Agnico Eagle Mines Rating Downgraded by UBS Group

Agnico Eagle Mines (NYSE:AEM - Get Free Report) has recently been downgraded by analysts from UBS Group. In a report released on Monday, they reduced the company's rating from "buy" to "neutral." Along with this change, UBS Group also raised its price target for the stock from $100.00 to $110.00.

This revised price target suggests a potential upside of about 2.48% from the stock’s last closing price. Analysts consider this adjustment significant given the ongoing market dynamics.

Other Analysts' Opinions on AEM

The stock has been discussed in various other research notes as well. For instance, Scotiabank increased its price target on Agnico Eagle Mines from $103.00 to $105.00 and rated it as "sector outperform" in their analysis released on January 21st. Similarly, Jefferies Financial Group lifted their target from $85.00 to $88.00 while maintaining a "hold" rating in their report on January 7th. Raymond James set a price target of $105.00 with an "outperform" rating back on February 4th. Moreover, Royal Bank of Canada also raised their price target from $96.00 to $105.00 while assigning it an "outperform" rating on February 11th. In a recent report on March 21st, National Bank Financial upgraded Agnico Eagle Mines to a "strong-buy" rating.

Currently, analysts have provided a mix of ratings for the stock: two analysts have a "hold" rating, seven have issued a "buy" rating, and two have assigned a "strong buy" rating. According to data available on MarketBeat, Agnico Eagle Mines holds an average rating of "Buy" and an average target price of $97.44.

Agnico Eagle Mines Stock Performance

The stock opened at $107.34 on Monday. Over the last year, the shares have seen a low of $60.15 and a high of $110.36. Agnico Eagle Mines currently holds a market capitalization of $53.99 billion, with a PE ratio of 28.40 and a P/E/G ratio of 0.66. It shows a stable beta of 1.00 and has a low debt-to-equity ratio of 0.06, with a current ratio of 1.86 and a quick ratio of 0.86. Its moving averages stand at 50 days ($97.96) and 200 days ($87.91).

Recent Earnings Report

The latest quarterly earnings data was released on February 13th, where Agnico Eagle Mines reported earnings of $1.26 per share, which fell short of analysts' estimates of $1.70 by $0.44. The company recorded a net margin of 22.88% and a return on equity of 10.45%. Looking ahead, analysts predict that the company will post an EPS of 4.63 for the current fiscal year.

Institutional Ownership Trends

In terms of institutional trading, several hedge funds and institutional investors have made notable adjustments to their holdings in Agnico Eagle Mines. Norges Bank acquired a new position in the company valued at approximately $573,446,000 during the fourth quarter. Additionally, Capital World Investors increased its stake in the company by 41.9%, owning 13,952,061 shares now worth over $1 billion after purchasing 4,121,164 additional shares. Arrowstreet Capital Limited Partnership raised its investment in Agnico Eagle Mines by 81%, now holding 7,051,473 shares worth about $551 million.

AGF Management Ltd. also increased its ownership by 184.6% during the fourth quarter, owning 1,395,850 shares valued at $109 million after acquiring an extra 905,328 shares. Lastly, Van ECK Associates Corp raised its stakes by 3.6% during the same period. As it stands, 68.34% of the company’s stock is owned by institutional investors.

Company Profile

Agnico Eagle Mines Limited is primarily involved in the mining, exploration, development, and production of precious metals, primarily gold. The company's mining operations are situated in Canada, Australia, Finland, and Mexico, with exploration initiatives occurring across Canada, Australia, Europe, Latin America, and the United States.

Agnico, Mines, Stocks