Agnico Eagle Mines (TSE:AEM) Shares Break Above 200-Day Moving Average - Here's What Happened

Key Points

• Agnico Eagle Mines shares broke above their 200-day moving average, reaching C$270.62 before closing at C$264.04, compared with the 200-day average of C$253.45.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a C$295.33 target price, despite several firms recently cutting their targets.
• The company reported C$4.33 in quarterly EPS on C$5.53 billion in revenue and declared a quarterly dividend of C$0.45, equivalent to a 0.7% annual yield.

Agnico Eagle Mines Limited (TSE:AEM - Get Free Report) NYSE: AEM's stock price crossed above its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of C$253.45 and traded as high as C$270.62. Agnico Eagle Mines shares last traded at C$264.04, with a volume of 652,568 shares trading hands.

Wall Street Analyst Weigh In

AEM has been the subject of several analyst reports. Jefferies Financial Group raised shares of Agnico Eagle Mines from a "hold" rating to a "strong-buy" rating in a report on Monday, July 6th. Stifel Nicolaus decreased their target price on shares of Agnico Eagle Mines from C$350.00 to C$310.00 in a research note on Friday, July 17th. Barclays lowered their price target on shares of Agnico Eagle Mines from C$298.00 to C$266.00 in a report on Thursday, July 16th. Finally, National Bank Financial dropped their price target on shares of Agnico Eagle Mines from C$350.00 to C$275.00 and set an "outperform" rating for the company in a research report on Tuesday, July 14th. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of C$295.33.

Agnico Eagle Mines Price Performance

The company has a market cap of C$133.70 billion, a P/E ratio of 22.61, a P/E/G ratio of 22.97 and a beta of 2.00. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.89 and a current ratio of 2.86. The firm's fifty day moving average is C$271.76 and its two-hundred day moving average is C$253.45.

Agnico Eagle Mines (TSE:AEM - Get Free Report) NYSE: AEM last issued its quarterly earnings results on Wednesday, July 29th. The company reported C$4.33 earnings per share (EPS) for the quarter. The business had revenue of C$5.53 billion during the quarter. Agnico Eagle Mines had a return on equity of 22.69% and a net margin of 40.45%. As a group, analysts anticipate that Agnico Eagle Mines Limited will post 5.50 earnings per share for the current fiscal year.

Agnico Eagle Mines Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 15th were paid a $0.45 dividend. The ex-dividend date of this dividend was Tuesday, September 1st. This represents a $1.80 dividend on an annualized basis and a dividend yield of 0.7%. Agnico Eagle Mines's dividend payout ratio is 14.55%.

Insider Buying and Selling at Agnico Eagle Mines

In related news, Director John Merfyn Roberts sold 1,500 shares of the stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of C$273.35, for a total transaction of C$410,025.00. Following the completion of the sale, the director owned 16,182 shares in the company, valued at approximately C$4,423,349.70. This trade represents a 8.48% decrease in their ownership of the stock. 0.08% of the stock is currently owned by company insiders.

About Agnico Eagle Mines

Canadian-based and led, Agnico Eagle is Canada's largest mining company and the second largest gold producer in the world, operating mines in Canada, Australia, Finland and Mexico. The Company is advancing a pipeline of high-quality development projects in these regions to support sustainable growth over the next decade. Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading sustainability practices. Agnico Eagle was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.

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