Agnico Eagle Mines (TSE:AEM) Share Price Passes Above 200 Day Moving Average - Here's Why

Key Points

• Agnico Eagle Mines' stock price recently surpassed its 200-day moving average, currently trading at C$172.74 after reaching a high of C$176.50.
• Analysts have issued a consensus rating of "Strong Buy" for Agnico Eagle Mines, with a target price increase from C$185.00 to C$195.00 by Stifel Nicolaus.
• The company announced a quarterly dividend of $0.40 per share, reflecting an annual yield of 0.9% and a payout ratio of 76.24%.

Agnico Eagle Mines Limited (TSE:AEM - Get Free Report) NYSE: AEM crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of C$153.72 and traded as high as C$176.50. Agnico Eagle Mines shares last traded at C$172.74, with a volume of 900,172 shares traded.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. TD Securities upgraded shares of Agnico Eagle Mines to a "strong-buy" rating in a report on Thursday, July 17th. Cfra Research raised shares of Agnico Eagle Mines to a "strong-buy" rating in a research note on Friday, April 25th. Raymond James Financial raised shares of Agnico Eagle Mines to a "moderate buy" rating in a research note on Monday, June 30th. Stifel Nicolaus boosted their target price on shares of Agnico Eagle Mines from C$185.00 to C$195.00 in a research report on Monday, April 28th. Finally, BMO Capital Markets raised shares of Agnico Eagle Mines to a "strong-buy" rating in a research 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 assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Strong Buy" and a consensus target price of C$163.33.

Agnico Eagle Mines Price Performance

The stock's 50-day moving average is C$166.51 and its 200 day moving average is C$154.74. The stock has a market capitalization of C$65.51 billion, a PE ratio of 65.09, a P/E/G ratio of 22.97 and a beta of 1.10. The company has a quick ratio of 0.89, a current ratio of 1.75 and a debt-to-equity ratio of 7.88.

Agnico Eagle Mines Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 0.9%. Agnico Eagle Mines's dividend payout ratio is currently 76.24%.

Insider Buying and Selling

In other Agnico Eagle Mines news, Senior Officer Ammar Al-Joundi sold 20,000 shares of the stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of C$169.00, for a total transaction of C$3,379,960.00. Also, Senior Officer Jean Robitaille sold 11,904 shares of the firm's 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. In the last three months, insiders sold 36,905 shares of company stock valued at $6,262,456. Company insiders own 0.08% of the company's stock.

Agnico Eagle Mines Company Profile

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.