Investment Management Corp of Ontario Cuts Holdings in Agnico Eagle Mines Limited (NYSE:AEM)

Investment Management Corp of Ontario trimmed its holdings in shares of Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) by 11.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,678 shares of the mining company’s stock after selling 2,596 shares during the period. Investment Management Corp of Ontario’s holdings in Agnico Eagle Mines were worth $1,539,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Van ECK Associates Corp increased its stake in Agnico Eagle Mines by 3.6% in the 4th quarter. Van ECK Associates Corp now owns 22,322,859 shares of the mining company’s stock valued at $1,745,858,000 after purchasing an additional 778,919 shares in the last quarter. Vanguard Group Inc. increased its stake in Agnico Eagle Mines by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 19,865,285 shares of the mining company’s stock valued at $1,554,180,000 after purchasing an additional 331,087 shares in the last quarter. Capital World Investors increased its stake in Agnico Eagle Mines by 41.9% in the 4th quarter. Capital World Investors now owns 13,952,061 shares of the mining company’s stock valued at $1,091,550,000 after purchasing an additional 4,121,164 shares in the last quarter. Deutsche Bank AG increased its stake in Agnico Eagle Mines by 0.7% in the 4th quarter. Deutsche Bank AG now owns 11,916,739 shares of the mining company’s stock valued at $932,008,000 after purchasing an additional 87,410 shares in the last quarter. Finally, Norges Bank purchased a new position in Agnico Eagle Mines in the 4th quarter valued at approximately $573,446,000. 68.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

AEM has been the subject of several recent research reports. Scotiabank reissued an “outperform” rating on shares of Agnico Eagle Mines in a research report on Monday, April 14th. UBS Group raised their price objective on Agnico Eagle Mines from $110.00 to $115.00 and gave the stock a “neutral” rating in a report on Friday, April 11th. Bank of America raised their price objective on Agnico Eagle Mines from $119.00 to $142.00 and gave the stock a “buy” rating in a report on Tuesday, April 8th. BMO Capital Markets started coverage on Agnico Eagle Mines in a report on Wednesday, April 16th. They set an “outperform” rating and a $181.00 price objective on the stock. Finally, Stifel Canada upgraded Agnico Eagle Mines to a “strong-buy” rating in a report on Wednesday, March 19th. Two investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and four have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $124.40.

Agnico Eagle Mines Stock Up 2.1%

Shares of NYSE AEM opened at $117.04 on Monday. Agnico Eagle Mines Limited has a 1 year low of $63.01 and a 1 year high of $126.76. The firm has a market cap of $58.90 billion, a price-to-earnings ratio of 30.96, a PEG ratio of 0.66 and a beta of 0.54. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.86 and a current ratio of 1.86. The stock’s 50-day simple moving average is $109.90 and its 200-day simple moving average is $94.88.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last announced its earnings results on Thursday, April 24th. The mining company reported $1.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.14. Agnico Eagle Mines had a return on equity of 10.45% and a net margin of 22.88%. The business had revenue of $2.38 billion for the quarter, compared to analyst estimates of $2.27 billion. During the same period in the previous year, the company earned $0.76 earnings per share. The company’s revenue for the quarter was up 34.9% compared to the same quarter last year. As a group, equities analysts anticipate that Agnico Eagle Mines Limited will post 4.63 earnings per share for the current fiscal year.

Agnico Eagle Mines Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 1st will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.37%. The ex-dividend date is Monday, December 1st. Agnico Eagle Mines’s payout ratio is 34.04%.

Agnico Eagle Mines Profile

Agnico Eagle Mines Limited, a gold mining company, exploration, development, and production of precious metals. It explores for gold. The company's mines are located in Canada, Australia, Finland and Mexico, with exploration and development activities in Canada, Australia, Europe, Latin America, and the United States.