Agnico Eagle Mines (NYSE:AEM) Stock Price Crosses Below 200-Day Moving Average - Should You Sell?

Key Points

• Agnico Eagle shares fell below their 200-day moving average of $188.68, trading as low as $185.86 and last at $185.93.
• Analysts maintain a Moderate Buy consensus, with 13 Buy and six Hold ratings and an average price target of $227. Recent targets include $215 from Barclays and $225 from Raymond James.
• The company beat quarterly estimates, reporting EPS of $2.62 versus $2.47 expected and revenue of $3.54 billion, up 17.1% year over year.

Agnico Eagle Mines Limited (NYSE:AEM - Get Free Report) TSE: AEM's stock price crossed below its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $188.68 and traded as low as $185.86. Agnico Eagle Mines shares last traded at $185.9250, with a volume of 1,364,710 shares changing hands.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on AEM shares. Barclays decreased their target price on Agnico Eagle Mines from $218.00 to $215.00 and set an "overweight" rating on the stock in a research report on Monday, November 2nd. Raymond James Financial dropped their price objective on shares of Agnico Eagle Mines from $230.00 to $225.00 and set an "outperform" rating for the company in a report on Friday, September 4th. Weiss Ratings raised Agnico Eagle Mines from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, October 14th. Canadian Imperial Bank of Commerce set a $239.00 price objective on Agnico Eagle Mines in a report on Friday, October 16th. Finally, Freedom Broker raised shares of Agnico Eagle Mines from a "hold" rating to a "buy" rating and set a $212.00 price target for the company in a research note on Monday, November 2nd. Thirteen investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, Agnico Eagle Mines presently has an average rating of "Moderate Buy" and a consensus target price of $227.00.

Agnico Eagle Mines Trading Down 2.4%

The company has a quick ratio of 1.90, a current ratio of 2.75 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $94.06 billion, a P/E ratio of 15.17, a price-to-earnings-growth ratio of 2.90 and a beta of 0.69. The company has a fifty day simple moving average of $188.46 and a two-hundred day simple moving average of $188.68.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last issued its quarterly earnings data 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 business had revenue of $3.54 billion during the quarter, compared to analyst estimates of $3.51 billion. Agnico Eagle Mines had a return on equity of 21.68% and a net margin of 41.01%. Agnico Eagle Mines's quarterly revenue was up 17.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.10 EPS. On average, sell-side analysts expect that Agnico Eagle Mines Limited will post 11.41 earnings per share for the current year.

Hedge Funds Weigh In On Agnico Eagle Mines

A number of large investors have recently bought and sold shares of AEM. Advisors Asset Management Inc. acquired a new stake in Agnico Eagle Mines in the 3rd quarter valued at $1,189,000. Edmond DE Rothschild Holding S.A. boosted its holdings in shares of Agnico Eagle Mines by 9.2% in the 3rd quarter. Edmond DE Rothschild Holding S.A. now owns 173,651 shares of the mining company's stock valued at $31,893,000 after buying an additional 14,664 shares during the last quarter. Alteri Wealth LLC grew its stake in shares of Agnico Eagle Mines by 58.8% in the third quarter. Alteri Wealth LLC now owns 2,227 shares of the mining company's stock valued at $408,000 after buying an additional 825 shares in the last quarter. USS Investment Management Ltd raised its position in Agnico Eagle Mines by 0.5% during the third quarter. USS Investment Management Ltd now owns 99,167 shares of the mining company's stock worth $18,212,000 after acquiring an additional 506 shares in the last quarter. Finally, Westpac Banking Corp acquired a new stake in Agnico Eagle Mines in the third quarter valued at $162,000. Institutional investors and hedge funds own 68.34% of the company's stock.

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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