JPMorgan Chase & Co. Cuts Agnico Eagle Mines (NYSE:AEM) Price Target to $175.00

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) had its price target trimmed by JPMorgan Chase & Co. from $222.00 to $175.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a neutral rating on the mining company’s stock.

A number of other brokerages have also issued reports on AEM. Weiss Ratings lowered Agnico Eagle Mines from a “buy (b)” rating to a “buy (b-)” rating in a research report on Thursday, July 2nd. Citigroup reissued a “positive” rating on shares of Agnico Eagle Mines in a research report on Wednesday, July 15th. Canadian Imperial Bank of Commerce set a $285.00 price target on shares of Agnico Eagle Mines in a research note on Thursday, July 16th. Scotiabank dropped their price target on shares of Agnico Eagle Mines from $278.00 to $260.00 and set a “sector outperform” rating for the company in a research note on Tuesday, July 14th. Finally, Jefferies Financial Group raised shares of Agnico Eagle Mines from a “hold” rating to a “buy” rating and upped their price target for the company from $187.00 to $200.00 in a report on Monday, July 6th. Twelve investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $230.00.

Agnico Eagle Mines Stock Down 1.8%

Shares of NYSE AEM opened at $144.43 on Tuesday. Agnico Eagle Mines has a 1 year low of $122.32 and a 1 year high of $255.24. The firm has a market cap of $73.31 billion, a price-to-earnings ratio of 13.57, a PEG ratio of 2.20 and a beta of 0.60. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.18 and a current ratio of 3.15. The stock’s 50-day simple moving average is $161.15 and its 200-day simple moving average is $190.77.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last issued its quarterly earnings results on Thursday, April 30th. The mining company reported $3.40 EPS for the quarter, beating analysts’ consensus estimates of $3.19 by $0.21. Agnico Eagle Mines had a return on equity of 21.09% and a net margin of 39.46%.The firm had revenue of $4 billion during the quarter, compared to the consensus estimate of $3.96 billion. During the same quarter in the prior year, the business posted $1.53 earnings per share. Agnico Eagle Mines’s revenue for the quarter was up 66.1% on a year-over-year basis. As a group, equities analysts anticipate that Agnico Eagle Mines will post 12.09 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of AEM. Acumen Wealth Advisors LLC acquired a new stake in shares of Agnico Eagle Mines during the 4th quarter valued at approximately $26,000. Abound Wealth Management boosted its holdings in Agnico Eagle Mines by 99.0% in the fourth quarter. Abound Wealth Management now owns 209 shares of the mining company’s stock worth $35,000 after purchasing an additional 104 shares during the period. Lodestone Wealth Management LLC acquired a new position in Agnico Eagle Mines in the fourth quarter worth $35,000. Jessup Wealth Management Inc bought a new stake in Agnico Eagle Mines during the fourth quarter valued at $35,000. Finally, Allied Private Wealth LLC bought a new stake in Agnico Eagle Mines during the second quarter valued at $36,000. Institutional investors own 68.34% of the company’s stock.

Key Headlines Impacting Agnico Eagle Mines

Here are the key news stories impacting Agnico Eagle Mines this week:

• Negative Sentiment: Zacks labeled AEM a “Bear of the Day,” saying earnings estimates have been cut as gold retreats, which weighs on near-term sentiment for the miner. Bear of the Day: Agnico Eagle Mines (AEM)
• Negative Sentiment: Another Zacks note said Agnico Eagle does not have the right setup for a likely earnings beat ahead of next week’s report, reinforcing caution around the upcoming results. Agnico Eagle Mines (AEM) Reports Next Week: Wall Street Expects Earnings Growth
• Negative Sentiment: JPMorgan reportedly lowered expectations for Agnico Eagle Mines, adding to the day’s bearish analyst tone. JPMorgan Chase & Co. Has Lowered Expectations for Agnico Eagle Mines (NYSE:AEM) Stock Price
• Negative Sentiment: A separate market wrap noted AEM fell more than the broader market, signaling selling pressure alongside the weaker sector backdrop. Agnico Eagle Mines (AEM) Dips More Than Broader Market: What You Should Know

Agnico Eagle Mines Company Profile

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.