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

Agnico Eagle Mines Limited (NYSE:AEM - Get Free Report) TSE: AEM's stock price gapped up before the market opened on Wednesday after Scotiabank raised their price target on the stock from $105.00 to $126.00. The stock had previously closed at $100.13, but opened at $104.62. Scotiabank currently has a sector outperform rating on the stock. Agnico Eagle Mines shares last traded at $104.66, with a volume of 878,429 shares.

Other equities analysts also recently issued reports about the stock. UBS Group upped their price target on shares of Agnico Eagle Mines from $110.00 to $115.00 and gave the company a "neutral" rating in a research note on Friday. Jefferies Financial Group raised their target price on shares of Agnico Eagle Mines from $85.00 to $88.00 and gave the stock a "hold" rating in a report on Tuesday, January 7th. Bank of America lifted their price target on shares of Agnico Eagle Mines from $119.00 to $142.00 and gave the company a "buy" rating in a research report on Tuesday, April 8th. TD Securities lowered their price objective on Agnico Eagle Mines from $108.00 to $106.00 and set a "buy" rating on the stock in a research note on Wednesday, February 19th. Finally, National Bank Financial raised Agnico Eagle Mines to a "strong-buy" rating in a report on Friday, March 21st. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $114.00.

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Hedge Funds Weigh In On Agnico Eagle Mines

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Van ECK Associates Corp boosted its position in Agnico Eagle Mines by 3.6% during the fourth quarter. Van ECK Associates Corp now owns 22,322,859 shares of the mining company's stock valued at $1,745,858,000 after acquiring an additional 778,919 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Agnico Eagle Mines by 1.7% during the 4th quarter. Vanguard Group Inc. now owns 19,865,285 shares of the mining company's stock valued at $1,554,180,000 after purchasing an additional 331,087 shares in the last quarter. Capital World Investors increased its holdings in Agnico Eagle Mines by 41.9% in the fourth quarter. Capital World Investors now owns 13,952,061 shares of the mining company's stock worth $1,091,550,000 after purchasing an additional 4,121,164 shares in the last quarter. Deutsche Bank AG increased its holdings in Agnico Eagle Mines by 0.7% in the fourth quarter. Deutsche Bank AG now owns 11,916,739 shares of the mining company's stock worth $932,008,000 after purchasing an additional 87,410 shares in the last quarter. Finally, Norges Bank acquired a new position in Agnico Eagle Mines in the fourth quarter valued at approximately $573,446,000. 68.34% of the stock is owned by institutional investors and hedge funds.

Agnico Eagle Mines Price Performance

The business has a fifty day simple moving average of $101.63 and a 200-day simple moving average of $89.82. The stock has a market capitalization of $59.13 billion, a P/E ratio of 31.08, a PEG ratio of 0.66 and a beta of 0.87. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.86 and a current ratio of 1.86.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last posted its quarterly 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%. Sell-side analysts expect that Agnico Eagle Mines Limited will post 4.63 earnings per share for the current fiscal year.

Agnico Eagle Mines Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 28th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 1.36%. The ex-dividend date was Friday, February 28th. Agnico Eagle Mines's payout ratio is currently 42.33%.

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.