Agnico Eagle Mines (AEM) closed at $221.49 in the latest trading session, marking a -4.83% move from the prior day. The stock's performance was behind the S&P 500's daily loss of 0.57%. Elsewhere, the Dow lost 1.61%, while the tech-heavy Nasdaq lost 0.26%.
Coming into today, shares of the gold mining company had gained 17.22% in the past month. In that same time, the Basic Materials sector gained 3.46%, while the S&P 500 lost 0.15%.
Market participants will be closely following the financial results of Agnico Eagle Mines in its upcoming release. The company's earnings per share (EPS) are projected to be $3.36, reflecting a 119.61% increase from the same quarter last year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $4.01 billion, up 62.4% from the year-ago period.
For the full year, the Zacks Consensus Estimates project earnings of $13.28 per share and a revenue of $16.35 billion, demonstrating changes of +60.39% and +37.3%, respectively, from the preceding year.
Any recent changes to analyst estimates for Agnico Eagle Mines should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 11.52% higher. Agnico Eagle Mines is currently a Zacks Rank #1 (Strong Buy).
From a valuation perspective, Agnico Eagle Mines is currently exchanging hands at a Forward P/E ratio of 17.53. This denotes a premium relative to the industry average Forward P/E of 11.87.
The Mining - Gold industry is part of the Basic Materials sector. With its current Zacks Industry Rank of 22, this industry ranks in the top 9% of all industries, numbering over 250.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
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Agnico Eagle Mines Limited (AEM): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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