Agnico Eagle Mines (NYSE:AEM) Shares Gap Down – Here’s What Happened

Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) gapped down before the market opened on Thursday . The stock had previously closed at $154.85, but opened at $149.88. Agnico Eagle Mines shares last traded at $151.5890, with a volume of 1,253,857 shares.

Analyst Upgrades and Downgrades

AEM has been the subject of a number of analyst reports. Canadian Imperial Bank of Commerce upped their price objective on shares of Agnico Eagle Mines from C$304.00 to C$310.00 and gave the company an “outperform” rating in a research note on Tuesday, May 26th. Erste Group Bank downgraded shares of Agnico Eagle Mines from a “buy” rating to a “hold” rating in a research report on Tuesday, March 24th. UBS Group cut their price target on shares of Agnico Eagle Mines from $210.00 to $170.00 and set a “neutral” rating on the stock in a report on Tuesday. Weiss Ratings downgraded shares of Agnico Eagle Mines from a “buy (b+)” rating to a “buy (b)” rating in a research report on Wednesday, May 13th. Finally, TD raised their price objective on shares of Agnico Eagle Mines from $251.00 to $252.00 and gave the stock a “buy” rating in a research note on Tuesday, April 21st. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $232.75.

Agnico Eagle Mines Stock Performance

The stock has a market capitalization of $78.47 billion, a PE ratio of 14.52, a P/E/G ratio of 3.40 and a beta of 0.56. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.18 and a current ratio of 3.15. The firm has a 50 day moving average of $176.53 and a 200-day moving average of $193.92.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last released its earnings results on Thursday, April 30th. The mining company reported $3.40 earnings per share for the quarter, beating the consensus estimate of $3.19 by $0.21. The company had revenue of $4 billion for the quarter, compared to analysts’ expectations of $3.96 billion. Agnico Eagle Mines had a return on equity of 21.09% and a net margin of 39.46%.The business’s revenue for the quarter was up 66.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.53 EPS. Research analysts forecast that Agnico Eagle Mines Limited will post 13.22 earnings per share for the current year.

Institutional Trading of Agnico Eagle Mines

Several institutional investors have recently made changes to their positions in AEM. Capital World Investors increased its stake in Agnico Eagle Mines by 2.8% in the 4th quarter. Capital World Investors now owns 21,338,277 shares of the mining company’s stock valued at $3,618,730,000 after buying an additional 572,473 shares during the period. Vanguard Group Inc. lifted its position in Agnico Eagle Mines by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 20,979,666 shares of the mining company’s stock worth $3,557,772,000 after buying an additional 309,717 shares in the last quarter. Van ECK Associates Corp boosted its stake in shares of Agnico Eagle Mines by 21.6% during 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 buying an additional 3,062,705 shares during the period. TD Asset Management Inc boosted its stake in shares of Agnico Eagle Mines by 1.7% during the 4th quarter. TD Asset Management Inc now owns 9,665,456 shares of the mining company’s stock valued at $1,641,239,000 after buying an additional 165,263 shares during the period. Finally, Mackenzie Financial Corp grew its holdings in shares of Agnico Eagle Mines by 4.0% during the 4th quarter. Mackenzie Financial Corp now owns 8,687,624 shares of the mining company’s stock valued at $1,489,509,000 after acquiring an additional 332,797 shares in the last quarter. 68.34% of the stock is currently owned by institutional investors and hedge funds.

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.