Agnico Eagle Mines (NYSE:AEM) Cut to Hold at Zacks Research

Key Points

• Zacks Research downgraded Agnico Eagle Mines from a "strong-buy" to a "hold" rating, indicating a shift in investment sentiment towards the company.
• Despite the downgrade, several firms, including Royal Bank of Canada, have increased their target prices for AEM stock, with a consensus rating of "Buy" and an average target price of $136.90.
• The company's recent earnings showed a significant year-over-year revenue increase of 35.6%, reporting $2.86 billion compared to expectations of $2.46 billion.

Zacks Research lowered shares of Agnico Eagle Mines (NYSE:AEM - Free Report) TSE: AEM from a strong-buy rating to a hold rating in a research report sent to investors on Tuesday,Zacks.com reports.

Several other equities research analysts have also recently weighed in on the stock. Lake Street Capital reiterated a "buy" rating on shares of Agnico Eagle Mines in a research report on Monday, June 23rd. Raymond James Financial raised Agnico Eagle Mines to a "moderate buy" rating and set a $130.00 price target for the company in a research report on Monday, June 30th. National Bankshares reissued an "outperform" rating on shares of Agnico Eagle Mines in a research report on Tuesday, June 24th. Bank of America boosted their price objective on shares of Agnico Eagle Mines from $170.00 to $173.00 and gave the company a "buy" rating in a research note on Monday, June 23rd. Finally, TD Securities raised Agnico Eagle Mines to a "strong-buy" rating in a research note on Thursday, July 17th. Five equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $136.90.

Agnico Eagle Mines Stock Performance

NYSE:AEM traded up $2.61 during mid-day trading on Tuesday, hitting $154.46. 3,274,968 shares of the stock were exchanged, compared to its average volume of 2,942,003. The firm's 50-day simple moving average is $129.88 and its 200 day simple moving average is $118.01. Agnico Eagle Mines has a fifty-two week low of $75.17 and a fifty-two week high of $155.05. The stock has a market capitalization of $77.67 billion, a price-to-earnings ratio of 26.27, a price-to-earnings-growth ratio of 1.04 and a beta of 0.44. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.16 and a current ratio of 2.03.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last posted its quarterly earnings data on Wednesday, July 30th. The mining company reported $1.94 EPS for the quarter, topping analysts' consensus estimates of $1.83 by $0.11. Agnico Eagle Mines had a return on equity of 13.79% and a net margin of 30.63%.The firm had revenue of $2.86 billion for the quarter, compared to analyst estimates of $2.46 billion. During the same quarter last year, the company earned $1.07 EPS. The company's revenue was up 35.6% on a year-over-year basis. As a group, 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

Several institutional investors and hedge funds have recently bought and sold shares of AEM. Evergreen Capital Management LLC boosted its holdings in shares of Agnico Eagle Mines by 0.9% during the second quarter. Evergreen Capital Management LLC now owns 8,232 shares of the mining company's stock worth $979,000 after purchasing an additional 77 shares during the period. Brown Advisory Inc. increased its position in Agnico Eagle Mines by 2.4% during the second quarter. Brown Advisory Inc. now owns 3,378 shares of the mining company's stock worth $402,000 after acquiring an additional 79 shares during the period. Royal London Asset Management Ltd. increased its position in Agnico Eagle Mines by 0.3% during the second quarter. Royal London Asset Management Ltd. now owns 23,837 shares of the mining company's stock worth $2,835,000 after acquiring an additional 79 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd increased its position in Agnico Eagle Mines by 1.5% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 5,702 shares of the mining company's stock worth $618,000 after acquiring an additional 85 shares during the period. Finally, Cadinha & Co. LLC increased its holdings in Agnico Eagle Mines by 2.8% in the 2nd quarter. Cadinha & Co. LLC now owns 3,211 shares of the mining company's stock valued at $382,000 after buying an additional 86 shares during the period. 68.34% of the stock is owned by hedge funds and other institutional investors.

Agnico Eagle Mines Company Profile

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.