Agnico Eagle Mines (TSE:AEM) Reaches New 52-Week High Following Dividend Announcement

Key Points

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Agnico Eagle Mines Limited (TSE:AEM - Get Free Report) NYSE: AEM's share price reached a new 52-week high during trading on Thursday following a dividend announcement from the company. The stock traded as high as C$178.40 and last traded at C$175.15, with a volume of 294316 shares trading hands. The stock had previously closed at C$170.70.The newly announced dividend which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 0.93%. Agnico Eagle Mines's dividend payout ratio (DPR) is 76.24%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Stifel Nicolaus raised their target price on shares of Agnico Eagle Mines from C$185.00 to C$195.00 in a research note on Monday, April 28th. Raymond James Financial upgraded shares of Agnico Eagle Mines to a "moderate buy" rating in a research report on Monday, June 30th. TD Securities raised Agnico Eagle Mines to a "strong-buy" rating in a research note on Thursday, July 17th. Cfra Research upgraded Agnico Eagle Mines to a "strong-buy" rating in a report on Friday, April 25th. Finally, BMO Capital Markets upgraded shares of Agnico Eagle Mines to a "strong-buy" rating in a report on Tuesday, April 15th. One research analyst has rated the stock with a hold rating, two have assigned a buy rating and five have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Strong Buy" and an average target price of C$163.33.

Agnico Eagle Mines Stock Performance

The company has a quick ratio of 0.89, a current ratio of 1.75 and a debt-to-equity ratio of 7.88. The firm has a market capitalization of C$60.95 billion, a P/E ratio of 60.57, a price-to-earnings-growth ratio of 22.97 and a beta of 1.10. The company's 50 day moving average is C$165.31 and its 200-day moving average is C$152.99.

Insider Buying and Selling

In other news, Senior Officer Ammar Al-Joundi sold 20,000 shares of the company's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of C$169.00, for a total value of C$3,379,960.00. Also, Senior Officer Jean Robitaille sold 11,904 shares of the stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of C$170.50, for a total transaction of C$2,029,632.00. Insiders have sold 40,432 shares of company stock worth $6,817,958 over the last three months. Company insiders own 0.08% of the company's stock.

About Agnico Eagle Mines

Agnico Eagle Mines is a gold miner operating mines in Canada, Mexico, and Finland. It also owns 50% of the Canadian Malartic mine. Agnico operated just one mine, LaRonde, as recently as 2008 before bringing its other mines on line in rapid succession in the following years. The company produced more than 1.7 million gold ounces in 2020.

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