Agnico Eagle Mines (AEM) Price Target Cut to $38.00 by Analysts at Citigroup

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Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) had its price objective lowered by Citigroup from $45.00 to $38.00 in a report released on Wednesday morning. The brokerage currently has a neutral rating on the mining company’s stock.

Several other equities research analysts also recently weighed in on the company. BMO Capital Markets raised Agnico Eagle Mines from a market perform rating to an outperform rating and set a $55.00 price target for the company in a report on Tuesday, May 29th. TD Securities increased their price target on Agnico Eagle Mines from $55.00 to $56.00 and gave the stock a buy rating in a report on Tuesday, July 31st. ValuEngine downgraded Agnico Eagle Mines from a buy rating to a hold rating in a report on Thursday, July 26th. Royal Bank of Canada raised Agnico Eagle Mines from a sector perform rating to an outperform rating and increased their price target for the stock from $49.00 to $55.00 in a report on Monday, July 30th. Finally, National Bank Financial raised Agnico Eagle Mines from a sector perform rating to an outperform rating in a report on Thursday, August 9th. Four research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Agnico Eagle Mines presently has a consensus rating of Buy and a consensus target price of $57.40.

AEM stock opened at $35.63 on Wednesday. The company has a debt-to-equity ratio of 0.35, a current ratio of 4.02 and a quick ratio of 2.83. Agnico Eagle Mines has a twelve month low of $34.49 and a twelve month high of $51.86. The company has a market capitalization of $8.60 billion, a PE ratio of 32.10 and a beta of -0.53.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last issued its quarterly earnings results on Wednesday, July 25th. The mining company reported $0.01 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.08 by ($0.07). Agnico Eagle Mines had a return on equity of 3.07% and a net margin of 6.84%. The company had revenue of $556.28 million for the quarter, compared to analyst estimates of $536.81 million. During the same period in the prior year, the business earned $0.24 earnings per share. Agnico Eagle Mines’s revenue for the quarter was up 1.2% compared to the same quarter last year. sell-side analysts predict that Agnico Eagle Mines will post 0.32 EPS for the current year.

A number of large investors have recently added to or reduced their stakes in the business. Van ECK Associates Corp raised its position in Agnico Eagle Mines by 22.1% in the first quarter. Van ECK Associates Corp now owns 14,529,969 shares of the mining company’s stock worth $611,276,000 after acquiring an additional 2,633,971 shares in the last quarter. First Eagle Investment Management LLC raised its position in Agnico Eagle Mines by 0.7% in the first quarter. First Eagle Investment Management LLC now owns 12,435,144 shares of the mining company’s stock worth $523,118,000 after acquiring an additional 84,091 shares in the last quarter. Swiss National Bank raised its position in Agnico Eagle Mines by 5.4% in the first quarter. Swiss National Bank now owns 2,224,353 shares of the mining company’s stock worth $93,457,000 after acquiring an additional 114,500 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in Agnico Eagle Mines by 1.1% in the second quarter. Massachusetts Financial Services Co. MA now owns 1,895,937 shares of the mining company’s stock worth $86,891,000 after acquiring an additional 20,623 shares in the last quarter. Finally, CIBC Asset Management Inc raised its position in Agnico Eagle Mines by 19.2% in the second quarter. CIBC Asset Management Inc now owns 1,843,348 shares of the mining company’s stock worth $84,524,000 after acquiring an additional 296,758 shares in the last quarter. Hedge funds and other institutional investors own 60.25% of the company’s stock.

About Agnico Eagle Mines

Agnico Eagle Mines Limited engages in the exploration, development, and production of mineral properties in Canada, Mexico, and Finland. The company operates through Northern Business and Southern Business segments. It primarily produces and sells gold deposit, as well as explores for silver, zinc, and copper deposits.

Read More: How are Outstanding Shares Different from Authorized Shares?

Analyst Recommendations for Agnico Eagle Mines (NYSE:AEM)

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