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Here's Why Agnico Eagle Mines (AEM) is a Strong Momentum Stock

Zacks Equity Research
·2-min read

It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors.

Achieving those goals is made easier with the Zacks Style Scores, a unique set of guidelines that rates stocks based on popular investing methodologies, namely value, growth, and momentum. The Style Scores can help you narrow down which stocks are better for your portfolio and which ones can beat the market over the long-term.

Is This 1 Momentum Stock a Screaming Buy Right Now?

Different than value or growth investors, momentum-oriented investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.

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Agnico Eagle Mines (AEM)

Toronto, Canada-based Agnico Eagle Mines Limited is a gold producer with mining operations in Canada, Mexico and Finland, and exploration activities in Canada, Europe, Latin America and the United States. It successfully completed its merger with Kirkland Lake Gold in February 2022.

AEM boasts a Momentum Style Score of B and VGM Score of B, and holds a Zacks Rank #1 (Strong Buy) rating. Shares of Agnico Eagle Mines has seen some interesting price action recently; the stock is up 4.5% over the past one week and up 13.7% over the past four weeks. And in the last one-year period, AEM has gained 32.4%. As for the stock's trading volume, 2,645,574.50 shares on average were traded over the last 20 days.

Momentum investors also pay close attention to a company's earnings. For AEM, seven analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.87 to $3.17 per share for 2024. AEM boasts an average earnings surprise of 16.5%.

With strong earnings growth, a good Zacks Rank, and top-tier Momentum and VGM Style Scores, investors should think about adding AEM to their portfolios.

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Agnico Eagle Mines Limited (AEM) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research