Scotiabank Forecasts Strong Price Appreciation for Agnico Eagle Mines (NYSE:AEM) Stock

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) had its price target upped by Scotiabank from $105.00 to $126.00 in a report published on Monday,Benzinga reports. The firm currently has a sector outperform rating on the mining company’s stock.

Several other research analysts have also recently commented on AEM. TD Securities reduced their target price on Agnico Eagle Mines from $108.00 to $106.00 and set a “buy” rating for the company in a research report on Wednesday, February 19th. UBS Group boosted their target price on shares of Agnico Eagle Mines from $110.00 to $115.00 and gave the company a “neutral” rating in a research note on Friday, April 11th. Raymond James increased their target price on shares of Agnico Eagle Mines from $105.00 to $130.00 and gave the stock an “outperform” rating in a research report on Friday, April 4th. Jefferies Financial Group boosted their target price on Agnico Eagle Mines from $85.00 to $88.00 and gave the stock a “hold” rating in a report on Tuesday, January 7th. Finally, Royal Bank of Canada raised their target price on Agnico Eagle Mines from $110.00 to $115.00 and gave the company an “outperform” rating in a research note on Friday, April 4th. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $124.40.

Agnico Eagle Mines Price Performance

Shares of Agnico Eagle Mines stock opened at $122.69 on Monday. The firm has a fifty day simple moving average of $102.95 and a 200-day simple moving average of $90.51. Agnico Eagle Mines has a 1-year low of $61.56 and a 1-year high of $125.94. The stock has a market capitalization of $61.75 billion, a price-to-earnings ratio of 32.46, a PEG ratio of 0.66 and a beta of 0.87. The company has a current ratio of 1.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.06.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last released its earnings results on Thursday, February 13th. The mining company reported $1.26 EPS for the quarter, missing the consensus estimate of $1.70 by ($0.44). Agnico Eagle Mines had a net margin of 22.88% and a return on equity of 10.45%. On average, sell-side analysts expect that Agnico Eagle Mines will post 4.63 earnings per share for the current year.

Agnico Eagle Mines Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 28th were issued a $0.40 dividend. The ex-dividend date was Friday, February 28th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.30%. Agnico Eagle Mines’s dividend payout ratio (DPR) is presently 42.33%.

Hedge Funds Weigh In On Agnico Eagle Mines

Several hedge funds have recently modified their holdings of the stock. Benjamin Edwards Inc. lifted its stake in shares of Agnico Eagle Mines by 2.0% during the 4th quarter. Benjamin Edwards Inc. now owns 5,472 shares of the mining company’s stock worth $428,000 after buying an additional 106 shares during the last quarter. Duncker Streett & Co. Inc. boosted its holdings in shares of Agnico Eagle Mines by 37.3% during the fourth quarter. Duncker Streett & Co. Inc. now owns 412 shares of the mining company’s stock worth $32,000 after acquiring an additional 112 shares during the period. Laird Norton Wetherby Wealth Management LLC increased its stake in shares of Agnico Eagle Mines by 1.8% during the fourth quarter. Laird Norton Wetherby Wealth Management LLC now owns 6,944 shares of the mining company’s stock worth $543,000 after purchasing an additional 120 shares during the period. Pinnacle Wealth Management Group Inc. lifted its holdings in Agnico Eagle Mines by 0.5% during the 4th quarter. Pinnacle Wealth Management Group Inc. now owns 24,407 shares of the mining company’s stock worth $1,909,000 after purchasing an additional 125 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB boosted its stake in Agnico Eagle Mines by 19.3% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 774 shares of the mining company’s stock valued at $84,000 after purchasing an additional 125 shares during the period. 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.