Agnico Eagle Mines (NYSE:AEM) Shares Up 8.9% – Should You Buy?

Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM)’s stock price shot up 8.9% during mid-day trading on Wednesday . The stock traded as high as $201.86 and last traded at $203.59. 917,842 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 2,719,998 shares. The stock had previously closed at $186.94.

Analysts Set New Price Targets

A number of research firms have issued reports on AEM. ATB Cormark Capital Markets upgraded Agnico Eagle Mines from a “hold” rating to an “outperform” rating in a report on Monday, May 4th. Barclays lowered their price target on shares of Agnico Eagle Mines from $210.00 to $188.00 and set an “overweight” rating for the company in a research report on Wednesday, July 15th. Scotia decreased their target price on shares of Agnico Eagle Mines from $280.00 to $278.00 and set a “sector outperform” rating for the company in a research note on Friday, July 3rd. Bank of America dropped their price target on Agnico Eagle Mines from $302.00 to $240.00 and set a “buy” rating on the stock in a research report on Thursday, July 9th. Finally, Jefferies Financial Group raised Agnico Eagle Mines from a “hold” rating to a “buy” rating and raised their price objective for the company from $187.00 to $200.00 in a research report on Monday, July 6th. Twelve investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $226.00.

Agnico Eagle Mines Trading Up 10.6%

The firm’s 50 day moving average price is $157.75 and its 200-day moving average price is $186.40. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.86 and a quick ratio of 2.02. The stock has a market cap of $104.80 billion, a P/E ratio of 17.73, a P/E/G ratio of 2.32 and a beta of 0.61.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last announced its quarterly earnings data on Wednesday, July 29th. The mining company reported $3.05 earnings per share for the quarter, topping analysts’ consensus estimates of $2.89 by $0.16. Agnico Eagle Mines had a net margin of 40.44% and a return on equity of 22.04%. The company had revenue of $3.77 billion during the quarter, compared to analyst estimates of $3.78 billion. During the same period in the previous year, the business earned $1.94 EPS. The firm’s revenue for the quarter was up 35.0% on a year-over-year basis. As a group, equities research analysts forecast that Agnico Eagle Mines Limited will post 11.56 earnings per share for the current year.

Hedge Funds Weigh In On Agnico Eagle Mines

Hedge funds have recently bought and sold shares of the business. Brighton Jones LLC boosted its holdings in shares of Agnico Eagle Mines by 11.5% during the 4th quarter. Brighton Jones LLC now owns 3,216 shares of the mining company’s stock valued at $252,000 after acquiring an additional 331 shares during the last quarter. AQR Capital Management LLC boosted its holdings in Agnico Eagle Mines by 36.4% in the first quarter. AQR Capital Management LLC now owns 19,829 shares of the mining company’s stock worth $2,150,000 after purchasing an additional 5,293 shares during the last quarter. Sivia Capital Partners LLC grew its position in Agnico Eagle Mines by 57.2% in the 2nd quarter. Sivia Capital Partners LLC now owns 3,188 shares of the mining company’s stock worth $379,000 after purchasing an additional 1,160 shares during the period. Rhumbline Advisers raised its stake in Agnico Eagle Mines by 8.0% during the 2nd quarter. Rhumbline Advisers now owns 1,810 shares of the mining company’s stock valued at $215,000 after buying an additional 134 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Agnico Eagle Mines by 25.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 929 shares of the mining company’s stock valued at $110,000 after buying an additional 187 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.