Agnico Eagle Mines Ltd (TSE:AEM) (NYSE:AEM) was down 4% on Friday after Canaccord Genuity lowered their price target on the stock from C$81.00 to C$77.00. The stock traded as low as C$53.33 and last traded at C$54.04. Approximately 917,665 shares were traded during mid-day trading, an increase of 27% from the average daily volume of 723,158 shares. The stock had previously closed at C$56.29.
Several other brokerages have also weighed in on AEM. National Bank Financial lowered Agnico Eagle Mines from an “outperform” rating to a “sector perform” rating and dropped their target price for the stock from C$70.00 to C$63.00 in a research report on Friday. Eight Capital reissued a “neutral” rating on shares of Agnico Eagle Mines in a research note on Thursday, November 16th. Finally, Desjardins reissued a “buy” rating and issued a C$60.00 price target on shares of Agnico Eagle Mines in a research note on Monday, December 11th. Five analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Agnico Eagle Mines has a consensus rating of “Hold” and a consensus price target of C$65.43.
In other Agnico Eagle Mines news, insider Ammar Al-Joundi purchased 2,000 shares of the firm’s stock in a transaction dated Friday, January 12th. The stock was bought at an average price of C$58.09 per share, with a total value of C$116,180.00. Also, insider Jean Robitaille sold 20,000 shares of the stock in a transaction on Tuesday, December 19th. The stock was sold at an average price of C$56.48, for a total value of C$1,129,600.00. In the last three months, insiders sold 41,000 shares of company stock valued at $2,295,090.
The company also recently announced a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Thursday, March 1st will be paid a dividend of $0.135 per share. The ex-dividend date is Wednesday, February 28th. This represents a $0.54 annualized dividend and a yield of 1.00%. Agnico Eagle Mines’s dividend payout ratio is currently 27.40%.
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About Agnico Eagle Mines
Agnico Eagle Mines Ltd is a Canada-based gold producer with mining operations in northwestern Quebec, northern Mexico, northern Finland and Nunavut, as well as exploration activities in Canada, Europe, Latin America and the United States. It operates through the business units: Northern Business, which consists of its operations in Canada and Finland, such as the LaRonde mine, the Lapa mine, the Goldex mine, the Meadowbank mine, the Meliadine project and the Malartic Mine in Canada, as well as the Kittila mine in Finland; Southern Business, which consists of its operations in Mexico, such as the Pinos Altos mine that includes the Creston Mascota deposit and the La India mine owned by its indirect subsidiary, as well as Exploration Group, which focuses on the identification of new mineral reserves and mineral resources, and new development opportunities in gold producing regions.
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