Agnico Eagle Mines (TSE:AEM) Stock Passes Above 200 Day Moving Average - Here's Why

Key Points

• Agnico Eagle Mines shares broke above their 200-day moving average, reaching C$304.71 and last trading at C$301.17, compared with the C$258.58 average.
• Analyst sentiment remains positive overall, with a “Moderate Buy” consensus and an average price target of C$295.33, although several firms recently lowered their targets while Jefferies and ATB Cormark upgraded the stock.
• The company reported quarterly EPS of C$4.33 on C$5.53 billion in revenue, alongside a quarterly dividend of $0.45 per share, equal to a 0.6% annualized yield.

Agnico Eagle Mines Limited (TSE:AEM - Get Free Report) NYSE: AEM passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$258.58 and traded as high as C$304.71. Agnico Eagle Mines shares last traded at C$301.17, with a volume of 1,805,927 shares changing hands.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on AEM shares. National Bank Financial cut their price objective on shares of Agnico Eagle Mines from C$350.00 to C$275.00 and set an "outperform" rating on the stock in a research report on Tuesday, July 14th. Stifel Nicolaus decreased their target price on shares of Agnico Eagle Mines from C$350.00 to C$310.00 in a research report on Friday, July 17th. Jefferies Financial Group raised shares of Agnico Eagle Mines from a "hold" rating to a "strong-buy" rating in a research report on Monday, July 6th. ATB Cormark Capital Markets upgraded shares of Agnico Eagle Mines from a "sector" rating to an "outperform" rating in a research note on Monday, May 4th. Finally, Barclays cut their price target on shares of Agnico Eagle Mines from C$298.00 to C$266.00 in a report on Thursday, July 16th. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of C$295.33.

Agnico Eagle Mines Price Performance

The stock has a 50 day moving average of C$227.49 and a two-hundred day moving average of C$258.58. 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 has a market capitalization of C$150.88 billion, a P/E ratio of 25.79, a P/E/G ratio of 22.97 and a beta of 1.83.

Agnico Eagle Mines (TSE:AEM - Get Free Report) NYSE: AEM last announced its earnings results on Wednesday, July 29th. The company reported C$4.33 earnings per share (EPS) for the quarter. Agnico Eagle Mines had a return on equity of 22.69% and a net margin of 40.45%.The firm had revenue of C$5.53 billion during the quarter. Sell-side analysts predict that Agnico Eagle Mines Limited will post 5.4966052 earnings per share for the current fiscal year.

Agnico Eagle Mines Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 15th were issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend was Monday, June 1st. Agnico Eagle Mines's dividend payout ratio is currently 14.55%.

Insider Activity

In related news, Director John Merfyn Roberts sold 1,000 shares of the firm's stock in a transaction on Monday, August 10th. The shares were sold at an average price of C$244.66, for a total value of C$244,660.00. Following the transaction, the director directly owned 17,682 shares in the company, valued at approximately C$4,326,078.12. This trade represents a 5.35% decrease in their position. Corporate insiders own 0.08% of the company's stock.

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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