Agnico Eagle Mines (NYSE:AEM) Price Target Lowered to $235.00 at JPMorgan Chase & Co.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) had its price target reduced by JPMorgan Chase & Co. from $248.00 to $235.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the mining company’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 5.80% from the stock’s previous close.

A number of other analysts have also commented on the company. Weiss Ratings lowered Agnico Eagle Mines from a “buy (a-)” rating to a “buy (b)” rating in a research report on Monday, January 12th. Zacks Research downgraded shares of Agnico Eagle Mines from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 23rd. UBS Group restated a “neutral” rating and issued a $240.00 price objective on shares of Agnico Eagle Mines in a report on Friday, January 30th. Raymond James Financial reaffirmed an “outperform” rating and set a $225.00 target price on shares of Agnico Eagle Mines in a report on Wednesday, January 14th. Finally, Citigroup increased their price target on Agnico Eagle Mines from $198.00 to $256.00 and gave the company a “buy” rating in a research note on Thursday, January 15th. Three equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $234.91.

Agnico Eagle Mines Stock Performance

Shares of NYSE:AEM traded up $9.17 during trading on Wednesday, hitting $222.13. 983,860 shares of the stock were exchanged, compared to its average volume of 2,918,555. The company’s fifty day simple moving average is $191.50 and its 200-day simple moving average is $169.42. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.31 and a current ratio of 2.12. The company has a market capitalization of $111.29 billion, a price-to-earnings ratio of 25.03, a price-to-earnings-growth ratio of 0.51 and a beta of 0.63. Agnico Eagle Mines has a 1-year low of $92.11 and a 1-year high of $225.00.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last posted its earnings results on Thursday, February 12th. The mining company reported $2.69 earnings per share for the quarter, beating analysts’ consensus estimates of $2.56 by $0.13. Agnico Eagle Mines had a net margin of 37.47% and a return on equity of 18.53%. The business had revenue of $3.53 billion for the quarter, compared to analysts’ expectations of $3.40 billion. During the same quarter in the previous year, the firm posted $1.26 earnings per share. The firm’s revenue for the quarter was up 60.3% on a year-over-year basis. Sell-side analysts expect that Agnico Eagle Mines will post 4.63 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Capital World Investors raised its position in Agnico Eagle Mines by 2.8% during the fourth quarter. Capital World Investors now owns 21,338,277 shares of the mining company’s stock worth $3,618,730,000 after acquiring an additional 572,473 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Agnico Eagle Mines by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 20,979,666 shares of the mining company’s stock worth $3,557,772,000 after purchasing an additional 309,717 shares during the last quarter. Van ECK Associates Corp raised its holdings in shares of 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 valued at $2,920,258,000 after purchasing an additional 3,062,705 shares during the period. Massachusetts Financial Services Co. MA lifted its stake in Agnico Eagle Mines by 5.4% in the 3rd 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 purchasing an additional 602,489 shares during the last quarter. Finally, TD Asset Management Inc grew its holdings in Agnico Eagle Mines by 1.7% during the fourth quarter. TD Asset Management Inc now owns 9,665,456 shares of the mining company’s stock worth $1,641,239,000 after purchasing an additional 165,263 shares during the period. 68.34% of the stock is currently owned by institutional investors.

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.