As the stock market rally ages, investors are turning to alternate assets to hedge their bets. The price of gold has surged about 26% in the last six months, according to market tracker Comex. Top-ranked Agnico Eagle Mines passed a milestone Wednesday as its Relative Strength (RS) Rating climbed to 83, up from 80 the day before.
Agnico Eagle Stock No. 1 In 74-Stock Mining Group
The upgraded 83 RS Rating means that Agnico Eagle stock outperformed 83% of all stocks over the past year. Market research reveals that the top-performing stocks often have an RS Rating north of 80 in the early stages of their moves. Additionally, Toronto-based Agnico Eagle Mines is the No. 1 ranked company in the 74-stock IBD Mining-Gold/Silver/Gems industry group, according to IBD MarketSurge.
Looking For The Best Stocks To Buy And Watch? Start Here
Agnico Eagle stock is trading within a buy zone after clearing a 61.15 entry in a consolidation. The proper buying range extends to 5% above the initial entry. Wednesday afternoon Agnico Eagle stock traded around the buy point.
In terms of fundamentals, Agnico Eagle Mines posted rising EPS growth in each of the last two reports. Sales gains have also risen over the same time frame.
Among its other key ratings Agnico Eagle stock has a terrific 97 Composite Rating. The company also has a 93 Earnings Per Share Rating out of 99 and a strong A- Accumulation/Distribution Rating on an A+ to E scale with A+ tops. The A- rating shows that mutual funds, ETFs and the like are fairly heavy buyers.
Profits, Sales Rising This Year
Agnico Eagle last quarter reported a 50% leap in earnings to 57 cents per share on a 27% increase in revenue to $1.76 billion. The mining company says on its website it plans to announce fiscal first quarter results after the market close on April 25.
Agnico Eagle stock is No. 1 in the mining companies group. Eldorado Gold is No. 2 and McEwen Mining, a Toronto-based company like Agnico Eagle, ranks No. 3.
The exclusive Relative Strength Rating from Investor's Business Daily identifies share price movement with a 1 (worst) to 99 (best) score. The rating shows how a stock's price performance over the last 52 weeks holds up against all the other stocks in our database.
Please follow James DeTar on X, formerly known as Twitter, @JimDeTar
RELATED:
Get Full Access To IBD Stock Lists And Ratings
Which Stocks Are Showing Rising Relative Strength?
How Relative Strength Line Can Help You Judge A Stock
Ready To Grow Your Investing Skills? Join An IBD Meetup Group!
Watch Our Market Experts Spot Top Stocks Each Morning On IBD Live
