Agnico Eagle Mines (NYSE:AEM) Upgraded to "Buy" at Freedom Broker

Key Points

• Freedom Broker upgraded Agnico Eagle Mines to “Buy” from “Hold” and set a $212 price target, implying 24.55% upside from the prior close.
• Analyst sentiment is broadly positive, with 13 Buy ratings and six Holds producing a consensus “Moderate Buy” rating and an average target price of $227.
• Agnico Eagle reported quarterly EPS of $2.62, exceeding estimates of $2.47, while revenue rose 17.1% year over year to $3.54 billion.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM was upgraded by analysts at Freedom Broker from a "hold" rating to a "buy" rating in a note issued to investors on Monday, Benzinga reports. The brokerage presently has a $212.00 price objective on the mining company's stock. Freedom Broker's price objective points to a potential upside of 24.55% from the stock's previous close.

AEM has been the subject of several other reports. Bank of America dropped their target price on shares of Agnico Eagle Mines from $302.00 to $240.00 and set a "buy" rating for the company in a research report on Thursday, July 9th. Raymond James Financial decreased their price objective on shares of Agnico Eagle Mines from $230.00 to $225.00 and set an "outperform" rating on the stock in a research note on Friday, September 4th. RBC Dominion Securities set a $225.00 price objective on shares of Agnico Eagle Mines and gave the company a "sector perform" rating in a research report on Thursday, October 22nd. Zacks Research upgraded Agnico Eagle Mines from a "strong sell" rating to a "hold" rating in a research note on Monday, September 7th. Finally, UBS Group raised their target price on Agnico Eagle Mines from $170.00 to $190.00 and gave the company a "neutral" rating in a report on Thursday, October 8th. Thirteen analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $227.00.

Agnico Eagle Mines Price Performance

Shares of NYSE:AEM traded up $4.83 during trading on Monday, reaching $170.21. 2,062,404 shares of the company traded hands, compared to its average volume of 2,615,940. The company's 50 day moving average is $192.73 and its two-hundred day moving average is $189.47. The firm has a market capitalization of $86.29 billion, a PE ratio of 13.88, a PEG ratio of 2.46 and a beta of 0.64. The company has a quick ratio of 1.90, a current ratio of 2.75 and a debt-to-equity ratio of 0.01. Agnico Eagle Mines has a 52 week low of $134.38 and a 52 week high of $255.24.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last issued its quarterly earnings results on Wednesday, October 28th. The mining company reported $2.62 EPS for the quarter, topping analysts' consensus estimates of $2.47 by $0.15. The company had revenue of $3.54 billion for the quarter, compared to analysts' expectations of $3.51 billion. Agnico Eagle Mines had a return on equity of 21.68% and a net margin of 41.01%. Agnico Eagle Mines's revenue was up 17.1% on a year-over-year basis. During the same quarter last year, the business earned $2.10 earnings per share. As a group, sell-side analysts predict that Agnico Eagle Mines will post 11.40 earnings per share for the current year.

Hedge Funds Weigh In On Agnico Eagle Mines

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Fortitude Family Office LLC grew its stake in shares of Agnico Eagle Mines by 600.0% during the third quarter. Fortitude Family Office LLC now owns 140 shares of the mining company's stock worth $26,000 after buying an additional 120 shares during the last quarter. Markowski Investments bought a new position in shares of Agnico Eagle Mines in the 2nd quarter valued at $29,000. Dunhill Financial LLC bought a new position in shares of Agnico Eagle Mines in the 2nd quarter valued at $31,000. Fiduciary Financial Advisors acquired a new stake in shares of Agnico Eagle Mines during the 2nd quarter valued at $32,000. Finally, Sawyer & Company Inc acquired a new stake in shares of Agnico Eagle Mines during the 3rd quarter valued at $35,000. Institutional investors own 68.34% of the company's stock.

Agnico Eagle Mines Company Profile

Agnico Eagle Mines Limited NYSE: AEM is a Canadian gold mining company engaged in the exploration, development and production of gold, as well as related activities such as mineral processing and mine-site reclamation. The company’s principal product is gold, with silver and other byproducts also recovered from certain operations.

Founded in 1957 through the merger of Agnico Mines and Eagle Mines, Agnico Eagle has grown into one of the world’s largest gold producers. Its operating portfolio is concentrated in established mining regions, including the Canadian provinces of Ontario and Quebec, Nunavut in northern Canada, and Finland.

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