Agnico Eagle Mines (NYSE:AEM) Trading Down 7.1% – Here’s What Happened

Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) dropped 7.1% during trading on Monday . The company traded as low as $170.91 and last traded at $170.2880. Approximately 661,928 shares traded hands during trading, a decline of 77% from the average daily volume of 2,883,464 shares. The stock had previously closed at $183.21.

Analyst Ratings Changes

A number of research firms have recently issued reports on AEM. Bank of America increased their price objective on shares of Agnico Eagle Mines from $209.00 to $226.00 and gave the company a “buy” rating in a research note on Thursday, October 16th. UBS Group boosted their price target on Agnico Eagle Mines from $180.00 to $190.00 and gave the stock a “neutral” rating in a research report on Monday, December 1st. Citigroup raised their price objective on Agnico Eagle Mines from $140.00 to $198.00 and gave the company a “buy” rating in a research report on Wednesday, October 15th. Wall Street Zen downgraded shares of Agnico Eagle Mines from a “strong-buy” rating to a “buy” rating in a report on Sunday, November 30th. Finally, Royal Bank Of Canada cut shares of Agnico Eagle Mines from an “outperform” rating to a “sector perform” rating and raised their price target for the company from $185.00 to $205.00 in a report on Wednesday, December 10th. Six analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $201.60.

Agnico Eagle Mines Stock Performance

The firm has a market cap of $86.27 billion, a price-to-earnings ratio of 25.09, a P/E/G ratio of 0.66 and a beta of 0.64. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.12 and a quick ratio of 1.31. The firm has a fifty day simple moving average of $167.56 and a two-hundred day simple moving average of $149.58.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last announced its quarterly earnings data on Wednesday, October 29th. The mining company reported $2.16 EPS for the quarter, beating the consensus estimate of $1.76 by $0.40. The firm had revenue of $3.07 billion during the quarter, compared to analyst estimates of $2.93 billion. Agnico Eagle Mines had a net margin of 32.62% and a return on equity of 15.64%. During the same period last year, the firm posted $1.14 EPS. On average, analysts expect that Agnico Eagle Mines Limited will post 4.63 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in AEM. Capital World Investors grew its position in Agnico Eagle Mines by 20.0% during the 3rd quarter. Capital World Investors now owns 20,765,804 shares of the mining company’s stock worth $3,497,470,000 after purchasing an additional 3,462,968 shares during the period. Vanguard Group Inc. grew its holdings in Agnico Eagle Mines by 1.2% during the third quarter. Vanguard Group Inc. now owns 20,669,949 shares of the mining company’s stock worth $3,481,382,000 after acquiring an additional 252,043 shares during the period. Massachusetts Financial Services Co. MA raised its position in Agnico Eagle Mines by 5.4% during the third quarter. Massachusetts Financial Services Co. MA now owns 11,712,397 shares of the mining company’s stock valued at $1,974,242,000 after acquiring an additional 602,489 shares in the last quarter. TD Asset Management Inc boosted its position in Agnico Eagle Mines by 1.5% in the 3rd quarter. TD Asset Management Inc now owns 9,500,193 shares of the mining company’s stock worth $1,600,436,000 after purchasing an additional 143,645 shares in the last quarter. Finally, Mackenzie Financial Corp grew its stake in shares of Agnico Eagle Mines by 1.9% during the 2nd quarter. Mackenzie Financial Corp now owns 8,778,276 shares of the mining company’s stock worth $1,046,468,000 after purchasing an additional 160,650 shares during the period. Hedge funds and other institutional investors own 68.34% of the company’s stock.

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.