Agnico Eagle Mines Ltd (NYSE: AEM) Shares Could Drop Up To -36.3%


In the last trading session, 6.56 million shares of the Agnico Eagle Mines Ltd (NYSE:AEM) were traded, and its beta was 1.06. Most recently the company’s share price was $61.30, and it changed around $1.65 or 2.77% from the last close, which brings the market valuation of the company to $30.53B. AEM currently trades at a discount to its 52-week high of $61.15, offering almost 0.24% off that amount. The share price’s 52-week low was $43.22, which indicates that the current value has risen by an impressive 29.49% since then. We note from Agnico Eagle Mines Ltd’s average daily trading volume that its 10-day average is 2.89 million shares, with the 3-month average coming to 3.09 million.

Agnico Eagle Mines Ltd stock received a consensus recommendation rating of Buy, based on a mean score of 1.32. If we narrow it down even further, the data shows that 1 out of 17 analysts rate the stock as a Sell; another 2 rate it as Overweight. Among the rest, 5 recommended AEM as a Hold, whereas 8 deemed it a Buy, and 1 rated it as Underweight. Agnico Eagle Mines Ltd is expected to report earnings per share of $0.53 for the current quarter.

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Agnico Eagle Mines Ltd (NYSE:AEM) trade information

Instantly AEM has showed a green trend with a performance of 2.77% at the end of last trading. The performance over the last five days has remained in the green territory. The company’s shares are currently up 11.76% year-to-date, but still up 10.17% over the last five days. On the other hand, Agnico Eagle Mines Ltd (NYSE:AEM) is 27.55% up in the 30-day period. We can see from the shorts that 7.27 million shares have been sold at a short interest cover period of 1.91 day(s).

The consensus price target as assigned by Wall Street analysts is $76.78, which translates to bulls needing to increase their stock price by 20.16% from its current value. Analyst projections state that AEM is forecast to be at a low of $70 and a high of $83.55349065.

Agnico Eagle Mines Ltd (AEM) estimates and forecasts

Agnico Eagle Mines Ltd share prices are performing particularly well not compared to other companies within the same industry. As is evident from the statistics, the company’s shares have risen 34.46 percent over the past six months and at a 3.14% annual growth rate that is well below the industry average of 3.60%. Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will loss -7.00% in revenue this quarter, and will report a decrease of -16.90% in the next quarter. The year-over-year growth rate is expected to be 7.00%, up from the previous year.

Consensus estimates provided by 3 financial analysts predict the company will bring in an average of $1.69 billion in revenue for the current quarter. 2 analysts expect Agnico Eagle Mines Ltd to make $1.77 billion in revenue for the quarter ending Jun 2024. The company’s sales for the same quarters a year ago were $1.51 billion and $1.71 billion respectively. Analysts predict that the company’s current quarter sales will jump, forecast at 11.70%. Forecasts for the next quarter put sales growth at 3.70%.

Agnico Eagle Mines Ltd earnings are expected to increase by 9.20% in 2024, but the outlook is negative -0.70% per year for the next five years.

AEM Dividends

Agnico Eagle Mines Ltd’s next quarterly earnings report is expected to be released on April 25. The annual dividend yield of the stock is 2.61 percent and its annual dividend per share was 1.60. It is important to note, however, that the 2.61% dividend yield ratio should be regarded as a guide only, as many other factors should be taken into consideration before making any investment decision.

Agnico Eagle Mines Ltd (NYSE:AEM)’s Major holders

Upon looking at major shareholders, it appears that insiders hold 0.12% of Agnico Eagle Mines Ltd shares, and 72.02% of them are in the hands of institutional investors. The stock currently has a share float of 72.11%. Agnico Eagle Mines Ltd stock is held by 1,055 institutions, with Van Eck Associates Corporation being the largest institutional investor. By Jun 29, 2023, it held 4.32% of the shares, which is about 21.46 million shares worth $1.07 billion.

FIL LTD, with 3.81% or 18.9 million shares worth $944.55 million as of Jun 29, 2023, holds the second largest percentage of outstanding shares.

VanEck ETF Trust-VanEck Gold Miners ETF and Vanguard International Stock Index-Total Intl Stock Indx were the top two Mutual Funds as of Sep 29, 2023. The former held 17.43 million shares worth $792.35 million, making up 3.51% of all outstanding shares. On the other hand, Vanguard International Stock Index-Total Intl Stock Indx held roughly 6.12 million shares worth around $320.63 million, which represents about 1.23% of the total shares outstanding.