Short Interest in Agnico Eagle Mines Limited (NYSE:AEM) Rises By 15.4%

Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) was the recipient of a significant growth in short interest in April. As of April 15th, there was short interest totalling 8,010,000 shares, a growth of 15.4% from the March 31st total of 6,940,000 shares. Approximately 1.6% of the shares of the company are sold short. Based on an average daily volume of 3,400,000 shares, the short-interest ratio is currently 2.4 days.

Analyst Upgrades and Downgrades

AEM has been the subject of a number of research analyst reports. CIBC increased their target price on shares of Agnico Eagle Mines from $80.00 to $81.00 and gave the company an “outperform” rating in a report on Tuesday. Raymond James increased their target price on shares of Agnico Eagle Mines from $66.00 to $71.00 and gave the company an “outperform” rating in a report on Friday, January 12th. Jefferies Financial Group increased their target price on shares of Agnico Eagle Mines from $54.00 to $57.00 and gave the company a “hold” rating in a report on Monday, April 22nd. Citigroup increased their target price on shares of Agnico Eagle Mines from $65.00 to $80.00 and gave the company a “buy” rating in a report on Tuesday. Finally, National Bank Financial reiterated an “outperform overweight” rating on shares of Agnico Eagle Mines in a research report on Monday, April 8th. Two equities research analysts have rated the stock with a hold rating and six have given a buy 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 $69.63.

Agnico Eagle Mines Stock Performance

Shares of AEM stock opened at $64.00 on Wednesday. Agnico Eagle Mines has a 52 week low of $43.22 and a 52 week high of $67.80. The company has a market cap of $31.91 billion, a PE ratio of 66.68, a P/E/G ratio of 0.88 and a beta of 1.06. The company has a current ratio of 2.21, a quick ratio of 0.88 and a debt-to-equity ratio of 0.09. The company’s fifty day simple moving average is $57.26 and its 200-day simple moving average is $52.80.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last released its quarterly earnings results on Thursday, April 25th. The mining company reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.16. Agnico Eagle Mines had a net margin of 6.79% and a return on equity of 6.09%. The firm had revenue of $1.83 billion for the quarter, compared to the consensus estimate of $1.78 billion. During the same quarter in the previous year, the firm posted $0.57 EPS. The firm’s quarterly revenue was up 21.2% on a year-over-year basis. As a group, equities research analysts anticipate that Agnico Eagle Mines will post 2.81 EPS for the current year.

Agnico Eagle Mines Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Friday, May 31st will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.50%. The ex-dividend date is Friday, May 31st. Agnico Eagle Mines’s dividend payout ratio is currently 168.42%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Van ECK Associates Corp boosted its holdings in shares of Agnico Eagle Mines by 9.5% in the 4th quarter. Van ECK Associates Corp now owns 23,059,010 shares of the mining company’s stock valued at $1,264,791,000 after buying an additional 1,995,127 shares during the period. FIL Ltd boosted its holdings in shares of Agnico Eagle Mines by 16.4% in the 4th quarter. FIL Ltd now owns 20,107,126 shares of the mining company’s stock valued at $1,102,481,000 after buying an additional 2,831,794 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Agnico Eagle Mines by 2.0% in the 4th quarter. Vanguard Group Inc. now owns 17,562,802 shares of the mining company’s stock valued at $963,320,000 after buying an additional 338,264 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in shares of Agnico Eagle Mines by 1.1% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 13,794,968 shares of the mining company’s stock valued at $626,981,000 after buying an additional 152,166 shares during the period. Finally, Mackenzie Financial Corp boosted its holdings in shares of Agnico Eagle Mines by 0.4% in the 4th quarter. Mackenzie Financial Corp now owns 9,811,207 shares of the mining company’s stock valued at $538,193,000 after buying an additional 41,068 shares during the period. 68.34% of the stock is owned by institutional investors and hedge funds.

Agnico Eagle Mines Company Profile

Agnico Eagle Mines Limited, a gold mining company, exploration, development, and production of precious metals. It explores for gold. The company's mines are located in Canada, Australia, Finland and Mexico, with exploration and development activities in Canada, Australia, Europe, Latin America, and the United States.