1832 Asset Management L.P. Grows Stake in Agnico Eagle Mines Limited $AEM

Key Points

• 1832 Asset Management L.P. increased its stake in Agnico Eagle Mines Limited by 4.1%, owning 918,129 shares valued at approximately $99.53 million as of its latest SEC filing.
• Agnico Eagle Mines reported a Q2 EPS of $1.94, exceeding analysts' expectations of $1.83, with a 35.6% year-over-year increase in quarterly revenue to $2.86 billion.
• Research analysts have a consensus rating of "Buy" for AEM, with an average target price of $136.90, indicating continued positive market sentiment.

1832 Asset Management L.P. grew its holdings in shares of Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 4.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 918,129 shares of the mining company's stock after acquiring an additional 36,512 shares during the quarter. 1832 Asset Management L.P. owned about 0.18% of Agnico Eagle Mines worth $99,534,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of AEM. Massachusetts Financial Services Co. MA raised its position in shares of Agnico Eagle Mines by 3.9% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 13,441,198 shares of the mining company's stock valued at $1,457,160,000 after buying an additional 499,362 shares in the last quarter. Deutsche Bank AG lifted its position 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 worth $932,008,000 after buying an additional 87,410 shares during the last quarter. TD Asset Management Inc lifted its position in Agnico Eagle Mines by 42.8% in the first quarter. TD Asset Management Inc now owns 9,033,296 shares of the mining company's stock valued at $978,553,000 after purchasing an additional 2,709,005 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in Agnico Eagle Mines by 11.1% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 6,720,301 shares of the mining company's stock valued at $728,214,000 after purchasing an additional 673,400 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Agnico Eagle Mines by 10.6% in the first quarter. Dimensional Fund Advisors LP now owns 1,977,395 shares of the mining company's stock valued at $214,361,000 after purchasing an additional 189,935 shares during the last quarter. Institutional investors own 68.34% of the company's stock.

Analysts Set New Price Targets

Several brokerages have weighed in on AEM. Raymond James Financial upgraded Agnico Eagle Mines to a "moderate buy" rating and set a $130.00 price objective for the company in a research report on Monday, June 30th. Bank of America upped their target price on Agnico Eagle Mines from $170.00 to $173.00 and gave the company a "buy" rating in a report on Monday, June 23rd. CIBC restated an "outperform" rating on shares of Agnico Eagle Mines in a report on Tuesday, July 15th. National Bankshares restated an "outperform" rating on shares of Agnico Eagle Mines in a report on Tuesday, June 24th. Finally, Royal Bank Of Canada upped their target price on Agnico Eagle Mines from $115.00 to $145.00 and gave the company an "outperform" rating in a report on Wednesday, June 4th. Five analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have issued a Hold 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 $136.90.

Agnico Eagle Mines Stock Down 0.1%

AEM stock traded down $0.14 during midday trading on Wednesday, hitting $139.53. The stock had a trading volume of 1,555,047 shares, compared to its average volume of 2,927,168. The firm has a market cap of $70.16 billion, a price-to-earnings ratio of 23.73, a price-to-earnings-growth ratio of 0.94 and a beta of 0.44. The business has a 50-day moving average of $125.96 and a two-hundred day moving average of $115.25. Agnico Eagle Mines Limited has a 52-week low of $75.17 and a 52-week high of $139.80. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.03 and a quick ratio of 1.16.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last issued its quarterly earnings results on Wednesday, July 30th. The mining company reported $1.94 earnings per share for the quarter, topping the consensus estimate of $1.83 by $0.11. The company had revenue of $2.86 billion for the quarter, compared to analysts' expectations of $2.46 billion. Agnico Eagle Mines had a return on equity of 13.79% and a net margin of 30.63%.The firm's revenue for the quarter was up 35.6% on a year-over-year basis. During the same period in the prior year, the firm earned $1.07 earnings per share. As a group, equities research analysts forecast that Agnico Eagle Mines Limited will post 4.63 earnings per share for the current fiscal year.

Agnico Eagle Mines Announces Dividend

The business also recently announced a dividend, which will be paid on Monday, September 15th. Stockholders of record on Wednesday, September 3rd will be paid a $0.40 dividend. This represents a dividend yield of 120.0%. The ex-dividend date of this dividend is Tuesday, September 2nd. Agnico Eagle Mines's dividend payout ratio is currently 27.21%.

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.