Red Cedar Investment Management LLC lessened its stake in Agnico Eagle Mines Limited (NYSE:AEM – Free Report) (TSE:AEM) by 20.5% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 16,701 shares of the mining company’s stock after selling 4,296 shares during the quarter. Red Cedar Investment Management LLC’s holdings in Agnico Eagle Mines were worth $3,061,000 at the end of the most recent reporting period.
A number of other large investors also recently added to or reduced their stakes in the stock. Deutsche Bank AG acquired a new stake in shares of Agnico Eagle Mines in the second quarter valued at about $1,362,158,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Agnico Eagle Mines during the 2nd quarter worth about $927,602,000. Bank of America Corp DE acquired a new position in shares of Agnico Eagle Mines during the 2nd quarter worth about $844,096,000. The Manufacturers Life Insurance Company acquired a new position in shares of Agnico Eagle Mines during the 2nd quarter worth about $608,054,000. Finally, Canada Pension Plan Investment Board purchased a new position in Agnico Eagle Mines in the 2nd quarter valued at about $533,750,000. 68.34% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several research firms recently issued reports on AEM. Barclays lowered their price objective on Agnico Eagle Mines from $218.00 to $215.00 and set an “overweight” rating on the stock in a report on Monday, November 2nd. Zacks Research raised Agnico Eagle Mines from a “strong sell” rating to a “hold” rating in a report on Monday, September 7th. Scotiabank decreased their target price on Agnico Eagle Mines from $278.00 to $260.00 and set a “sector outperform” rating on the stock in a research report on Tuesday, July 14th. Citigroup decreased their target price on Agnico Eagle Mines from $256.00 to $200.00 and set a “buy” rating on the stock in a research report on Monday, July 27th. Finally, JPMorgan Chase & Co. lifted their price target on Agnico Eagle Mines from $190.00 to $193.00 and gave the stock a “neutral” rating in a research note on Friday, October 30th. Thirteen analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $227.00.
View Our Latest Stock Analysis on AEM
Agnico Eagle Mines Price Performance
Shares of NYSE AEM opened at $200.58 on Tuesday. The firm has a 50-day simple moving average of $188.86 and a 200-day simple moving average of $188.93. The stock has a market capitalization of $101.47 billion, a price-to-earnings ratio of 16.36, a price-to-earnings-growth ratio of 2.79 and a beta of 0.69. The company has a quick ratio of 1.90, a current ratio of 2.75 and a debt-to-equity ratio of 0.01. Agnico Eagle Mines Limited has a 52 week low of $134.38 and a 52 week high of $255.24.
Agnico Eagle Mines (NYSE:AEM – Get Free Report) (TSE:AEM) last announced its quarterly earnings data on Wednesday, October 28th. The mining company reported $2.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.47 by $0.15. The company had revenue of $3.54 billion during the quarter, compared to analysts’ expectations of $3.51 billion. Agnico Eagle Mines had a net margin of 41.01% and a return on equity of 21.68%. Agnico Eagle Mines’s revenue was up 17.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.10 EPS. On average, equities analysts predict that Agnico Eagle Mines Limited will post 11.42 earnings per share for the current fiscal year.
Agnico Eagle Mines Company Profile
Agnico Eagle Mines Limited (NYSE:AEM) is a Canadian gold mining company engaged in the exploration, development and production of gold, as well as related activities such as mineral processing and mine-site reclamation. The company’s principal product is gold, with silver and other byproducts also recovered from certain operations.
Founded in 1957 through the merger of Agnico Mines and Eagle Mines, Agnico Eagle has grown into one of the world’s largest gold producers. Its operating portfolio is concentrated in established mining regions, including the Canadian provinces of Ontario and Quebec, Nunavut in northern Canada, and Finland.
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