JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Agnico Eagle Mines (NYSE:AEM) Stock

Key Points

• JPMorgan raised Agnico Eagle Mines’ price target from $179 to $190 while maintaining a neutral rating, implying roughly 1.6% upside from the prior close.
• Analyst sentiment remains broadly positive: 13 analysts rate the stock Buy and four rate it Hold, producing a “Moderate Buy” consensus rating and an average target price of $225.23.
• Agnico Eagle reported quarterly earnings of $3.05 per share, exceeding estimates of $2.89, while revenue rose 35% year over year to $3.80 billion.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM had its price objective hoisted by equities research analysts at JPMorgan Chase & Co. from $179.00 to $190.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has a "neutral" rating on the mining company's stock. JPMorgan Chase & Co.'s price target would suggest a potential upside of 1.59% from the stock's previous close.

A number of other equities research analysts have also weighed in on the stock. Weiss Ratings upgraded shares of Agnico Eagle Mines from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, October 14th. Barclays boosted their price objective on shares of Agnico Eagle Mines from $188.00 to $218.00 and gave the company an "overweight" rating in a research report on Monday. Scotiabank dropped their target price on shares of Agnico Eagle Mines from $278.00 to $260.00 and set a "sector outperform" rating on the stock in a research note on Tuesday, July 14th. Citigroup reduced their target price on shares of Agnico Eagle Mines from $256.00 to $200.00 and set a "buy" rating on the stock in a research report on Monday, July 27th. Finally, Zacks Research raised shares of Agnico Eagle Mines from a "strong sell" rating to a "hold" rating in a research report on Monday, September 7th. Thirteen investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, Agnico Eagle Mines currently has an average rating of "Moderate Buy" and a consensus target price of $225.23.

Agnico Eagle Mines Trading Up 0.4%

Agnico Eagle Mines stock traded up $0.77 during mid-day trading on Wednesday, hitting $187.02. The company's stock had a trading volume of 218,148 shares, compared to its average volume of 2,630,618. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.02 and a current ratio of 2.86. The company has a 50 day moving average of $195.42 and a 200-day moving average of $181.42. Agnico Eagle Mines has a one year low of $134.38 and a one year high of $255.24. The stock has a market cap of $94.81 billion, a PE ratio of 16.01, a P/E/G ratio of 2.75 and a beta of 0.64.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last released its earnings results on Wednesday, July 29th. The mining company reported $3.05 earnings per share for the quarter, topping the consensus estimate of $2.89 by $0.16. The business had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $3.78 billion. Agnico Eagle Mines had a return on equity of 22.04% and a net margin of 40.44%. The business's revenue for the quarter was up 35.0% compared to the same quarter last year. During the same period last year, the company earned $1.94 earnings per share. On average, research analysts anticipate that Agnico Eagle Mines will post 11.56 EPS for the current year.

Hedge Funds Weigh In On Agnico Eagle Mines

Several institutional investors have recently made changes to their positions in the company. Fortitude Family Office LLC increased its position in shares of Agnico Eagle Mines by 600.0% in the third quarter. Fortitude Family Office LLC now owns 140 shares of the mining company's stock valued at $26,000 after buying an additional 120 shares in the last quarter. Markowski Investments acquired a new position in shares of Agnico Eagle Mines during the 2nd quarter worth approximately $29,000. Dunhill Financial LLC acquired a new position in shares of Agnico Eagle Mines during the 2nd quarter worth approximately $31,000. Fiduciary Financial Advisors purchased a new position in shares of Agnico Eagle Mines during the 2nd quarter valued at approximately $32,000. Finally, Allied Private Wealth LLC purchased a new position in shares of Agnico Eagle Mines during the 2nd quarter valued at approximately $36,000. Hedge funds and other institutional investors own 68.34% of the company's stock.

About Agnico Eagle Mines

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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