Zacks Investment Research upgraded shares of Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) from a hold rating to a buy rating in a research report released on Tuesday, January 2nd. Zacks Investment Research currently has $52.00 price target on the mining company’s stock.
According to Zacks, “Agnico-Eagle has outperformed the industry it belongs to over a year. The company maintains a solid exploration budget and is reinvesting in its assets to expand output. It is making a good progress with its key growth projects and is also expanding mine life across a number of properties. The company's move to jointly acquire Osisko will also boost its production profile and improve cost structure. The acquisition is expected to be accretive to Agnico-Eagle and will also improve its total cash cost and all-in sustaining cost profiles.”
AEM has been the topic of several other reports. Credit Suisse Group reissued a buy rating and set a $62.00 price target (up from $59.00) on shares of Agnico Eagle Mines in a research note on Friday, December 22nd. BMO Capital Markets reaffirmed a hold rating and issued a $47.00 target price on shares of Agnico Eagle Mines in a research note on Monday, October 2nd. CSFB lifted their target price on shares of Agnico Eagle Mines from $59.00 to $62.00 and gave the stock an outperform rating in a research note on Thursday, December 28th. TD Securities set a $53.00 target price on shares of Agnico Eagle Mines and gave the stock a hold rating in a research note on Thursday, October 19th. Finally, Canaccord Genuity reissued a buy rating and set a $77.00 price objective on shares of Agnico Eagle Mines in a research report on Thursday, December 28th. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Agnico Eagle Mines presently has an average rating of Buy and an average target price of $58.05.
Shares of Agnico Eagle Mines (AEM) opened at $47.23 on Tuesday. The stock has a market cap of $10,726.46, a P/E ratio of 40.26, a price-to-earnings-growth ratio of 48.99 and a beta of -0.74. Agnico Eagle Mines has a 1 year low of $39.30 and a 1 year high of $51.86. The company has a debt-to-equity ratio of 0.28, a quick ratio of 2.70 and a current ratio of 3.85.
The company also recently declared a quarterly dividend, which was paid on Friday, December 15th. Investors of record on Friday, December 1st were paid a $0.11 dividend. This is a boost from Agnico Eagle Mines’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend was Thursday, November 30th. This represents a $0.44 dividend on an annualized basis and a yield of 0.93%. Agnico Eagle Mines’s payout ratio is presently 37.61%.
A number of institutional investors have recently made changes to their positions in the stock. WFG Advisors LP boosted its stake in Agnico Eagle Mines by 8.6% in the 2nd quarter. WFG Advisors LP now owns 3,889 shares of the mining company’s stock worth $175,000 after purchasing an additional 309 shares in the last quarter. Advisor Group Inc. raised its position in Agnico Eagle Mines by 2.5% in the 2nd quarter. Advisor Group Inc. now owns 20,304 shares of the mining company’s stock worth $916,000 after buying an additional 497 shares during the last quarter. Sei Investments Co. raised its position in Agnico Eagle Mines by 75.7% in the 2nd quarter. Sei Investments Co. now owns 2,260 shares of the mining company’s stock worth $102,000 after buying an additional 974 shares during the last quarter. Korea Investment CORP raised its position in Agnico Eagle Mines by 8.5% in the 3rd quarter. Korea Investment CORP now owns 15,472 shares of the mining company’s stock worth $698,000 after buying an additional 1,214 shares during the last quarter. Finally, Mn Services Vermogensbeheer B.V. raised its position in Agnico Eagle Mines by 4.1% in the 3rd quarter. Mn Services Vermogensbeheer B.V. now owns 38,098 shares of the mining company’s stock worth $1,718,000 after buying an additional 1,500 shares during the last quarter. Institutional investors own 58.31% of the company’s stock.
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About Agnico Eagle Mines
Agnico Eagle Mines Ltd is a Canada-based gold producer with mining operations in northwestern Quebec, northern Mexico, northern Finland and Nunavut, as well as exploration activities in Canada, Europe, Latin America and the United States. It operates through the business units: Northern Business, which consists of its operations in Canada and Finland, such as the LaRonde mine, the Lapa mine, the Goldex mine, the Meadowbank mine, the Meliadine project and the Malartic Mine in Canada, as well as the Kittila mine in Finland; Southern Business, which consists of its operations in Mexico, such as the Pinos Altos mine that includes the Creston Mascota deposit and the La India mine owned by its indirect subsidiary, as well as Exploration Group, which focuses on the identification of new mineral reserves and mineral resources, and new development opportunities in gold producing regions.
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