Agnico Eagle Increases Production, Share Value

Based in Toronto, AEM’s business is the exploration, development, and production of precious metals. It has mines in Canada, Australia, Finland, and Mexico, with exploration and development activities focused on Canada, Australia, Europe, Latin America, and the U.S. Gold is a focus for the company, and its facilities are in some of the best gold producing areas in the world. AEM also increased its production capacity through a recent acquisition, allowing it to expand a large mining project in Canada.

For the third quarter of fiscal 2024, AEM increased its revenue to $2.2 billion, a jump of 31% from a year earlier. It delivered record per-share earnings of $1.14, while also having a record $620 million on hand, a nearly sevenfold increase from the prior year. Gold production was 863,000 ounces. Lastly, the company greatly decreased its debt, from $1.5 billion at the start of the year to $490 million.

It’s no wonder AEM shares are up more than 82% in a year – and they could rise more. MAPsignals data shows how Big Money investors are betting heavily on the forward picture of the stock.

Big Money Digs Agnico Eagle Shares

Institutional volumes reveal plenty. Recently, AEM has enjoyed strong investor demand, which we believe to be institutional support.

Each green bar signals unusually large volumes in AEM shares. They reflect our proprietary inflow signal, pushing the stock higher:

Plenty of materials names are under accumulation right now. But there’s a powerful fundamental story happening with Agnico Eagle.

Agnico Eagle Fundamental Analysis

Institutional support and a healthy fundamental backdrop make this company worth investigating. As you can see, AEM has had strong sales and earnings growth:

• 3-year sales growth rate (+29.1%)
• 3-year earnings growth rate (+44.4%)

Source: FactSet

Also, EPS is estimated to ramp higher this year by +26.3%.

Now it makes sense why the stock has been powering to new heights. AEM has a track record of strong financial performance.

Marrying great fundamentals with our proprietary software has found some big winning stocks over the long term.

Agnico Eagle has been a top-rated stock at MAPsignals. That means the stock has unusual buy pressure and growing fundamentals. We have a ranking process that showcases stocks like this on a weekly basis.

It’s made the rare Top 20 report multiple times in the last year. The blue bars below show when AEM was a top pick…generating gains along the way:

Tracking unusual volumes reveals the power of money flows.

This is a trait that most outlier stocks exhibit…the best of the best. Big Money demand drives stocks upward.

Agnico Eagle Price Prediction

The AEM rally isn’t new at all. Big Money buying in the shares is signaling to take notice. Given the historical gains in share price and strong fundamentals, this stock could be worth a spot in a diversified portfolio.

Disclosure: the author holds no position in AEM at the time of publication.

If you are a Registered Investment Advisor (RIA) or are a serious investor, take your investing to the next level, learn more about the MAPsignals process here.