdings in Agnico Eagle Mines by 2.4% in the second quarter. Brown Advisory Inc. now owns 3,378 shares of the mining company's stock worth $402,000 after purchasing an additional 79 shares during the period. Royal London Asset Management Ltd. increased its position in Agnico Eagle Mines by 0.3% during the 2nd quarter. Royal London Asset Management Ltd. now owns 23,837 shares of the mining company's stock valued at $2,835,000 after buying an additional 79 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in Agnico Eagle Mines by 1.5% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 5,702 shares of the mining company's stock valued at $618,000 after purchasing an additional 85 shares in the last quarter. Finally, Cadinha & Co. LLC raised its holdings in Agnico Eagle Mines by 2.8% in the 2nd quarter. Cadinha & Co. LLC now owns 3,211 shares of the mining company's stock worth $382,000 after acquiring an additional 86 shares during the last quarter. Institutional investors and hedge funds own 68.34% of the company's stock.

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.

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