30,422 Shares in Agnico Eagle Mines Limited $AEM Acquired by Synergy Asset Management LLC

Key Points

• Synergy Asset Management LLC has acquired 30,422 shares of Agnico Eagle Mines Limited, valued at approximately $3.6 million, during the second quarter.
• Analysts show a generally positive outlook for Agnico Eagle Mines, with multiple upgrades in ratings, including a price target increase from $170 to $173 by Bank of America.
• Agnico Eagle Mines reported a 35.6% increase in revenue year-over-year, posting $2.86 billion in the latest quarter, along with an earnings per share of $1.94, surpassing expectations.

Synergy Asset Management LLC purchased a new position in Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 30,422 shares of the mining company's stock, valued at approximately $3,618,000.

Other large investors also recently added to or reduced their stakes in the company. MJT & Associates Financial Advisory Group Inc. purchased a new position in Agnico Eagle Mines in the 1st quarter worth approximately $26,000. Cary Street Partners Investment Advisory LLC purchased a new position in Agnico Eagle Mines in the 1st quarter worth approximately $26,000. Private Trust Co. NA lifted its holdings in Agnico Eagle Mines by 454.9% in the 1st quarter. Private Trust Co. NA now owns 283 shares of the mining company's stock worth $31,000 after purchasing an additional 232 shares in the last quarter. Golden State Wealth Management LLC purchased a new position in Agnico Eagle Mines in the 1st quarter worth approximately $34,000. Finally, Dagco Inc. purchased a new position in Agnico Eagle Mines in the 1st quarter worth approximately $39,000. 68.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on AEM shares. Bank of America upped their price objective on Agnico Eagle Mines from $170.00 to $173.00 and gave the stock a "buy" rating in a report on Monday, June 23rd. Zacks Research cut Agnico Eagle Mines from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 2nd. Raymond James Financial raised Agnico Eagle Mines to a "moderate buy" rating and set a $130.00 price objective on the stock in a report on Monday, June 30th. National Bankshares reaffirmed an "outperform" rating on shares of Agnico Eagle Mines in a report on Tuesday, June 24th. Finally, CIBC reaffirmed an "outperform" rating on shares of Agnico Eagle Mines in a report on Tuesday, July 15th. Five analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and three have given 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 $141.40.

Agnico Eagle Mines Stock Performance

NYSE AEM opened at $168.05 on Friday. The company has a market cap of $84.50 billion, a P/E ratio of 28.58, a P/E/G ratio of 1.14 and a beta of 0.46. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.16 and a current ratio of 2.03. The business's 50 day moving average price is $144.53 and its 200-day moving average price is $125.64. Agnico Eagle Mines Limited has a fifty-two week low of $75.17 and a fifty-two week high of $171.45.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last released its earnings results on Wednesday, July 30th. The mining company reported $1.94 earnings per share for the quarter, beating the consensus estimate of $1.83 by $0.11. The firm had revenue of $2.86 billion for the quarter, compared to the consensus estimate of $2.46 billion. Agnico Eagle Mines had a return on equity of 13.79% and a net margin of 30.63%.The company's revenue for the quarter was up 35.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.07 EPS. Sell-side analysts predict that Agnico Eagle Mines Limited will post 4.63 earnings per share for the current year.

About Agnico Eagle Mines

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.

Want to see what other hedge funds are holding AEM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.