TD Securities Forecasts Strong Price Appreciation for Agnico Eagle Mines (NYSE:AEM) Stock

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) had its target price raised by investment analysts at TD Securities from $241.00 to $251.00 in a note issued to investors on Tuesday,BayStreet.CA reports. The brokerage currently has a “buy” rating on the mining company’s stock. TD Securities’ target price points to a potential upside of 8.02% from the company’s previous close.

Other equities research analysts have also issued research reports about the stock. Raymond James Financial reissued an “outperform” rating and issued a $225.00 price target on shares of Agnico Eagle Mines in a report on Wednesday, January 14th. Zacks Research raised Agnico Eagle Mines from a “hold” rating to a “strong-buy” rating in a report on Friday. JPMorgan Chase & Co. lowered their price objective on Agnico Eagle Mines from $248.00 to $235.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 18th. Canadian Imperial Bank of Commerce set a $296.00 target price on Agnico Eagle Mines and gave the stock an “outperform” rating in a research report on Wednesday, February 4th. Finally, Citigroup upped their price target on Agnico Eagle Mines from $198.00 to $256.00 and gave the company a “buy” rating in a research report on Thursday, January 15th. Four equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $234.91.

Agnico Eagle Mines Stock Performance

AEM stock traded down $19.82 during trading on Tuesday, reaching $232.37. 2,581,052 shares of the stock were exchanged, compared to its average volume of 2,810,890. Agnico Eagle Mines has a twelve month low of $94.37 and a twelve month high of $255.24. The company has a current ratio of 2.02, a quick ratio of 1.33 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $116.42 billion, a P/E ratio of 26.17 and a beta of 0.61. The stock has a 50 day simple moving average of $203.91 and a 200-day simple moving average of $176.03.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last announced its quarterly earnings data on Thursday, February 12th. The mining company reported $2.69 EPS for the quarter, topping analysts’ consensus estimates of $2.56 by $0.13. The company had revenue of $3.53 billion during the quarter, compared to the consensus estimate of $3.40 billion. Agnico Eagle Mines had a return on equity of 18.09% and a net margin of 37.47%.The company’s quarterly revenue was up 60.3% on a year-over-year basis. During the same quarter last year, the company earned $1.26 EPS. As a group, sell-side analysts anticipate that Agnico Eagle Mines will post 4.63 earnings per share for the current year.

Institutional Trading of Agnico Eagle Mines

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Norges Bank acquired a new stake in shares of Agnico Eagle Mines during the fourth quarter worth $1,367,783,000. Capital World Investors lifted its stake in Agnico Eagle Mines by 20.0% in the third quarter. Capital World Investors now owns 20,765,804 shares of the mining company’s stock valued at $3,497,470,000 after buying an additional 3,462,968 shares in the last quarter. Van ECK Associates Corp boosted its stake in Agnico Eagle Mines by 21.6% in the 4th quarter. Van ECK Associates Corp now owns 17,225,477 shares of the mining company’s stock worth $2,920,258,000 after purchasing an additional 3,062,705 shares during the period. Arrowstreet Capital Limited Partnership boosted its position in shares of Agnico Eagle Mines by 38.8% during the second quarter. Arrowstreet Capital Limited Partnership now owns 8,296,796 shares of the mining company’s stock worth $987,398,000 after buying an additional 2,319,131 shares during the period. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its stake in shares of Agnico Eagle Mines by 48.3% during the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 4,528,022 shares of the mining company’s stock worth $538,506,000 after acquiring an additional 1,474,385 shares in the last quarter. 68.34% of the stock is currently owned by institutional investors and hedge funds.

About Agnico Eagle Mines

Agnico Eagle Mines Limited (NYSE: AEM) is a Canadian-based senior gold producer headquartered in Toronto, Ontario. The company is principally engaged in the exploration, development, production and reclamation of gold-bearing properties. Agnico Eagle pursues both greenfield and brownfield exploration to expand its resource base and operates a portfolio of producing mines and development projects to generate long-life gold production.

Its core business activities span the full mining lifecycle: grassroots and advanced-stage exploration, prefeasibility and feasibility studies, mine construction, underground and open-pit mining, ore processing and metal recovery, and post-mining reclamation and closure.