Agnico Eagle Mines (NYSE:AEM) Reaches New 1-Year High After Better-Than-Expected Earnings

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

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

Agnico Eagle Mines Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were issued a $0.40 dividend. The ex-dividend date was Thursday, February 29th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.44%. Agnico Eagle Mines’s dividend payout ratio (DPR) is 38.93%.

Analysts Set New Price Targets

Several research firms recently commented on AEM. Jefferies Financial Group raised their price target on shares of Agnico Eagle Mines from $54.00 to $57.00 and gave the company a “hold” rating in a report on Monday, April 22nd. National Bank Financial restated an “outperform overweight” rating on shares of Agnico Eagle Mines in a report on Monday, April 8th. TD Securities lowered their target price on 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. Raymond James raised their target price on Agnico Eagle Mines from $66.00 to $71.00 and gave the company an “outperform” rating in a report on Friday, January 12th. Finally, CIBC lowered their price objective on shares of Agnico Eagle Mines from $72.00 to $69.00 and set an “outperform” rating for the company in a research report on Wednesday, February 7th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Agnico Eagle Mines presently has a consensus rating of “Moderate Buy” and an average target price of $64.14.

Institutional Investors Weigh In On Agnico Eagle Mines

A number of hedge funds have recently bought and sold shares of AEM. K.J. Harrison & Partners Inc raised its stake in shares of Agnico Eagle Mines by 27.9% in the 1st quarter. K.J. Harrison & Partners Inc now owns 65,621 shares of the mining company’s stock valued at $3,912,000 after purchasing an additional 14,313 shares in the last quarter. Mesirow Financial Investment Management Inc. acquired a new position in shares of Agnico Eagle Mines in the 1st quarter worth approximately $310,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Agnico Eagle Mines by 4.6% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 212,902 shares of the mining company’s stock valued at $12,707,000 after acquiring an additional 9,410 shares in the last quarter. Kercheville Advisors LLC boosted its holdings in Agnico Eagle Mines by 1.0% in the first quarter. Kercheville Advisors LLC now owns 127,275 shares of the mining company’s stock worth $7,592,000 after purchasing an additional 1,213 shares during the period. Finally, Simplicity Wealth LLC bought a new stake in Agnico Eagle Mines during the first quarter valued at $2,735,000. Institutional investors and hedge funds own 68.34% of the company’s stock.

Agnico Eagle Mines Trading Up 0.9 %

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

Agnico Eagle Mines Company Profile

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.