Agnico Eagle Mines (NYSE:AEM) Shares Gap Up Following Analyst Upgrade

Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM)’s stock price gapped up prior to trading on Wednesday after Bank of America raised their price target on the stock from $119.00 to $142.00. The stock had previously closed at $100.13, but opened at $104.62. Bank of America currently has a buy rating on the stock. Agnico Eagle Mines shares last traded at $104.66, with a volume of 878,429 shares changing hands.

A number of other equities research analysts have also issued reports on AEM. Stifel Canada upgraded Agnico Eagle Mines to a “strong-buy” rating in a research note on Wednesday, March 19th. Citigroup increased their price objective on shares of Agnico Eagle Mines from $100.00 to $140.00 and gave the company a “buy” rating in a research report on Monday, March 31st. StockNews.com cut shares of Agnico Eagle Mines from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, February 25th. Scotiabank raised their price target on shares of Agnico Eagle Mines from $103.00 to $105.00 and gave the company a “sector outperform” rating in a report on Tuesday, January 21st. Finally, Raymond James lifted their price target on shares of Agnico Eagle Mines from $105.00 to $130.00 and gave the stock an “outperform” rating in a research note on Friday, April 4th. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $111.40.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Versant Capital Management Inc bought a new position in shares of Agnico Eagle Mines during the fourth quarter worth about $26,000. Smartleaf Asset Management LLC raised its stake in Agnico Eagle Mines by 859.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 355 shares of the mining company’s stock valued at $28,000 after buying an additional 318 shares in the last quarter. Decker Retirement Planning Inc. bought a new position in Agnico Eagle Mines during the 4th quarter worth approximately $29,000. Fifth Third Bancorp grew its position in shares of Agnico Eagle Mines by 176.9% in the 4th quarter. Fifth Third Bancorp now owns 407 shares of the mining company’s stock worth $32,000 after acquiring an additional 260 shares in the last quarter. Finally, Duncker Streett & Co. Inc. grew its position in shares of Agnico Eagle Mines by 37.3% in the 4th quarter. Duncker Streett & Co. Inc. now owns 412 shares of the mining company’s stock worth $32,000 after acquiring an additional 112 shares in the last quarter. 68.34% of the stock is owned by institutional investors and hedge funds.

Agnico Eagle Mines Stock Up 5.6 %

The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.86 and a current ratio of 1.86. The firm has a market capitalization of $56.18 billion, a P/E ratio of 29.55, a P/E/G ratio of 0.66 and a beta of 0.87. The stock has a fifty day moving average price of $101.19 and a two-hundred day moving average price of $89.55.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last released its earnings results on Thursday, February 13th. The mining company reported $1.26 earnings per share for the quarter, missing the consensus estimate of $1.70 by ($0.44). Agnico Eagle Mines had a net margin of 22.88% and a return on equity of 10.45%. Research analysts forecast that Agnico Eagle Mines Limited will post 4.63 EPS for the current year.

Agnico Eagle Mines Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were paid a dividend of $0.40 per share. The ex-dividend date was Friday, February 28th. This represents a $1.60 annualized dividend and a yield of 1.43%. Agnico Eagle Mines’s dividend payout ratio (DPR) is 42.33%.

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.