Saranac Partners Ltd bought a new stake in shares of Agnico Eagle Mines Limited (NYSE:AEM – Free Report) (TSE:AEM) during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 12,409 shares of the mining company’s stock, valued at approximately $1,927,000.
Several other hedge funds also recently bought and sold shares of the stock. Deutsche Bank AG purchased a new stake in Agnico Eagle Mines during the 2nd quarter worth about $1,362,158,000. Norges Bank acquired a new position in Agnico Eagle Mines in the 4th quarter valued at about $1,367,783,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Agnico Eagle Mines in the 2nd quarter valued at about $927,602,000. Van ECK Associates Corp boosted its stake in shares of Agnico Eagle Mines by 21.6% during the 4th quarter. Van ECK Associates Corp now owns 17,225,477 shares of the mining company’s stock worth $2,920,258,000 after purchasing an additional 3,062,705 shares during the last quarter. Finally, Bank of Nova Scotia purchased a new stake in shares of Agnico Eagle Mines during the second quarter worth about $234,829,000. Hedge funds and other institutional investors own 68.34% of the company’s stock.
Wall Street Analyst Weigh In
AEM has been the topic of several recent analyst reports. Citigroup reduced their price objective on shares of Agnico Eagle Mines from $256.00 to $200.00 and set a “buy” rating on the stock in a research note on Monday, July 27th. Zacks Research downgraded Agnico Eagle Mines from a “hold” rating to a “strong sell” rating in a research report on Friday, July 17th. Scotiabank dropped their target price on Agnico Eagle Mines from $278.00 to $260.00 and set a “sector outperform” rating for the company in a research note on Tuesday, July 14th. Royal Bank Of Canada reduced their target price on Agnico Eagle Mines from $230.00 to $210.00 and set a “sector perform” rating on the stock in a research report on Thursday, July 9th. Finally, Wall Street Zen lowered Agnico Eagle Mines from a “buy” rating to a “hold” rating in a research note on Sunday, July 12th. Twelve analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $226.00.
Agnico Eagle Mines Stock Up 0.4%
AEM opened at $217.02 on Monday. The firm has a 50 day moving average price of $161.03 and a 200 day moving average price of $186.68. The company has a market cap of $110.01 billion, a PE ratio of 18.56, a price-to-earnings-growth ratio of 2.69 and a beta of 0.61. Agnico Eagle Mines Limited has a 1 year low of $133.80 and a 1 year high of $255.24. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.02 and a current ratio of 2.86.
Agnico Eagle Mines (NYSE:AEM – Get Free Report) (TSE:AEM) last announced its quarterly earnings results on Wednesday, July 29th. The mining company reported $3.05 earnings per share for the quarter, beating analysts’ consensus estimates of $2.89 by $0.16. Agnico Eagle Mines had a net margin of 40.44% and a return on equity of 22.04%. The firm had revenue of $3.77 billion for the quarter, compared to analysts’ expectations of $3.78 billion. During the same period in the previous year, the company posted $1.94 earnings per share. Agnico Eagle Mines’s revenue was up 35.0% compared to the same quarter last year. Sell-side analysts expect that Agnico Eagle Mines Limited will post 11.56 earnings per share for the current year.
Agnico Eagle Mines Company Profile
Agnico Eagle Mines Limited (NYSE: AEM) is a Canadian-based senior gold producer headquartered in Toronto, Ontario. The company is principally engaged in the exploration, development, production and reclamation of gold-bearing properties. Agnico Eagle pursues both greenfield and brownfield exploration to expand its resource base and operates a portfolio of producing mines and development projects to generate long-life gold production.
Its core business activities span the full mining lifecycle: grassroots and advanced-stage exploration, prefeasibility and feasibility studies, mine construction, underground and open-pit mining, ore processing and metal recovery, and post-mining reclamation and closure.
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