Raymond James Financial Has Lowered Expectations for Agnico Eagle Mines (NYSE:AEM) Stock Price

Key Points

• Raymond James lowered Agnico Eagle Mines’ price target from $230 to $225 while maintaining an “outperform” rating, implying approximately 9.9% upside from the stock’s $204.72 price.
• Analyst sentiment remains broadly positive: 12 analysts rate the stock a Buy, four rate it Hold, and one rates it Sell, resulting in a “Moderate Buy” consensus and a $226 average target.
• Agnico Eagle reported quarterly EPS of $3.05, exceeding the $2.89 consensus estimate, while revenue rose 35% year over year to $3.77 billion; institutional investors collectively own 68.34% of the company.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM had its target price lowered by stock analysts at Raymond James Financial from $230.00 to $225.00 in a research report issued to clients and investors on Friday, BayStreet reports. The firm presently has an "outperform" rating on the mining company's stock. Raymond James Financial's target price indicates a potential upside of 9.91% from the stock's current price.

A number of other research firms have also issued reports on AEM. Wall Street Zen lowered Agnico Eagle Mines from a "buy" rating to a "hold" rating in a research report on Sunday, July 12th. JPMorgan Chase & Co. upped their target price on shares of Agnico Eagle Mines from $175.00 to $179.00 and gave the stock a "neutral" rating in a research note on Monday, August 3rd. Jefferies Financial Group upgraded shares of Agnico Eagle Mines from a "hold" rating to a "buy" rating and raised their price objective for the company from $187.00 to $200.00 in a report on Monday, July 6th. Royal Bank Of Canada reduced their price objective on shares of Agnico Eagle Mines from $230.00 to $210.00 and set a "sector perform" rating for the company in a research report on Thursday, July 9th. Finally, Weiss Ratings downgraded shares of Agnico Eagle Mines from a "buy (b)" rating to a "buy (b-)" rating in a research report on Thursday, July 2nd. Twelve equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $226.00.

Agnico Eagle Mines Stock Down 1.2%

AEM stock traded down $2.41 on Friday, hitting $204.72. 1,137,218 shares of the company's stock were exchanged, compared to its average volume of 2,806,905. Agnico Eagle Mines has a 12-month low of $134.38 and a 12-month high of $255.24. 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 stock has a market cap of $103.77 billion, a P/E ratio of 17.53, a price-to-earnings-growth ratio of 2.45 and a beta of 0.67. The firm has a 50 day moving average price of $168.77 and a two-hundred day moving average price of $186.93.

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 EPS for the quarter, topping analysts' consensus estimates of $2.89 by $0.16. The firm had revenue of $3.77 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 company's revenue was up 35.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.94 earnings per share. As a group, equities research analysts expect that Agnico Eagle Mines will post 11.56 EPS for the current fiscal year.

Institutional Investors Weigh In On Agnico Eagle Mines

Institutional investors have recently added to or reduced their stakes in the company. Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in shares of Agnico Eagle Mines by 1.1% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 5,266 shares of the mining company's stock valued at $893,000 after acquiring an additional 59 shares during the period. PNC Financial Services Group Inc. boosted its holdings in Agnico Eagle Mines by 0.4% in the fourth quarter. PNC Financial Services Group Inc. now owns 14,284 shares of the mining company's stock worth $2,422,000 after purchasing an additional 63 shares during the period. Syon Capital LLC grew its position in shares of Agnico Eagle Mines by 1.8% during the 4th quarter. Syon Capital LLC now owns 3,675 shares of the mining company's stock valued at $623,000 after buying an additional 65 shares during the last quarter. CIBC Private Wealth Group LLC lifted its holdings in shares of Agnico Eagle Mines by 1.6% in the 4th quarter. CIBC Private Wealth Group LLC now owns 4,289 shares of the mining company's stock worth $728,000 after purchasing an additional 67 shares during the last quarter. Finally, Rossby Financial LCC lifted its stake in Agnico Eagle Mines by 1.1% in the fourth quarter. Rossby Financial LCC now owns 7,061 shares of the mining company's stock valued at $1,197,000 after buying an additional 74 shares during the last quarter. 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-based senior gold producer headquartered in Toronto, Ontario. The company is principally engaged in the exploration, development, production and reclamation of gold-bearing properties. Agnico Eagle pursues both greenfield and brownfield exploration to expand its resource base and operates a portfolio of producing mines and development projects to generate long-life gold production.

Its core business activities span the full mining lifecycle: grassroots and advanced-stage exploration, prefeasibility and feasibility studies, mine construction, underground and open-pit mining, ore processing and metal recovery, and post-mining reclamation and closure.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source