Agnico Eagle Mines (NYSE:AEM) Cut to “Buy” at Wall Street Zen

Wall Street Zen downgraded shares of Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) from a strong-buy rating to a buy rating in a research note released on Sunday morning.

A number of other research firms have also recently weighed in on AEM. Weiss Ratings cut shares of Agnico Eagle Mines from a “buy (a)” rating to a “buy (b+)” rating in a research report on Friday, October 24th. Bank of America raised their price target on Agnico Eagle Mines from $209.00 to $226.00 and gave the stock a “buy” rating in a research report on Thursday, October 16th. TD Securities boosted their price objective on Agnico Eagle Mines from $154.00 to $195.00 and gave the company a “buy” rating in a report on Wednesday, October 8th. UBS Group increased their target price on Agnico Eagle Mines from $160.00 to $180.00 and gave the stock a “buy” rating in a research note on Thursday, October 16th. Finally, Raymond James Financial lifted their target price on Agnico Eagle Mines from $155.00 to $182.00 and gave the company an “outperform” rating in a research report on Friday, October 10th. Four analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Agnico Eagle Mines presently has a consensus rating of “Buy” and an average price target of $184.50.

Agnico Eagle Mines Stock Down 0.1%

Shares of AEM opened at $167.78 on Friday. The company’s 50-day moving average price is $162.29 and its 200 day moving average price is $136.85. Agnico Eagle Mines has a 12-month low of $75.17 and a 12-month high of $187.50. The company has a current ratio of 2.03, a quick ratio of 1.16 and a debt-to-equity ratio of 0.03. The firm has a market cap of $84.30 billion, a P/E ratio of 24.49, a price-to-earnings-growth ratio of 0.70 and a beta of 0.45.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last announced its earnings results on Wednesday, October 29th. The mining company reported $2.16 earnings per share for the quarter, topping the consensus estimate of $1.76 by $0.40. Agnico Eagle Mines had a net margin of 32.62% and a return on equity of 15.97%. The company had revenue of $3.07 billion during the quarter, compared to analyst estimates of $2.93 billion. During the same quarter last year, the firm posted $1.14 earnings per share. On average, sell-side analysts forecast that Agnico Eagle Mines will post 4.63 earnings per share for the current year.

Hedge Funds Weigh In On Agnico Eagle Mines

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Norges Bank purchased a new position in shares of Agnico Eagle Mines in the 2nd quarter valued at $938,644,000. TD Asset Management Inc grew its holdings in shares of Agnico Eagle Mines by 42.8% during the first quarter. TD Asset Management Inc now owns 9,033,296 shares of the mining company’s stock worth $978,553,000 after purchasing an additional 2,709,005 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of Agnico Eagle Mines by 38.8% during the second quarter. Arrowstreet Capital Limited Partnership now owns 8,296,796 shares of the mining company’s stock worth $987,398,000 after purchasing an additional 2,319,131 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its holdings in shares of Agnico Eagle Mines by 48.3% in the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 4,528,022 shares of the mining company’s stock valued at $538,506,000 after purchasing an additional 1,474,385 shares during the last quarter. Finally, Invesco Ltd. boosted its position in shares of Agnico Eagle Mines by 53.1% in the 2nd quarter. Invesco Ltd. now owns 4,164,046 shares of the mining company’s stock valued at $495,230,000 after purchasing an additional 1,444,746 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, a gold mining company, exploration, development, and production of precious metals. It explores for gold. The company's mines are located in Canada, Australia, Finland and Mexico, with exploration and development activities in Canada, Australia, Europe, Latin America, and the United States.