Agnico Eagle Mines (NYSE:AEM) Reaches New 52-Week High After Better-Than-Expected Earnings

Shares of Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) hit a new 52-week high on Thursday following a better than expected earnings announcement. The stock traded as high as $64.38 and last traded at $64.38, with a volume of 14321 shares traded. The stock had previously closed at $63.69.

The mining company reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.16. Agnico Eagle Mines had a return on equity of 5.54% and a net margin of 29.29%. The business had revenue of $1.83 billion for the quarter, compared to the consensus estimate of $1.78 billion. During the same quarter in the previous year, the business earned $0.57 EPS. The company’s quarterly revenue was up 21.2% compared to the same quarter last year.

Agnico Eagle Mines Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.44%. The ex-dividend date of this dividend was Thursday, February 29th. Agnico Eagle Mines’s payout ratio is 38.93%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on AEM. Raymond James boosted their target price on shares of Agnico Eagle Mines from $66.00 to $71.00 and gave the company an “outperform” rating in a research report on Friday, January 12th. Jefferies Financial Group lifted their price target on Agnico Eagle Mines from $54.00 to $57.00 and gave the company a “hold” rating in a research report on Monday, April 22nd. TD Securities decreased their target price on shares of Agnico Eagle Mines from $64.00 to $62.00 and set a “buy” rating for the company in a research note on Wednesday, February 21st. National Bank Financial restated an “outperform overweight” rating on shares of Agnico Eagle Mines in a research report on Monday, April 8th. Finally, CIBC dropped their target price on Agnico Eagle Mines from $72.00 to $69.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 7th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, Agnico Eagle Mines has an average rating of “Moderate Buy” and an average target price of $64.14.

Hedge Funds Weigh In On Agnico Eagle Mines

A number of hedge funds have recently made changes to their positions in the company. Banque Cantonale Vaudoise raised its stake in Agnico Eagle Mines by 2.8% in the 1st quarter. Banque Cantonale Vaudoise now owns 6,190 shares of the mining company’s stock valued at $369,000 after purchasing an additional 169 shares during the last quarter. Gulf International Bank UK Ltd increased its position in shares of Agnico Eagle Mines by 4.7% during the first quarter. Gulf International Bank UK Ltd now owns 5,030 shares of the mining company’s stock valued at $300,000 after acquiring an additional 226 shares during the last quarter. Natixis Advisors L.P. boosted its position in shares of Agnico Eagle Mines by 1.3% during the 3rd quarter. Natixis Advisors L.P. now owns 18,206 shares of the mining company’s stock worth $827,000 after purchasing an additional 242 shares during the period. FirstPurpose Wealth LLC lifted its stake in Agnico Eagle Mines by 3.8% during the third quarter. FirstPurpose Wealth LLC now owns 7,174 shares of the mining company’s stock worth $326,000 after purchasing an additional 260 shares in the last quarter. Finally, PFG Investments LLC lifted its stake in Agnico Eagle Mines by 3.5% during the 3rd quarter. PFG Investments LLC now owns 8,977 shares of the mining company’s stock worth $408,000 after acquiring an additional 302 shares in the last quarter. Institutional investors and hedge funds own 68.34% of the company’s stock.

Agnico Eagle Mines Trading Up 0.9 %

The company’s 50 day moving average price is $56.90 and its 200 day moving average price is $52.59. The firm has a market cap of $32.66 billion, a PE ratio of 15.94, a price-to-earnings-growth ratio of 0.90 and a beta of 1.06. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.09 and a quick ratio of 0.74.

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.