Agnico Eagle Mines (NYSE:AEM) Stock Price Crosses Below 200 Day Moving Average – Here’s What Happened

Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM)’s stock price passed below its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $188.68 and traded as low as $185.86. Agnico Eagle Mines shares last traded at $185.9250, with a volume of 1,364,710 shares trading hands.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on AEM. Freedom Broker upgraded Agnico Eagle Mines from a “hold” rating to a “buy” rating and set a $212.00 price target on the stock in a research note on Monday, November 2nd. Weiss Ratings upgraded Agnico Eagle Mines from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, October 14th. Zacks Research upgraded Agnico Eagle Mines from a “strong sell” rating to a “hold” rating in a research report on Monday, September 7th. UBS Group raised their price target on shares of Agnico Eagle Mines from $170.00 to $190.00 and gave the stock a “neutral” rating in a research report on Thursday, October 8th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Agnico Eagle Mines from $190.00 to $193.00 and gave the company a “neutral” rating in a research report on Friday, October 30th. Thirteen research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $227.00.

Agnico Eagle Mines Stock Performance

The company has a current ratio of 2.75, a quick ratio of 1.90 and a debt-to-equity ratio of 0.01. The company has a market cap of $94.06 billion, a P/E ratio of 15.17, a price-to-earnings-growth ratio of 2.90 and a beta of 0.69. The company has a 50 day moving average price of $188.46 and a 200-day moving average price of $188.68.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last posted its quarterly earnings results on Wednesday, October 28th. The mining company reported $2.62 earnings per share for the quarter, beating analysts’ consensus estimates of $2.47 by $0.15. The company had revenue of $3.54 billion for the quarter, compared to the consensus estimate of $3.51 billion. Agnico Eagle Mines had a net margin of 41.01% and a return on equity of 21.68%. The firm’s quarterly revenue was up 17.1% compared to the same quarter last year. During the same period last year, the company posted $2.10 EPS. On average, equities analysts expect that Agnico Eagle Mines Limited will post 11.41 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Agnico Eagle Mines

Several large investors have recently bought and sold shares of the company. Deutsche Bank AG acquired a new stake in Agnico Eagle Mines during the 2nd quarter worth approximately $1,362,158,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Agnico Eagle Mines during the second quarter worth about $927,602,000. Bank of America Corp DE bought a new position in Agnico Eagle Mines during the 2nd quarter worth approximately $844,096,000. The Manufacturers Life Insurance Company bought a new position in Agnico Eagle Mines during the 2nd quarter worth approximately $608,054,000. Finally, Canada Pension Plan Investment Board acquired a new stake in shares of Agnico Eagle Mines during the second quarter worth $533,750,000. 68.34% of the stock is currently owned by institutional investors.

About Agnico Eagle Mines

Agnico Eagle Mines Limited (NYSE:AEM) is a Canadian gold mining company engaged in the exploration, development and production of gold, as well as related activities such as mineral processing and mine-site reclamation. The company’s principal product is gold, with silver and other byproducts also recovered from certain operations. Founded in 1957 through the merger of Agnico Mines and Eagle Mines, Agnico Eagle has grown into one of the world’s largest gold producers. Its operating portfolio is concentrated in established mining regions, including the Canadian provinces of Ontario and Quebec, Nunavut in northern Canada, and Finland.