Royal Bank of Canada Issues Positive Forecast for Agnico Eagle Mines (NYSE:AEM) Stock Price

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM had its target price boosted by Royal Bank of Canada from $115.00 to $145.00 in a research report issued to clients and investors on Wednesday,BayStreet.CA reports. The firm currently has an "outperform" rating on the mining company's stock. Royal Bank of Canada's target price indicates a potential upside of 18.82% from the stock's current price.

Several other analysts have also recently issued reports on the stock. Raymond James upped their target price on shares of Agnico Eagle Mines from $105.00 to $130.00 and gave the company an "outperform" rating in a research report on Friday, April 4th. BMO Capital Markets initiated coverage on shares of Agnico Eagle Mines in a report on Wednesday, April 16th. They set an "outperform" rating and a $181.00 price target on the stock. TD Securities cut their price target on shares of Agnico Eagle Mines from $108.00 to $106.00 and set a "buy" rating on the stock in a report on Wednesday, February 19th. UBS Group upped their price target on shares of Agnico Eagle Mines from $110.00 to $115.00 and gave the company a "neutral" rating in a report on Friday, April 11th. Finally, Cfra Research upgraded shares of Agnico Eagle Mines to a "strong-buy" rating in a report on Friday, April 25th. Two analysts have rated the stock with a hold rating, seven have given a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $127.40.

Agnico Eagle Mines Price Performance

Shares of NYSE AEM traded down $1.58 during mid-day trading on Wednesday, hitting $122.04. 2,862,630 shares of the company's stock traded hands, compared to its average volume of 2,566,755. The company's 50-day moving average is $114.19 and its two-hundred day moving average is $98.86. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.86 and a quick ratio of 0.86. The company has a market capitalization of $61.43 billion, a P/E ratio of 32.28, a PEG ratio of 0.66 and a beta of 0.54. Agnico Eagle Mines has a 1 year low of $63.01 and a 1 year high of $126.76.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last announced its earnings results on Thursday, April 24th. The mining company reported $1.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.14. The firm had revenue of $2.38 billion for the quarter, compared to analysts' expectations of $2.27 billion. Agnico Eagle Mines had a net margin of 22.88% and a return on equity of 10.45%. The business's revenue was up 34.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.76 EPS. On average, equities analysts anticipate that Agnico Eagle Mines will post 4.63 EPS for the current fiscal year.

Hedge Funds Weigh In On Agnico Eagle Mines

A number of hedge funds have recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in shares of Agnico Eagle Mines in the 4th quarter worth approximately $573,446,000. Capital World Investors lifted its position in shares of Agnico Eagle Mines by 41.9% in the 4th quarter. Capital World Investors now owns 13,952,061 shares of the mining company's stock worth $1,091,550,000 after purchasing an additional 4,121,164 shares during the period. Arrowstreet Capital Limited Partnership lifted its position in shares of Agnico Eagle Mines by 81.0% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,051,473 shares of the mining company's stock worth $551,339,000 after purchasing an additional 3,155,927 shares during the period. TD Asset Management Inc lifted its position in shares of Agnico Eagle Mines by 42.8% in the 1st quarter. TD Asset Management Inc now owns 9,033,296 shares of the mining company's stock worth $978,553,000 after purchasing an additional 2,709,005 shares during the period. Finally, AGF Management Ltd. lifted its position in shares of Agnico Eagle Mines by 184.6% in the 4th quarter. AGF Management Ltd. now owns 1,395,850 shares of the mining company's stock worth $109,205,000 after purchasing an additional 905,328 shares during the period. 68.34% of the stock is currently owned by institutional investors.

About Agnico Eagle Mines

Agnico Eagle Mines Limited, a gold mining company, exploration, development, and production of precious metals. It explores for gold. The company's mines are located in Canada, Australia, Finland and Mexico, with exploration and development activities in Canada, Australia, Europe, Latin America, and the United States.