Agnico Eagle Mines (NYSE:AEM) Shares Gap Down - Here's Why

Key Points

• Agnico Eagle Mines shares opened sharply lower, falling from a prior close of $194.48 to $183.44 and last trading near $185.67.
• Analyst sentiment remains broadly positive, with a “Moderate Buy” consensus from 17 analysts and an average price target of $227.15, despite several recent target reductions and rating changes.
• The company reported quarterly EPS of $3.05, beating estimates of $2.89, while revenue rose 35% year over year to $3.77 billion. Institutional investors own approximately 68.34% of the stock.

Agnico Eagle Mines Limited (NYSE:AEM - Get Free Report) TSE: AEM's stock price gapped down before the market opened on Monday. The stock had previously closed at $194.48, but opened at $183.44. Agnico Eagle Mines shares last traded at $185.6740, with a volume of 389,041 shares traded.

Analysts Set New Price Targets

AEM has been the subject of a number of research reports. Wall Street Zen cut shares of Agnico Eagle Mines from a "buy" rating to a "hold" rating in a research report on Sunday, July 12th. Zacks Research raised Agnico Eagle Mines from a "strong sell" rating to a "hold" rating in a report on Monday, September 7th. Citigroup cut their target price on 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 boosted their target price on Agnico Eagle Mines from $210.00 to $225.00 and gave the company a "sector perform" rating in a report on Wednesday, September 16th. Finally, Scotiabank decreased their target price on Agnico Eagle Mines from $278.00 to $260.00 and set a "sector outperform" rating for the company in a research report on Tuesday, July 14th. Twelve equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $227.15.

Agnico Eagle Mines Stock Performance

The company has a quick ratio of 2.02, a current ratio of 2.86 and a debt-to-equity ratio of 0.01. The stock has a fifty day moving average of $184.94 and a 200-day moving average of $183.23. The stock has a market cap of $93.90 billion, a PE ratio of 15.87, a price-to-earnings-growth ratio of 2.44 and a beta of 0.67.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last posted its quarterly earnings data on Wednesday, July 29th. The mining company reported $3.05 EPS for the quarter, beating the consensus estimate of $2.89 by $0.16. Agnico Eagle Mines had a return on equity of 22.04% and a net margin of 40.44%.The firm had revenue of $3.77 billion during the quarter, compared to the consensus estimate of $3.78 billion. During the same period in the prior year, the business earned $1.94 EPS. The firm's revenue was up 35.0% compared to the same quarter last year. On average, equities analysts forecast that Agnico Eagle Mines Limited will post 11.46 EPS for the current year.

Institutional Investors Weigh In On Agnico Eagle Mines

Several large investors have recently modified their holdings of the stock. BIP Wealth LLC purchased a new position in Agnico Eagle Mines in the second quarter valued at about $1,167,000. Annex Advisory Services LLC lifted its position in shares of Agnico Eagle Mines by 70.5% during the 2nd quarter. Annex Advisory Services LLC now owns 29,007 shares of the mining company's stock valued at $4,500,000 after acquiring an additional 11,995 shares during the period. K.J. Harrison & Partners Inc purchased a new stake in shares of Agnico Eagle Mines during the 2nd quarter worth approximately $6,923,000. PensionDanmark Pensionsforsikringsaktieselskab boosted its stake in shares of Agnico Eagle Mines by 12.0% during the 2nd quarter. PensionDanmark Pensionsforsikringsaktieselskab now owns 103,312 shares of the mining company's stock worth $16,046,000 after acquiring an additional 11,100 shares in the last quarter. Finally, Danske Bank A S acquired a new stake in shares of Agnico Eagle Mines in the 2nd quarter worth approximately $737,000. Hedge funds and other institutional investors own 68.34% of the company's stock.

About Agnico Eagle Mines

Agnico Eagle Mines Limited is a Canadian-based gold mining company engaged in the exploration, development and production of gold and other mineral resources. The company's primary product is gold, with silver and other byproducts also recovered from certain operations. Its activities include operating mines, advancing development projects and conducting exploration to expand and replace mineral reserves.

Founded in 1957 through the merger of Agnico Mines and Eagle Mines, Agnico Eagle has grown into one of the world's major gold producers.

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.