Agnico Eagle Mines’ (NYSE:AEM) Buy Rating Reaffirmed at Royal Bank of Canada

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Royal Bank of Canada restated their buy rating on shares of Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) in a report released on Wednesday, September 19th. They currently have a $54.00 price objective on the mining company’s stock.

A number of other brokerages have also recently commented on AEM. JPMorgan Chase & Co. cut their target price on shares of Agnico Eagle Mines from $65.00 to $50.00 and set an overweight rating on the stock in a report on Monday, September 17th. ValuEngine raised shares of Agnico Eagle Mines from a hold rating to a buy rating in a report on Monday, July 2nd. BMO Capital Markets raised shares of Agnico Eagle Mines from a market perform rating to an outperform rating and set a $55.00 target price on the stock in a report on Tuesday, May 29th. Citigroup cut their target price on shares of Agnico Eagle Mines from $45.00 to $38.00 and set a neutral rating on the stock in a report on Wednesday, August 29th. Finally, Zacks Investment Research raised shares of Agnico Eagle Mines from a sell rating to a hold rating in a research note on Tuesday, July 24th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company’s stock. The company currently has an average rating of Buy and an average target price of $55.17.

Shares of NYSE:AEM traded down $0.08 during trading on Wednesday, hitting $37.29. 2,377,071 shares of the company were exchanged, compared to its average volume of 1,383,895. The company has a market capitalization of $8.01 billion, a PE ratio of 33.59 and a beta of -0.53. The company has a current ratio of 4.02, a quick ratio of 2.83 and a debt-to-equity ratio of 0.35. Agnico Eagle Mines has a 12-month low of $32.18 and a 12-month high of $49.80.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last announced its earnings results on Wednesday, July 25th. The mining company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.07). The business had revenue of $556.28 million during the quarter, compared to analyst estimates of $536.81 million. Agnico Eagle Mines had a net margin of 6.84% and a return on equity of 3.07%. The business’s revenue was up 1.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.24 earnings per share. As a group, equities research analysts predict that Agnico Eagle Mines will post 0.29 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently modified their holdings of the business. Rathbone Brothers plc boosted its position in shares of Agnico Eagle Mines by 3.2% during the 3rd quarter. Rathbone Brothers plc now owns 63,620 shares of the mining company’s stock worth $2,172,000 after purchasing an additional 2,000 shares in the last quarter. United Services Automobile Association boosted its position in shares of Agnico Eagle Mines by 7.1% in the 2nd quarter. United Services Automobile Association now owns 674,700 shares of the mining company’s stock worth $30,922,000 after buying an additional 45,000 shares in the last quarter. Northern Trust Corp boosted its position in shares of Agnico Eagle Mines by 12.0% in the 2nd quarter. Northern Trust Corp now owns 229,389 shares of the mining company’s stock worth $10,512,000 after buying an additional 24,596 shares in the last quarter. Bank of Nova Scotia boosted its position in shares of Agnico Eagle Mines by 12.6% in the 2nd quarter. Bank of Nova Scotia now owns 753,349 shares of the mining company’s stock worth $34,390,000 after buying an additional 84,158 shares in the last quarter. Finally, Tower Research Capital LLC TRC boosted its position in shares of Agnico Eagle Mines by 59.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 9,948 shares of the mining company’s stock worth $456,000 after buying an additional 3,694 shares in the last quarter. Institutional investors own 60.07% of the company’s stock.

About Agnico Eagle Mines

Agnico Eagle Mines Limited engages in the exploration, development, and production of mineral properties in Canada, Mexico, and Finland. The company operates through Northern Business and Southern Business segments. It primarily produces and sells gold deposit, as well as explores for silver, zinc, and copper deposits.

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Analyst Recommendations for Agnico Eagle Mines (NYSE:AEM)

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