18,000 Shares in Agnico Eagle Mines Limited $AEM Bought by Manatuck Hill Partners LLC

Key Points

• Manatuck Hill Partners acquired 18,000 shares of Agnico Eagle Mines in the second quarter, valued at approximately $2.8 million. Institutional investors collectively own 68.34% of the company.
• Agnico Eagle reported quarterly earnings of $3.05 per share, exceeding estimates of $2.89, while revenue rose 35% year over year to $3.77 billion.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $226, although targets and ratings varied widely; the stock recently traded at $224.04.

Manatuck Hill Partners LLC acquired a new stake in Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 18,000 shares of the mining company's stock, valued at approximately $2,792,000.

Other hedge funds have also modified their holdings of the company. 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 Agnico Eagle Mines during the fourth quarter valued at $1,367,783,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Agnico Eagle Mines in the second quarter valued at about $927,602,000. The Manufacturers Life Insurance Company purchased a new stake in shares of Agnico Eagle Mines during the second quarter worth about $608,054,000. Finally, Legal & General Group Plc purchased a new stake in shares of Agnico Eagle Mines during the second quarter worth about $507,077,000. 68.34% of the stock is owned by hedge funds and other institutional investors.

Agnico Eagle Mines Price Performance

Agnico Eagle Mines stock opened at $224.04 on Wednesday. The company has a current ratio of 2.86, a quick ratio of 2.02 and a debt-to-equity ratio of 0.01. The company has a 50-day moving average price of $162.91 and a 200 day moving average price of $187.00. Agnico Eagle Mines Limited has a 12-month low of $134.38 and a 12-month high of $255.24. The stock has a market cap of $113.57 billion, a P/E ratio of 19.17, a PEG ratio of 2.71 and a beta of 0.60.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last posted its earnings results on Wednesday, July 29th. The mining company reported $3.05 earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $3.77 billion for the quarter, compared to analyst estimates of $3.78 billion. During the same period in the previous year, the business posted $1.94 EPS. Agnico Eagle Mines's revenue was up 35.0% on a year-over-year basis. Sell-side analysts anticipate that Agnico Eagle Mines Limited will post 11.56 earnings per share for the current year.

Analysts Set New Price Targets

AEM has been the topic of several research analyst reports. Scotiabank lowered their price objective on Agnico Eagle Mines from $278.00 to $260.00 and set a "sector outperform" rating on the stock in a report on Tuesday, July 14th. JPMorgan Chase & Co. lifted their price target on 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 dropped their price target on 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. Bank of America lowered their target price on shares of Agnico Eagle Mines from $302.00 to $240.00 and set a "buy" rating on the stock in a research note on Thursday, July 9th. Finally, Zacks Research cut shares of Agnico Eagle Mines from a "hold" rating to a "strong sell" rating in a research report on Friday, July 17th. Twelve equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $226.00.

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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