Agnico Eagle Mines Limited (NYSE:AEM) to Issue Quarterly Dividend of $0.45

Key Points

• Agnico Eagle Mines declared a quarterly dividend of $0.45 per share, payable September 15 to shareholders of record on September 1. The dividend is annualized at $1.80 per share and yields approximately 0.9%.
• The dividend appears well covered, with a current payout ratio of 28% and an expected future payout ratio of 16%, based on projected earnings of $11.25 per share.
• The company reported quarterly earnings of $3.05 per share, beating estimates of $2.89, while revenue rose 35% year over year to $3.77 billion. Analysts maintain a consensus “Moderate Buy” rating with a $226 price target.

Agnico Eagle Mines Limited (NYSE:AEM - Get Free Report) TSE: AEM announced a quarterly dividend on Thursday, February 12th. Shareholders of record on Tuesday, September 1st will be given a dividend of 0.45 per share by the mining company on Tuesday, September 15th. This represents a c) annualized dividend and a yield of 0.9%. The ex-dividend date is Tuesday, September 1st.

Agnico Eagle Mines has decreased its dividend payment by an average of 0.0%per year over the last three years. Agnico Eagle Mines has a payout ratio of 28.0% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Agnico Eagle Mines to earn $11.25 per share next year, which means the company should continue to be able to cover its $1.80 annual dividend with an expected future payout ratio of 16.0%.

Agnico Eagle Mines Stock Performance

Shares of AEM stock opened at $206.41 on Friday. The company's fifty day simple moving average is $165.50 and its 200-day simple moving average is $187.44. Agnico Eagle Mines has a 52 week low of $134.38 and a 52 week high of $255.24. The company has a current ratio of 2.86, a quick ratio of 2.02 and a debt-to-equity ratio of 0.01. The company has a market cap of $104.63 billion, a PE ratio of 17.66, a P/E/G ratio of 2.56 and a beta of 0.60.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last posted its earnings results on Wednesday, July 29th. The mining company reported $3.05 earnings per share for the quarter, beating the consensus estimate of $2.89 by $0.16. Agnico Eagle Mines had a net margin of 40.44% and a return on equity of 22.04%. The business had revenue of $3.77 billion for the quarter, compared to analyst estimates of $3.78 billion. During the same quarter in the previous year, the business posted $1.94 EPS. The business's quarterly revenue was up 35.0% on a year-over-year basis. As a group, equities research analysts anticipate that Agnico Eagle Mines will post 11.56 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Weiss Ratings cut Agnico Eagle Mines from a "buy (b)" rating to a "buy (b-)" rating in a research note on Thursday, July 2nd. Jefferies Financial Group upgraded Agnico Eagle Mines from a "hold" rating to a "buy" rating and raised their target price for the company from $187.00 to $200.00 in a report on Monday, July 6th. Zacks Research lowered Agnico Eagle Mines from a "hold" rating to a "strong sell" rating in a research report on Friday, July 17th. ATB Cormark Capital Markets upgraded Agnico Eagle Mines from a "hold" rating to an "outperform" rating in a report on Monday, May 4th. Finally, Canadian Imperial Bank of Commerce set a $285.00 price objective on shares of Agnico Eagle Mines in a research report on Thursday, July 16th. Twelve analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Agnico Eagle Mines currently has an average rating of "Moderate Buy" and a consensus price target of $226.00.

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.

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