Agnico Eagle Mines (NYSE:AEM) Sets New 1-Year High on Earnings Beat

Shares of Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) hit a new 52-week high on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $77.04 and last traded at $76.67, with a volume of 237968 shares. The stock had previously closed at $75.16.

The mining company reported $1.07 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.14. The business had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.03 billion. Agnico Eagle Mines had a return on equity of 6.09% and a net margin of 6.79%. The business’s revenue for the quarter was up 20.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.65 earnings per share.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on AEM. Jefferies Financial Group raised their price target on Agnico Eagle Mines from $59.00 to $66.00 and gave the stock a “hold” rating in a research note on Friday, July 12th. CIBC raised their target price on Agnico Eagle Mines from $81.00 to $101.00 and gave the company an “outperformer” rating in a report on Wednesday, July 10th. BMO Capital Markets dropped their target price on Agnico Eagle Mines from $79.00 to $77.00 and set an “outperform” rating on the stock in a report on Thursday, June 20th. StockNews.com upgraded Agnico Eagle Mines from a “hold” rating to a “buy” rating in a report on Thursday, June 27th. Finally, Scotiabank raised their target price on Agnico Eagle Mines from $71.00 to $81.00 and gave the company a “sector outperform” rating in a report on Thursday, May 23rd. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Agnico Eagle Mines currently has a consensus rating of “Moderate Buy” and a consensus price target of $76.88.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Raymond James Financial Services Advisors Inc. raised its stake in shares of Agnico Eagle Mines by 13.8% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 102,664 shares of the mining company’s stock worth $5,631,000 after buying an additional 12,488 shares in the last quarter. DAVENPORT & Co LLC acquired a new stake in shares of Agnico Eagle Mines during the fourth quarter worth $229,000. International Assets Investment Management LLC acquired a new stake in shares of Agnico Eagle Mines during the fourth quarter worth $103,790,000. ANTIPODES PARTNERS Ltd acquired a new stake in shares of Agnico Eagle Mines during the fourth quarter worth $41,610,000. Finally, Compound Global Advisors LLC raised its position in shares of Agnico Eagle Mines by 31.2% during the fourth quarter. Compound Global Advisors LLC now owns 314,011 shares of the mining company’s stock worth $17,224,000 after purchasing an additional 74,719 shares during the period. Institutional investors and hedge funds own 68.34% of the company’s stock.

Agnico Eagle Mines Stock Down 1.4 %

The business has a 50-day moving average price of $69.34 and a 200-day moving average price of $61.15. The company has a market capitalization of $38.06 billion, a price-to-earnings ratio of 80.08, a price-to-earnings-growth ratio of 0.76 and a beta of 1.06. The company has a quick ratio of 0.88, a current ratio of 2.21 and a debt-to-equity ratio of 0.09.

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.