Barclays Issues Pessimistic Forecast for Agnico Eagle Mines (NYSE:AEM) Stock Price

Key Points

• Barclays lowered its price target for Agnico Eagle Mines from $218 to $215 while maintaining an “overweight” rating, implying roughly 26% upside from the prior close.
• Analyst sentiment remains broadly positive: AEM has a consensus “Moderate Buy” rating and an average price target of $227, despite varied targets from other brokerages.
• AEM reported quarterly EPS of $2.62, exceeding the $2.47 estimate, while revenue rose 17.1% year over year to $3.54 billion. Institutional investors own approximately 68.34% of the company.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM had its target price lowered by equities researchers at Barclays from $218.00 to $215.00 in a report released on Monday, Benzinga reports. The firm presently has an "overweight" rating on the mining company's stock. Barclays's target price indicates a potential upside of 26.35% from the company's previous close.

Several other brokerages have also recently weighed in on AEM. Royal Bank Of Canada boosted their target price on Agnico Eagle Mines from $210.00 to $225.00 and gave the stock a "sector perform" rating in a report on Wednesday, September 16th. Canadian Imperial Bank of Commerce set a $239.00 price target on Agnico Eagle Mines in a report on Friday, October 16th. UBS Group lifted their price objective on Agnico Eagle Mines from $170.00 to $190.00 and gave the stock a "neutral" rating in a research report on Thursday, October 8th. Bank of America lowered their price objective on Agnico Eagle Mines from $302.00 to $240.00 and set a "buy" rating on the stock in a research note on Thursday, July 9th. Finally, Scotiabank dropped their target price on Agnico Eagle Mines from $278.00 to $260.00 and set a "sector outperform" rating for the company in a report on Tuesday, July 14th. Twelve investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $227.00.

Agnico Eagle Mines Price Performance

Shares of NYSE:AEM traded up $4.78 during midday trading on Monday, hitting $170.16. The company's stock had a trading volume of 1,223,514 shares, compared to its average volume of 2,611,713. The business's 50 day simple moving average is $192.73 and its 200 day simple moving average is $189.47. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.90 and a current ratio of 2.75. The company has a market cap of $86.26 billion, a P/E ratio of 13.87, a price-to-earnings-growth ratio of 2.46 and a beta of 0.64. Agnico Eagle Mines has a 12-month low of $134.38 and a 12-month high of $255.24.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last announced its quarterly earnings data on Wednesday, October 28th. The mining company reported $2.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.47 by $0.15. Agnico Eagle Mines had a net margin of 41.01% and a return on equity of 21.68%. The company had revenue of $3.54 billion during the quarter, compared to analysts' expectations of $3.51 billion. During the same quarter in the prior year, the company earned $2.10 EPS. Agnico Eagle Mines's revenue was up 17.1% compared to the same quarter last year. On average, analysts forecast that Agnico Eagle Mines will post 11.40 EPS for the current year.

Institutional Trading of Agnico Eagle Mines

A number of hedge funds and other institutional investors have recently made changes to their positions in AEM. Compass Financial Management LLC acquired a new position in shares of Agnico Eagle Mines in the 3rd quarter valued at $57,000. Provenance Wealth Advisors LLC raised its holdings in Agnico Eagle Mines by 55.8% in the 3rd quarter. Provenance Wealth Advisors LLC now owns 2,866 shares of the mining company's stock valued at $525,000 after buying an additional 1,026 shares during the period. IPG Investment Advisors LLC raised its holdings in Agnico Eagle Mines by 77.3% in the 3rd quarter. IPG Investment Advisors LLC now owns 3,900 shares of the mining company's stock valued at $715,000 after buying an additional 1,700 shares during the period. McAlvany Wealth Management LLC lifted its position in Agnico Eagle Mines by 23.9% in the third quarter. McAlvany Wealth Management LLC now owns 45,995 shares of the mining company's stock valued at $8,430,000 after buying an additional 8,887 shares during the last quarter. Finally, Walled Lake Planning & Wealth Management LLC acquired a new position in Agnico Eagle Mines in the third quarter valued at about $219,000. Institutional investors and hedge funds 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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