470,265 Shares in Agnico Eagle Mines Limited $AEM Bought by Korea Investment CORP

Key Points

• Korea Investment CORP acquired 470,265 shares of Agnico Eagle Mines in the second quarter, worth approximately $73.0 million and representing about 0.09% of the company.
• Agnico Eagle reported quarterly EPS of $3.05, beating estimates of $2.89, while revenue rose 35% year over year to $3.77 billion. The company posted a 40.44% net margin and 22.04% return on equity.
• Analyst sentiment remains broadly positive, with a “Moderate Buy” consensus from 12 Buy, four Hold and one Sell rating, alongside an average price target of $226.

Korea Investment CORP bought a new position in shares of Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 470,265 shares of the mining company's stock, valued at approximately $73,041,000. Korea Investment CORP owned approximately 0.09% of Agnico Eagle Mines as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the business. Acumen Wealth Advisors LLC purchased a new position in Agnico Eagle Mines in the fourth quarter valued at about $26,000. Dunhill Financial LLC acquired a new stake in shares of Agnico Eagle Mines in the second quarter valued at about $31,000. Jessup Wealth Management Inc purchased a new stake in shares of Agnico Eagle Mines during the 4th quarter valued at about $35,000. University of Texas Texas AM Investment Management Co. raised its holdings in shares of Agnico Eagle Mines by 64.7% during the 4th quarter. University of Texas Texas AM Investment Management Co. now owns 229 shares of the mining company's stock valued at $39,000 after buying an additional 90 shares during the period. Finally, Banque Cantonale Vaudoise purchased a new position in Agnico Eagle Mines in the 4th quarter worth approximately $39,000. Hedge funds and other institutional investors own 68.34% of the company's stock.

Agnico Eagle Mines Price Performance

Shares of NYSE AEM opened at $217.02 on Friday. Agnico Eagle Mines Limited has a twelve month low of $133.80 and a twelve month high of $255.24. 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 market capitalization of $110.01 billion, a price-to-earnings ratio of 18.56, a price-to-earnings-growth ratio of 2.64 and a beta of 0.60. The business has a 50 day simple moving average of $161.03 and a 200-day simple moving average of $186.71.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last posted its quarterly earnings results on Wednesday, July 29th. The mining company reported $3.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.89 by $0.16. Agnico Eagle Mines had a return on equity of 22.04% and a net margin of 40.44%.The business had revenue of $3.77 billion for the quarter, compared to analyst estimates of $3.78 billion. During the same period in the prior year, the company posted $1.94 EPS. The business's revenue was up 35.0% compared to the same quarter last year. As a group, equities research analysts expect that Agnico Eagle Mines Limited will post 11.56 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. 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. ATB Cormark Capital Markets raised shares of Agnico Eagle Mines from a "hold" rating to an "outperform" rating in a research report on Monday, May 4th. Citigroup lowered their target price on Agnico Eagle Mines from $256.00 to $200.00 and set a "buy" rating for the company in a research note on Monday, July 27th. JPMorgan Chase & Co. increased their price target on Agnico Eagle Mines from $175.00 to $179.00 and gave the company a "neutral" rating in a report on Monday, August 3rd. Finally, UBS Group dropped their price objective on Agnico Eagle Mines from $210.00 to $170.00 and set a "neutral" rating on the stock in a report on Tuesday, June 30th. Twelve equities 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 company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus 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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