Agnico Eagle Mines (NYSE:AEM) Stock Price Down 7.1% – Here’s Why

Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) dropped 7.1% on Monday . The stock traded as low as $170.91 and last traded at $170.2880. Approximately 661,928 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 2,883,464 shares. The stock had previously closed at $183.21.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on AEM shares. Zacks Research upgraded Agnico Eagle Mines from a “hold” rating to a “strong-buy” rating in a report on Thursday, December 4th. TD Securities increased their target price on Agnico Eagle Mines from $154.00 to $195.00 and gave the stock a “buy” rating in a research report on Wednesday, October 8th. Wall Street Zen lowered Agnico Eagle Mines from a “strong-buy” rating to a “buy” rating in a research report on Sunday, November 30th. Scotiabank reissued an “outperform” rating on shares of Agnico Eagle Mines in a research report on Thursday, October 23rd. Finally, CIBC increased their price target on shares of Agnico Eagle Mines from $165.00 to $231.00 and gave the stock an “outperformer” rating in a research note on Friday, October 10th. Six equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $201.60.

Agnico Eagle Mines Stock Performance

The business’s 50 day simple moving average is $167.56 and its two-hundred day simple moving average is $149.58. The firm has a market capitalization of $86.27 billion, a P/E ratio of 25.09, a price-to-earnings-growth ratio of 0.66 and a beta of 0.64. The company has a current ratio of 2.12, a quick ratio of 1.31 and a debt-to-equity ratio of 0.01.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last announced its quarterly earnings results on Wednesday, October 29th. The mining company reported $2.16 earnings per share for the quarter, beating the consensus estimate of $1.76 by $0.40. Agnico Eagle Mines had a net margin of 32.62% and a return on equity of 15.64%. The company had revenue of $3.07 billion during the quarter, compared to the consensus estimate of $2.93 billion. During the same quarter last year, the firm earned $1.14 earnings per share. Sell-side analysts anticipate that Agnico Eagle Mines Limited will post 4.63 EPS for the current fiscal year.

Institutional Trading of Agnico Eagle Mines

A number of large investors have recently made changes to their positions in AEM. Addenda Capital Inc. raised its stake in shares of Agnico Eagle Mines by 2.3% during the third quarter. Addenda Capital Inc. now owns 724,231 shares of the mining company’s stock valued at $122,076,000 after acquiring an additional 15,965 shares in the last quarter. Schroder Investment Management Group raised its position in Agnico Eagle Mines by 12.7% during the 2nd quarter. Schroder Investment Management Group now owns 438,080 shares of the mining company’s stock valued at $52,101,000 after purchasing an additional 49,480 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Agnico Eagle Mines by 2.7% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 1,178,532 shares of the mining company’s stock worth $140,135,000 after buying an additional 31,087 shares during the period. Hussman Strategic Advisors Inc. grew its position in shares of Agnico Eagle Mines by 87.5% during the 2nd quarter. Hussman Strategic Advisors Inc. now owns 153,000 shares of the mining company’s stock worth $18,196,000 after buying an additional 71,400 shares in the last quarter. Finally, Blueshift Asset Management LLC bought a new stake in shares of Agnico Eagle Mines in the second quarter valued at about $769,000. 68.34% of the stock is currently owned by institutional investors.

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.