Agnico Eagle Mines (TSE:AEM) Shares Pass Above 200-Day Moving Average - Here's What Happened

Key Points

• Agnico Eagle Mines shares have crossed above their 200-day moving average, reaching a high of C$184.81 before trading at C$180.61.
• Analysts are optimistic about the company's future, with five giving a Strong Buy rating and an increased price target from C$185.00 to C$195.00 by Stifel Nicolaus.
• The company has declared a quarterly dividend of C$0.40, translating to an annualized dividend yield of 0.9%, with a payout ratio of 76.24%.

Agnico Eagle Mines Limited (TSE:AEM - Get Free Report) NYSE: AEM shares crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$158.58 and traded as high as C$184.81. Agnico Eagle Mines shares last traded at C$180.61, with a volume of 555,998 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Stifel Nicolaus boosted their price objective on Agnico Eagle Mines from C$185.00 to C$195.00 in a report on Monday, April 28th. Raymond James Financial raised shares of Agnico Eagle Mines to a "moderate buy" rating in a research report on Monday, June 30th. TD Securities raised shares of Agnico Eagle Mines to a "strong-buy" rating in a research report on Thursday, July 17th. Finally, Cfra Research raised shares of Agnico Eagle Mines to a "strong-buy" rating in a research report on Friday, April 25th. Five research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, Agnico Eagle Mines presently has an average rating of "Strong Buy" and an average target price of C$163.33.

Agnico Eagle Mines Price Performance

The stock has a fifty day moving average price of C$170.59 and a 200-day moving average price of C$158.58. The firm has a market capitalization of C$63.86 billion, a PE ratio of 63.45, a P/E/G ratio of 22.97 and a beta of 1.10. The company has a debt-to-equity ratio of 7.88, a quick ratio of 0.89 and a current ratio of 1.75.

Agnico Eagle Mines Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.9%. Agnico Eagle Mines's dividend payout ratio is presently 76.24%.

Insider Activity

In other news, Senior Officer Ammar Al-Joundi sold 20,000 shares of Agnico Eagle Mines stock in a transaction on Monday, June 2nd. The stock was sold at an average price of C$169.00, for a total value of C$3,379,960.00. Also, Senior Officer Christopher Charles Norman Vollmershausen sold 5,000 shares of the stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of C$170.54, for a total transaction of C$852,700.00. In the last three months, insiders have sold 36,904 shares of company stock worth $6,262,292. 0.08% of the stock is currently owned by company insiders.

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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