Agnico Eagle Mines (NYSE:AEM) Trading 8.9% Higher - Should You Buy?

Key Points

• Agnico Eagle Mines shares rose 8.9% to $203.59 in Wednesday trading, with the stock’s market capitalization reaching approximately $104.8 billion.
• Analysts maintain a generally positive outlook: 12 rate the stock a Buy, four a Hold and one a Sell, producing a consensus rating of “Moderate Buy” and an average price target of $226.
• The company exceeded quarterly earnings expectations, reporting $3.05 in EPS versus the $2.89 consensus estimate. Revenue increased 35% year over year to $3.77 billion, while institutional investors own 68.34% of the stock.

Shares of Agnico Eagle Mines Limited (NYSE:AEM - Get Free Report) TSE: AEM were up 8.9% during trading on Wednesday . The company traded as high as $201.86 and last traded at $203.59. Approximately 917,842 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 2,719,998 shares. The stock had previously closed at $186.94.

Wall Street Analyst Weigh In

AEM has been the topic of a number of analyst reports. Citigroup decreased their target price on shares of Agnico Eagle Mines from $256.00 to $200.00 and set a "buy" rating on the stock in a report on Monday, July 27th. TD upped their target price on Agnico Eagle Mines from $251.00 to $252.00 and gave the stock a "buy" rating in a research note on Tuesday, April 21st. Canadian Imperial Bank of Commerce set a $285.00 price target on Agnico Eagle Mines in a report on Thursday, July 16th. ATB Cormark Capital Markets raised Agnico Eagle Mines from a "hold" rating to an "outperform" rating in a report on Monday, May 4th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Agnico Eagle Mines from $175.00 to $179.00 and gave the company a "neutral" rating in a research report on Monday, August 3rd. Twelve investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $226.00.

Agnico Eagle Mines Stock Up 10.6%

The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.02 and a current ratio of 2.86. The stock's 50 day moving average price is $157.75 and its 200-day moving average price is $186.40. The company has a market cap of $104.80 billion, a PE ratio of 17.73, a PEG ratio of 2.32 and a beta of 0.61.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last posted its quarterly earnings results on Wednesday, July 29th. The mining company reported $3.05 earnings per share for the quarter, topping the consensus estimate 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 the consensus estimate of $3.78 billion. During the same period in the previous year, the firm posted $1.94 earnings per share. The firm's revenue for the quarter was up 35.0% on a year-over-year basis. On average, analysts predict that Agnico Eagle Mines Limited will post 11.56 earnings per share for the current year.

Hedge Funds Weigh In On Agnico Eagle Mines

Large investors have recently bought and sold shares of the stock. Brighton Jones LLC increased its stake in shares of Agnico Eagle Mines by 11.5% in the fourth quarter. Brighton Jones LLC now owns 3,216 shares of the mining company's stock worth $252,000 after buying an additional 331 shares during the period. AQR Capital Management LLC raised its holdings in 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 purchasing an additional 5,293 shares in the last quarter. Sivia Capital Partners LLC lifted its position 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 purchasing an additional 1,160 shares during the period. Rhumbline Advisers boosted its stake in shares of Agnico Eagle Mines by 8.0% during the 2nd quarter. Rhumbline Advisers now owns 1,810 shares of the mining company's stock valued at $215,000 after purchasing an additional 134 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased 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 valued at $110,000 after buying an additional 187 shares during the period. 68.34% of the stock is owned by hedge funds and other 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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