National Bank Financial Raises Earnings Estimates for Agnico Eagle Mines in FY2024

On November 4th, 2024, National Bank Financial released a report providing updates on its earnings estimates for Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM). The report highlighted that analyst M. Parkin has increased the forecast for the company’s earnings per share for the fiscal year 2024 from $4.32 to $4.36. In comparison, the consensus estimate for Agnico Eagle Mines’ current full-year earnings stands at $4.02 per share.

In addition to National Bank Financial, other research firms have also made adjustments to their ratings and price targets for Agnico Eagle Mines. Scotiabank recently raised its target price from $81.00 to $94.00, affirming a “sector outperform” rating on August 19th. Similarly, CIBC has increased its target price from $81.00 to $101.00, while also rating the company as an “outperformer” in a report dated July 10th. Likewise, Jefferies Financial Group raised its price target from $68.00 to $85.00 and assigned a “hold” rating on October 4th. Royal Bank of Canada adjusted its target from $80.00 to $87.00, also giving it an “outperform” designation as of September 10th. TD Securities set its target price at $91.00 after raising it from $90.00, maintaining a “buy” rating on August 2nd. Currently, one analyst maintains a hold rating on the stock, while eight others have labeled it as a buy. Overall, Agnico Eagle Mines holds an average rating of “Moderate Buy” with a consensus price target of $86.78 according to data from MarketBeat.com.

Performance Overview of Agnico Eagle Mines

The stock of Agnico Eagle Mines started trading at $85.80 on Monday. The company's market capitalization is around $43.05 billion, with a P/E ratio of 42.90 and a P/E/G ratio of 0.76. The stock has shown a fifty-day moving average price of $82.30 and a two-hundred-day moving average price of $74.22. Over the past year, Agnico Eagle Mines has experienced a price range with a fifty-two week low of $44.37 and a high of $89.00. Financially, the company possesses a debt-to-equity ratio of 0.06, a current ratio of 1.75, and a quick ratio of 0.76.

Recent Institutional Trading Activity

Recent trading activity has seen institutional investors adjusting their stakes in Agnico Eagle Mines. Van ECK Associates Corp increased its position by 0.3% during the second quarter, now holding 22,320,085 shares valued at approximately $1.46 billion after acquiring 58,681 additional shares in the last quarter. Moreover, Massachusetts Financial Services Co. MA raised its holdings in the company by 1.0% during the same period, acquiring an extra 134,872 shares to reach a total of 13,281,926 shares valued at $868.63 million. Capital World Investors also expanded its holdings by 0.8%, while First Eagle Investment Management LLC increased its investment by 10.8%. CIBC Asset Management Inc boosted its stake by 4.1% during the second quarter. In total, institutional and hedge funds hold about 68.34% of Agnico Eagle Mines’ shares.

About Agnico Eagle Mines

Agnico Eagle Mines Limited is a gold mining company engaged in the exploration, development, and production of precious metals. The company operates mines located in Canada, Australia, Finland, and Mexico, with ongoing exploration and development projects in various regions, including Canada, Australia, Europe, Latin America, and the United States.

Agnico, Earnings, Estimates