Agnico Eagle Mines (NYSE:AEM) Sets New 1-Year High After Analyst Upgrade

Key Points

• Agnico Eagle Mines reached a new 52-week high of $172.29 after CIBC raised its price target from $165.00 to $231.00, giving the stock an "outperformer" rating.
• The company reported a quarterly earnings of $1.94 per share, exceeding analysts' expectations by $0.11, with a revenue of $2.86 billion, up 35.6% year-over-year.
• Currently, 68.34% of Agnico Eagle Mines stock is owned by institutional investors, reflecting strong interest in the company among large investors.

Agnico Eagle Mines Limited (NYSE:AEM - Get Free Report) TSE: AEM reached a new 52-week high on Monday after CIBC raised their price target on the stock from $165.00 to $231.00. CIBC currently has an outperformer rating on the stock. Agnico Eagle Mines traded as high as $172.29 and last traded at $172.11, with a volume of 2259705 shares changing hands. The stock had previously closed at $164.38.

Other research analysts have also issued research reports about the company. Weiss Ratings reaffirmed a "buy (a)" rating on shares of Agnico Eagle Mines in a research report on Wednesday, October 8th. 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 research note on Monday, June 23rd. Raymond James Financial upped their price target on Agnico Eagle Mines from $155.00 to $182.00 and gave the stock an "outperform" rating in a research note on Friday. TD Securities upped their price target on Agnico Eagle Mines from $154.00 to $195.00 and gave the stock a "buy" rating in a research note on Wednesday, October 8th. Finally, National Bankshares reaffirmed an "outperform" rating on shares of Agnico Eagle Mines in a research note on Tuesday, June 24th. Six equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $162.10.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Ameritas Advisory Services LLC purchased a new position in Agnico Eagle Mines during the second quarter valued at $25,000. MJT & Associates Financial Advisory Group Inc. bought a new stake in shares of Agnico Eagle Mines during the 1st quarter valued at about $26,000. Cary Street Partners Investment Advisory LLC purchased a new position in Agnico Eagle Mines during the first quarter valued at $26,000. Twin Peaks Wealth Advisors LLC purchased a new position in shares of Agnico Eagle Mines in the second quarter valued at about $29,000. Finally, City State Bank lifted its position in shares of Agnico Eagle Mines by 69.2% in the second quarter. City State Bank now owns 269 shares of the mining company's stock valued at $32,000 after acquiring an additional 110 shares in the last quarter. Hedge funds and other institutional investors own 68.34% of the company's stock.

Agnico Eagle Mines Stock Up 4.7%

The company has a 50-day moving average price of $149.57 and a 200 day moving average price of $128.51. The firm has a market capitalization of $86.54 billion, a PE ratio of 29.27, a P/E/G ratio of 1.09 and a beta of 0.46. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.03 and a quick ratio of 1.16.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last posted its earnings results on Wednesday, July 30th. The mining company reported $1.94 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 the consensus estimate of $2.46 billion. Agnico Eagle Mines had a return on equity of 13.79% and a net margin of 30.63%.The firm's revenue for the quarter was up 35.6% on a year-over-year basis. During the same period in the previous year, the business earned $1.07 earnings per share. Analysts forecast that Agnico Eagle Mines Limited will post 4.63 earnings per share for the current year.

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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