Legal & General Group Plc acquired a new stake in Agnico Eagle Mines Limited (NYSE:AEM – Free Report) (TSE:AEM) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 3,264,735 shares of the mining company’s stock, valued at approximately $507,077,000.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. Deutsche Bank AG acquired a new position in shares of Agnico Eagle Mines during the 2nd quarter worth approximately $1,362,158,000. Norges Bank purchased a new position in shares of Agnico Eagle Mines during the 4th quarter valued at approximately $1,367,783,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Agnico Eagle Mines in the 2nd quarter valued at $927,602,000. The Manufacturers Life Insurance Company acquired a new stake in Agnico Eagle Mines in the 2nd quarter valued at $608,054,000. Finally, Van ECK Associates Corp increased its holdings in Agnico Eagle Mines by 21.6% in 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 acquiring an additional 3,062,705 shares in the last quarter. 68.34% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of research firms have weighed in on AEM. Citigroup reduced their price objective on shares of Agnico Eagle Mines from $256.00 to $200.00 and set a “buy” rating for the company in a research report on Monday, July 27th. UBS Group dropped their target price on shares of Agnico Eagle Mines from $210.00 to $170.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 30th. JPMorgan Chase & Co. boosted their target price on shares of Agnico Eagle Mines from $175.00 to $179.00 and gave the stock a “neutral” rating in a research note on Monday, August 3rd. Barclays reduced their price target on shares of Agnico Eagle Mines from $210.00 to $188.00 and set an “overweight” rating for the company in a research report on Wednesday, July 15th. Finally, Zacks Research lowered shares of Agnico Eagle Mines from a “hold” rating to a “strong sell” rating in a research note on Friday, July 17th. Twelve research 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.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $226.00.
Agnico Eagle Mines Stock Up 0.8%
Shares of AEM opened at $217.76 on Tuesday. 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 Limited has a one year low of $134.38 and a one year high of $255.24. The stock has a market capitalization of $110.38 billion, a price-to-earnings ratio of 18.63, a PEG ratio of 2.69 and a beta of 0.61. The stock has a 50 day moving average price of $161.95 and a 200 day moving average price of $186.83.
Agnico Eagle Mines (NYSE:AEM – Get Free Report) (TSE:AEM) last announced its quarterly earnings data 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. The company had revenue of $3.77 billion for the quarter, compared to analyst estimates of $3.78 billion. Agnico Eagle Mines had a return on equity of 22.04% and a net margin of 40.44%.The firm’s revenue for the quarter was up 35.0% on a year-over-year basis. During the same quarter last year, the firm posted $1.94 EPS. Equities research analysts forecast that Agnico Eagle Mines Limited will post 11.56 earnings per share for the current fiscal year.
About Agnico Eagle Mines
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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