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

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) had its price target lifted by stock analysts at Citigroup from $100.00 to $140.00 in a research note issued to investors on Monday,BayStreet.CA reports. The firm currently has a “buy” rating on the mining company’s stock. Citigroup’s price target suggests a potential upside of 29.46% from the company’s previous close.

A number of other equities research analysts have also weighed in on AEM. Stifel Canada raised shares of Agnico Eagle Mines to a “strong-buy” rating in a research note on Wednesday, March 19th. UBS Group downgraded Agnico Eagle Mines from a “buy” rating to a “neutral” rating and upped their target price for the stock from $100.00 to $110.00 in a report on Monday. National Bank Financial upgraded Agnico Eagle Mines to a “strong-buy” rating in a research note on Friday, March 21st. Raymond James set a $105.00 price target on Agnico Eagle Mines and gave the stock an “outperform” rating in a research note on Tuesday, February 4th. Finally, Jefferies Financial Group raised their price objective on Agnico Eagle Mines from $85.00 to $88.00 and gave the company a “hold” rating in a research report on Tuesday, January 7th. Two research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $104.11.

Agnico Eagle Mines Stock Performance

Agnico Eagle Mines stock opened at $108.14 on Monday. Agnico Eagle Mines has a 1-year low of $60.15 and a 1-year high of $110.36. The firm has a market cap of $54.40 billion, a P/E ratio of 28.61, a P/E/G ratio of 0.66 and a beta of 1.00. The company has a current ratio of 1.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.06. The firm has a 50-day moving average of $98.82 and a 200-day moving average of $88.27.

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

Hedge Funds Weigh In On Agnico Eagle Mines

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Norges Bank purchased a new position in shares of Agnico Eagle Mines in the fourth quarter worth $573,446,000. Capital World Investors increased its holdings in Agnico Eagle Mines by 41.9% in the 4th quarter. Capital World Investors now owns 13,952,061 shares of the mining company’s stock worth $1,091,550,000 after buying an additional 4,121,164 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its position in Agnico Eagle Mines by 81.0% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,051,473 shares of the mining company’s stock worth $551,339,000 after buying an additional 3,155,927 shares during the last quarter. AGF Management Ltd. raised its position in Agnico Eagle Mines by 184.6% in the 4th quarter. AGF Management Ltd. now owns 1,395,850 shares of the mining company’s stock worth $109,205,000 after buying an additional 905,328 shares during the last quarter. Finally, Van ECK Associates Corp lifted its stake in Agnico Eagle Mines by 3.6% during the 4th quarter. Van ECK Associates Corp now owns 22,322,859 shares of the mining company’s stock valued at $1,745,858,000 after acquiring an additional 778,919 shares during the period. 68.34% of the stock is owned by institutional investors.

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.