Agnico Eagle Mines (NYSE:AEM) Trading Down 2.1% – Time to Sell?
by Danessa Lincoln · The Markets DailyShares of Agnico Eagle Mines Limited (NYSE:AEM – Get Free Report) (TSE:AEM) were down 2.1% on Thursday . The company traded as low as $215.81 and last traded at $218.20. Approximately 1,445,392 shares traded hands during mid-day trading, a decline of 48% from the average daily volume of 2,773,129 shares. The stock had previously closed at $222.81.
Analyst Ratings Changes
Several equities research analysts recently issued reports on AEM shares. Weiss Ratings downgraded Agnico Eagle Mines from a “buy (a-)” rating to a “buy (b)” rating in a report on Monday, January 12th. Royal Bank Of Canada cut Agnico Eagle Mines from an “outperform” rating to a “sector perform” rating and raised their price objective for the company from $185.00 to $205.00 in a research note on Wednesday, December 10th. TD Securities upped their target price on shares of Agnico Eagle Mines from $241.00 to $251.00 and gave the stock a “buy” rating in a research note on Tuesday, March 3rd. JPMorgan Chase & Co. lowered their target price on shares of Agnico Eagle Mines from $248.00 to $235.00 and set a “neutral” rating for the company in a report on Wednesday, February 18th. Finally, Erste Group Bank raised shares of Agnico Eagle Mines from a “hold” rating to a “buy” rating in a research report on Thursday, March 5th. Four investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $234.91.
Agnico Eagle Mines Stock Down 2.1%
The stock has a 50-day moving average of $210.78 and a 200 day moving average of $180.24. The company has a market capitalization of $109.32 billion, a PE ratio of 24.57 and a beta of 0.61. The company has a quick ratio of 1.33, a current ratio of 2.02 and a debt-to-equity ratio of 0.01.
Agnico Eagle Mines (NYSE:AEM – Get Free Report) (TSE:AEM) last posted its quarterly earnings data on Thursday, February 12th. The mining company reported $2.69 earnings per share for the quarter, topping the consensus estimate of $2.56 by $0.13. The business had revenue of $3.53 billion for the quarter, compared to analysts’ expectations of $3.40 billion. Agnico Eagle Mines had a return on equity of 18.09% and a net margin of 37.47%.The business’s revenue was up 60.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.26 earnings per share. Sell-side analysts anticipate that Agnico Eagle Mines Limited will post 4.63 EPS for the current year.
Agnico Eagle Mines Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Monday, March 2nd will be issued a $0.45 dividend. This is an increase from Agnico Eagle Mines’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Monday, March 2nd. This represents a $1.80 dividend on an annualized basis and a dividend yield of 0.8%. Agnico Eagle Mines’s payout ratio is presently 20.27%.
Institutional Trading of Agnico Eagle Mines
A number of large investors have recently added to or reduced their stakes in AEM. TD Waterhouse Canada Inc. grew its position in shares of Agnico Eagle Mines by 13.4% during the 3rd quarter. TD Waterhouse Canada Inc. now owns 1,133,384 shares of the mining company’s stock valued at $192,951,000 after acquiring an additional 134,147 shares during the period. Ninety One UK Ltd raised its holdings in shares of Agnico Eagle Mines by 386.5% in the 3rd quarter. Ninety One UK Ltd now owns 188,189 shares of the mining company’s stock worth $31,703,000 after purchasing an additional 149,506 shares during the period. Campbell & CO Investment Adviser LLC raised its holdings in shares of Agnico Eagle Mines by 1,560.8% in the 3rd quarter. Campbell & CO Investment Adviser LLC now owns 48,677 shares of the mining company’s stock worth $8,205,000 after purchasing an additional 45,746 shares during the period. AustralianSuper Pty Ltd purchased a new position in Agnico Eagle Mines in the third quarter valued at approximately $23,958,000. Finally, TD Asset Management Inc lifted its stake in Agnico Eagle Mines by 1.5% in the third quarter. TD Asset Management Inc now owns 9,500,193 shares of the mining company’s stock valued at $1,600,436,000 after purchasing an additional 143,645 shares during the last quarter. Hedge funds and other institutional investors own 68.34% of the company’s stock.
Agnico Eagle Mines Company Profile
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.