Scotiabank Issues Pessimistic Forecast for Agnico Eagle Mines (NYSE:AEM) Stock Price

Key Points

• Scotiabank cut its price target on Agnico Eagle Mines from $278 to $260 while maintaining a “sector outperform” rating, implying roughly 79.7% upside from the current share price.
• Other analysts have recently been mixed on the stock, with several downgrades, though the overall consensus remains a Moderate Buy with a target price of $236.77.
• Agnico Eagle Mines recently reported strong quarterly results, beating earnings and revenue estimates, while also showing low leverage and solid liquidity metrics.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM had its price target cut by equities researchers at Scotiabank from $278.00 to $260.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a "sector outperform" rating on the mining company's stock. Scotiabank's price target suggests a potential upside of 79.67% from the company's current price.

Several other brokerages also recently weighed in on AEM. Wall Street Zen downgraded Agnico Eagle Mines from a "buy" rating to a "hold" rating in a research report on Sunday. Zacks Research downgraded Agnico Eagle Mines from a "strong-buy" rating to a "hold" rating in a report on Monday, March 30th. Barclays lowered their price objective on Agnico Eagle Mines from $213.00 to $210.00 and set an "overweight" rating on the stock in a research report on Monday, July 6th. ATB Cormark Capital Markets upgraded shares of Agnico Eagle Mines from a "hold" rating to an "outperform" rating in a research note on Monday, May 4th. Finally, Weiss Ratings downgraded shares of Agnico Eagle Mines from a "buy (b)" rating to a "buy (b-)" rating in a report on Thursday, July 2nd. Twelve analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $236.77.

Agnico Eagle Mines Stock Performance

AEM traded up $1.20 during trading on Tuesday, reaching $144.71. 1,280,446 shares of the company's stock were exchanged, compared to its average volume of 2,696,689. Agnico Eagle Mines has a 1 year low of $116.83 and a 1 year high of $255.24. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.15 and a quick ratio of 2.18. The stock has a market capitalization of $73.45 billion, a P/E ratio of 13.59, a price-to-earnings-growth ratio of 1.93 and a beta of 0.60. The company's fifty day simple moving average is $169.18 and its 200-day simple moving average is $192.66.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last released its quarterly earnings data on Thursday, April 30th. The mining company reported $3.40 EPS for the quarter, beating the consensus estimate of $3.19 by $0.21. The business had revenue of $4 billion for the quarter, compared to the consensus estimate of $3.96 billion. Agnico Eagle Mines had a net margin of 39.46% and a return on equity of 21.09%. The business's revenue for the quarter was up 66.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.53 EPS. As a group, research analysts predict that Agnico Eagle Mines will post 12.44 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Agnico Eagle Mines

Hedge funds and other institutional investors have recently bought and sold shares of the company. Acumen Wealth Advisors LLC acquired a new stake in shares of Agnico Eagle Mines during the 4th quarter worth approximately $26,000. Abound Wealth Management grew its position in Agnico Eagle Mines by 99.0% in the fourth quarter. Abound Wealth Management now owns 209 shares of the mining company's stock worth $35,000 after acquiring an additional 104 shares during the period. Lodestone Wealth Management LLC purchased a new position in Agnico Eagle Mines in the fourth quarter worth approximately $35,000. Jessup Wealth Management Inc acquired a new stake in Agnico Eagle Mines during the fourth quarter worth $35,000. Finally, Allied Private Wealth LLC acquired a new stake in Agnico Eagle Mines during the second quarter worth $36,000. 68.34% of the stock is currently owned by institutional investors and hedge funds.

About Agnico Eagle Mines

Agnico Eagle Mines Limited NYSE: AEM is a Canadian-based senior gold producer headquartered in Toronto, Ontario. The company is principally engaged in the exploration, development, production and reclamation of gold-bearing properties. Agnico Eagle pursues both greenfield and brownfield exploration to expand its resource base and operates a portfolio of producing mines and development projects to generate long-life gold production.

Its core business activities span the full mining lifecycle: grassroots and advanced-stage exploration, prefeasibility and feasibility studies, mine construction, underground and open-pit mining, ore processing and metal recovery, and post-mining reclamation and closure.

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