Zacks Investment Research upgraded shares of Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) from a hold rating to a buy rating in a research note released on Thursday. They currently have $51.00 target price on the mining company’s stock.

According to Zacks, “Estimates for Agnico-Eagle for the second quarter have been going up lately. Agnico-Eagle has outperformed the industry it belongs to over the last three months. 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. “

A number of other brokerages also recently commented on AEM. ValuEngine upgraded shares of Agnico Eagle Mines Limited from a sell rating to a hold rating in a research report on Friday, June 2nd. Royal Bank Of Canada set a $54.00 price objective on shares of Agnico Eagle Mines Limited and gave the company a hold rating in a research report on Monday, June 12th. Raymond James Financial, Inc. restated an outperform rating and issued a $61.00 price objective on shares of Agnico Eagle Mines Limited in a research report on Thursday, June 15th. National Bank Financial raised shares of Agnico Eagle Mines Limited from a sector perform rating to an outperform rating in a report on Monday, July 24th. Finally, Credit Suisse Group set a $63.00 target price on shares of Agnico Eagle Mines Limited and gave the company a buy rating in a report on Tuesday, July 18th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company. Agnico Eagle Mines Limited currently has an average rating of Buy and a consensus target price of $53.17.

Agnico Eagle Mines Limited (NYSE AEM) opened at 47.29 on Thursday. The stock has a market cap of $10.89 billion, a price-to-earnings ratio of 52.54 and a beta of -0.67. The company has a 50 day moving average price of $45.89 and a 200 day moving average price of $45.92. Agnico Eagle Mines Limited has a 52 week low of $35.05 and a 52 week high of $60.10.

Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) last announced its quarterly earnings data on Wednesday, July 26th. The mining company reported $0.26 EPS for the quarter, beating the Zacks’ consensus estimate of $0.16 by $0.10. The firm had revenue of $549.88 million during the quarter, compared to the consensus estimate of $529.43 million. Agnico Eagle Mines Limited had a net margin of 11.32% and a return on equity of 5.38%. The firm’s revenue was up 2.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.16 earnings per share. Analysts expect that Agnico Eagle Mines Limited will post $0.74 EPS for the current fiscal year.

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The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be paid a dividend of $0.10 per share. The ex-dividend date is Wednesday, August 30th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.85%. Agnico Eagle Mines Limited’s dividend payout ratio (DPR) is 36.70%.

Hedge funds and other institutional investors have recently modified their holdings of the company. Greystone Managed Investments Inc. acquired a new position in shares of Agnico Eagle Mines Limited during the first quarter worth $32,481,000. Scout Investments Inc. acquired a new position in shares of Agnico Eagle Mines Limited during the first quarter worth $26,604,000. Van ECK Associates Corp boosted its position in shares of Agnico Eagle Mines Limited by 4.4% in the first quarter. Van ECK Associates Corp now owns 17,122,389 shares of the mining company’s stock worth $726,674,000 after buying an additional 717,045 shares during the period. Cidel Asset Management Inc. boosted its position in shares of Agnico Eagle Mines Limited by 37.6% in the first quarter. Cidel Asset Management Inc. now owns 1,370,294 shares of the mining company’s stock worth $65,409,000 after buying an additional 374,562 shares during the period. Finally, Hexavest Inc. boosted its position in shares of Agnico Eagle Mines Limited by 5,539.4% in the first quarter. Hexavest Inc. now owns 329,343 shares of the mining company’s stock worth $13,976,000 after buying an additional 323,503 shares during the period. 60.69% of the stock is owned by institutional investors and hedge funds.

About Agnico Eagle Mines Limited

Agnico Eagle Mines Limited is a gold producer with mining operations in northwestern Quebec, northern Mexico, northern Finland and Nunavut and exploration activities in Canada, Europe, Latin America and the United States. The Company operates through three business units. The Northern Business consists of its operations in Canada and Finland.

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