Todays Report: The Brokers Set Expectations for Agnico Eagle Mines Ltd.’s Q3 2016 Earnings (AEM)

The Brokers Set Expectations for Agnico Eagle Mines Ltd.’s Q3 2016 Earnings (AEM)

Agnico Eagle Mines Ltd. (NYSE:AEM) – Equities research analysts at National Bank Financial dropped their Q3 2016 earnings per share estimates for shares of Agnico Eagle Mines in a research note issued on Wednesday. National Bank Financial analyst S. Parsons now anticipates that the firm will post earnings of $0.15 per share for the quarter, down from their prior forecast of $0.20.

Several other brokerages have also issued reports on AEM. Citigroup Inc. began coverage on Agnico Eagle Mines in a report on Tuesday, August 2nd. They set a “sell” rating and a $44.00 price target for the company. TD Securities reiterated a “hold” rating and set a $61.00 price target (up from $56.00) on shares of Agnico Eagle Mines in a report on Saturday, August 13th. RBC Capital Markets lowered Agnico Eagle Mines from an “outperform” rating to a “sector perform” rating and set a $67.00 price target for the company. in a report on Monday, August 8th. Royal Bank Of Canada lowered Agnico Eagle Mines from an “outperform” rating to a “sector perform” rating and set a $67.00 price target for the company. in a report on Monday, August 8th. Finally, Barclays PLC lifted their price target on Agnico Eagle Mines from $50.00 to $61.00 and gave the company an “overweight” rating in a report on Monday, August 8th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $51.93.

Shares of Agnico Eagle Mines (NYSE:AEM) opened at 45.66 on Friday. The stock’s 50 day moving average is $51.36 and its 200-day moving average is $49.72. The firm has a market cap of $10.20 billion, a P/E ratio of 314.90 and a beta of -0.84. Agnico Eagle Mines has a 52-week low of $24.80 and a 52-week high of $60.10.

Agnico Eagle Mines (NYSE:AEM) last released its quarterly earnings results on Thursday, July 28th. The mining company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.06. Agnico Eagle Mines had a net margin of 1.61% and a return on equity of 1.88%. The business earned $537.60 million during the quarter, compared to the consensus estimate of $507.37 million. During the same quarter last year, the company earned $0.09 earnings per share. The business’s quarterly revenue was up 5.4% compared to the same quarter last year.

Several hedge funds have recently added to or reduced their stakes in AEM. AXA boosted its stake in Agnico Eagle Mines by 5.1% in the first quarter. AXA now owns 67,770 shares of the mining company’s stock worth $2,462,000 after buying an additional 3,304 shares in the last quarter. Quadrature Capital Ltd purchased a new stake in Agnico Eagle Mines during the first quarter worth about $3,457,000. 1832 Asset Management L.P. boosted its stake in Agnico Eagle Mines by 69.4% in the first quarter. 1832 Asset Management L.P. now owns 1,536,717 shares of the mining company’s stock worth $94,967,000 after buying an additional 629,724 shares in the last quarter. Canada Pension Plan Investment Board purchased a new stake in Agnico Eagle Mines during the first quarter worth about $270,000. Finally, Aviva PLC boosted its stake in Agnico Eagle Mines by 0.6% in the first quarter. Aviva PLC now owns 142,005 shares of the mining company’s stock worth $5,143,000 after buying an additional 874 shares in the last quarter. Institutional investors and hedge funds own 62.03% of the company’s stock.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Thursday, September 1st were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Tuesday, August 30th. This is a boost from Agnico Eagle Mines’s previous quarterly dividend of $0.08. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.88%. Agnico Eagle Mines’s payout ratio is currently 213.35%.

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