63,018 Agnico Eagle Mines Limited $AEM Shares Sold by Montrusco Bolton Investments Inc.

Key Points

• Montrusco Bolton Investments cut its Agnico Eagle Mines stake by 43% in the third quarter, selling 63,018 shares and retaining 83,567 shares valued at approximately $15.3 million.
• Analyst sentiment remains broadly positive, with 13 Buy ratings and four Holds, producing a consensus rating of “Moderate Buy” and an average price target of $225.62.
• Agnico Eagle’s shares fell 1.3% to $185.82, while its latest quarterly results exceeded earnings expectations: adjusted EPS was $3.05 versus a $2.89 consensus estimate, and revenue rose 35% year over year.

Montrusco Bolton Investments Inc. trimmed its position in shares of Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 43.0% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 83,567 shares of the mining company's stock after selling 63,018 shares during the period. Montrusco Bolton Investments Inc.'s holdings in Agnico Eagle Mines were worth $15,339,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of AEM. QRG Capital Management Inc. boosted its position in shares of Agnico Eagle Mines by 4.1% during the 2nd quarter. QRG Capital Management Inc. now owns 1,460 shares of the mining company's stock valued at $226,000 after acquiring an additional 58 shares during the last quarter. Avidian Wealth Enterprises LLC increased its position in Agnico Eagle Mines by 1.5% in the third quarter. Avidian Wealth Enterprises LLC now owns 4,362 shares of the mining company's stock worth $800,000 after purchasing an additional 63 shares during the last quarter. University of Texas Texas AM Investment Management Co. increased its position in Agnico Eagle Mines by 64.7% in the fourth quarter. University of Texas Texas AM Investment Management Co. now owns 229 shares of the mining company's stock worth $39,000 after purchasing an additional 90 shares during the last quarter. Versant Capital Management Inc increased its position in Agnico Eagle Mines by 4.7% in the third quarter. Versant Capital Management Inc now owns 2,249 shares of the mining company's stock worth $412,000 after purchasing an additional 100 shares during the last quarter. Finally, Blue Trust Inc. raised its stake in Agnico Eagle Mines by 2.9% during the first quarter. Blue Trust Inc. now owns 3,641 shares of the mining company's stock valued at $739,000 after purchasing an additional 101 shares in the last quarter. 68.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on AEM. Scotiabank lowered their price objective on shares of Agnico Eagle Mines from $278.00 to $260.00 and set a "sector outperform" rating for the company in a research report on Tuesday, July 14th. Wall Street Zen downgraded shares of Agnico Eagle Mines from a "buy" rating to a "hold" rating in a report on Sunday, July 12th. Weiss Ratings restated a "buy (b-)" rating on shares of Agnico Eagle Mines in a report on Tuesday, September 29th. Bank of America decreased 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 report on Thursday, July 9th. Finally, Zacks Research raised shares of Agnico Eagle Mines from a "strong sell" rating to a "hold" rating in a report on Monday, September 7th. Thirteen research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $225.62.

Agnico Eagle Mines Trading Down 1.3%

NYSE AEM traded down $2.36 on Tuesday, hitting $185.82. 1,139,706 shares of the stock were exchanged, compared to its average volume of 2,657,846. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.02 and a current ratio of 2.86. Agnico Eagle Mines Limited has a 52-week low of $134.38 and a 52-week high of $255.24. The firm has a market capitalization of $94.20 billion, a P/E ratio of 15.90, a P/E/G ratio of 2.37 and a beta of 0.64. The stock has a fifty day moving average price of $193.68 and a two-hundred day moving average price of $181.87.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last announced 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. The business had revenue of $3.77 billion for the quarter, compared to the consensus estimate of $3.78 billion. Agnico Eagle Mines had a net margin of 40.44% and a return on equity of 22.04%. The business's revenue for the quarter was up 35.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.94 earnings per share. Research analysts forecast that Agnico Eagle Mines Limited will post 11.46 EPS for the current fiscal year.

Agnico Eagle Mines 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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