Agnico Eagle Mines (NYSE:AEM) Shares Gap Down – Here’s Why

Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) shares gapped down before the market opened on Monday. The stock had previously closed at $194.48, but opened at $183.44. Agnico Eagle Mines shares last traded at $185.6740, with a volume of 389,041 shares.

Wall Street Analysts Forecast Growth

AEM has been the subject of a number of research analyst reports. Wall Street Zen cut Agnico Eagle Mines from a “buy” rating to a “hold” rating in a research report on Sunday, July 12th. Royal Bank Of Canada boosted their price objective on shares of Agnico Eagle Mines from $210.00 to $225.00 and gave the stock a “sector perform” rating in a research report on Wednesday, September 16th. Citigroup lowered their price objective on shares of Agnico Eagle Mines from $256.00 to $200.00 and set a “buy” rating on the stock in a research note on Monday, July 27th. Raymond James Financial dropped their target price on shares of Agnico Eagle Mines from $230.00 to $225.00 and set an “outperform” rating for the company in a report on Friday, September 4th. Finally, Scotiabank cut their target price on shares of Agnico Eagle Mines from $278.00 to $260.00 and set a “sector outperform” rating for the company in a research report on Tuesday, July 14th. Twelve investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $227.15.

Agnico Eagle Mines Stock Down 4.7%

The company has a debt-to-equity ratio of 0.01, a current ratio of 2.86 and a quick ratio of 2.02. The firm has a 50-day simple moving average of $184.94 and a two-hundred day simple moving average of $183.23. The company has a market cap of $93.90 billion, a PE ratio of 15.87, a P/E/G ratio of 2.44 and a beta of 0.67.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last released its quarterly earnings results on Wednesday, July 29th. The mining company reported $3.05 earnings per share for the quarter, topping analysts’ consensus estimates of $2.89 by $0.16. Agnico Eagle Mines had a return on equity of 22.04% and a net margin of 40.44%.The company had revenue of $3.77 billion during the quarter, compared to analysts’ expectations of $3.78 billion. During the same period in the previous year, the firm posted $1.94 earnings per share. The business’s revenue for the quarter was up 35.0% compared to the same quarter last year. Research analysts anticipate that Agnico Eagle Mines Limited will post 11.46 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. QRG Capital Management Inc. boosted its stake in shares of Agnico Eagle Mines by 4.1% during the 2nd quarter. QRG Capital Management Inc. now owns 1,460 shares of the mining company’s stock worth $226,000 after purchasing an additional 58 shares during the last quarter. Security National Bank of SO Dak acquired a new position in shares of Agnico Eagle Mines in the second quarter valued at approximately $42,000. Wellington Altus USA Inc. lifted its stake in shares of Agnico Eagle Mines by 40.2% during the second quarter. Wellington Altus USA Inc. now owns 555 shares of the mining company’s stock valued at $86,000 after buying an additional 159 shares during the period. Engineers Gate Manager LP lifted its stake in shares of Agnico Eagle Mines by 914.3% during the second quarter. Engineers Gate Manager LP now owns 30,246 shares of the mining company’s stock valued at $4,692,000 after buying an additional 27,264 shares during the period. Finally, Cidel Asset Management Inc. boosted its position in Agnico Eagle Mines by 795.3% during the second quarter. Cidel Asset Management Inc. now owns 123,011 shares of the mining company’s stock worth $19,106,000 after acquiring an additional 109,271 shares during the last quarter. 68.34% of the stock is currently owned by hedge funds and other institutional investors.

Agnico Eagle Mines Company Profile

Agnico Eagle Mines Limited is a Canadian-based gold mining company engaged in the exploration, development and production of gold and other mineral resources. The company’s primary product is gold, with silver and other byproducts also recovered from certain operations. Its activities include operating mines, advancing development projects and conducting exploration to expand and replace mineral reserves.

Founded in 1957 through the merger of Agnico Mines and Eagle Mines, Agnico Eagle has grown into one of the world’s major gold producers.