JPMorgan Chase & Co. Issues Positive Forecast for Agnico Eagle Mines (NYSE:AEM) Stock Price

Key Points

• JPMorgan raised Agnico Eagle Mines’ price target from $190 to $193 while maintaining a “neutral” rating, implying 16.87% upside from the prior close.
• Analyst sentiment is broadly positive, with 12 Buy ratings and seven Holds giving the stock a consensus “Moderate Buy” rating and an average price target of $227.20.
• Agnico Eagle shares fell 6.1% to $165.14, despite the company beating quarterly earnings and revenue estimates; quarterly EPS was $2.62 and revenue rose 17.1% year over year.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM had its price objective increased by stock analysts at JPMorgan Chase & Co. from $190.00 to $193.00 in a report released on Friday, Benzinga reports. The firm presently has a "neutral" rating on the mining company's stock. JPMorgan Chase & Co.'s target price indicates a potential upside of 16.87% from the stock's previous close.

A number of other analysts have also recently commented on the stock. Citigroup cut their price target 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. Royal Bank Of Canada increased their price objective 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. Scotia decreased their price objective on Agnico Eagle Mines from $280.00 to $278.00 and set a "sector outperform" rating on the stock in a research note on Friday, July 3rd. Weiss Ratings upgraded Agnico Eagle Mines from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, October 14th. Finally, Scotiabank cut their price objective on shares of Agnico Eagle Mines from $278.00 to $260.00 and set a "sector outperform" rating on the stock in a research 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 company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $227.20.

Agnico Eagle Mines Stock Down 6.1%

NYSE AEM traded down $10.78 during trading hours on Friday, reaching $165.14. 4,898,097 shares of the company traded hands, compared to its average volume of 2,618,579. The stock has a market capitalization of $83.72 billion, a PE ratio of 13.47, a PEG ratio of 2.71 and a beta of 0.64. The company has a 50 day moving average of $193.66 and a two-hundred day moving average of $189.62. The company has a current ratio of 2.86, a quick ratio of 2.02 and a debt-to-equity ratio of 0.01. 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 earnings results 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. The company had revenue of $3.54 billion for the quarter, compared to the consensus estimate of $3.51 billion. Agnico Eagle Mines had a net margin of 41.01% and a return on equity of 22.31%. The company's revenue was up 17.1% on a year-over-year basis. During the same period in the previous year, the business earned $2.10 EPS. As a group, equities analysts expect that Agnico Eagle Mines will post 11.47 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Deutsche Bank AG bought a new stake in Agnico Eagle Mines in the second quarter valued at $1,362,158,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Agnico Eagle Mines during the second quarter valued at about $927,602,000. Bank of America Corp DE acquired a new stake in Agnico Eagle Mines in the 2nd quarter worth approximately $844,096,000. The Manufacturers Life Insurance Company lifted its stake in shares of Agnico Eagle Mines by 9.0% in the 1st quarter. The Manufacturers Life Insurance Company now owns 4,091,837 shares of the mining company's stock valued at $829,916,000 after purchasing an additional 338,486 shares during the period. Finally, TD Waterhouse Canada Inc. raised its position in shares of Agnico Eagle Mines by 3.7% in the third quarter. TD Waterhouse Canada Inc. now owns 3,655,707 shares of the mining company's stock valued at $659,679,000 after buying an additional 131,514 shares during the last quarter. 68.34% of the stock is owned by institutional investors and hedge funds.

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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