6,316 Shares in Agnico Eagle Mines Limited $AEM Bought by Formuepleje A S

Key Points

• Formuepleje A S acquired 6,316 shares of Agnico Eagle Mines in the third quarter, valued at approximately $1.16 million. Institutional investors collectively own 68.34% of the company.
• Analysts maintain a generally positive outlook, with 13 Buy ratings and four Holds, producing a consensus “Moderate Buy” rating and a $225.62 price target.
• Agnico Eagle reported quarterly EPS of $3.05, exceeding estimates of $2.89, while revenue rose 35% year over year to $3.77 billion. Its shares recently traded at $185.16, up 4.6%.

Formuepleje A S bought a new stake in shares of Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 6,316 shares of the mining company's stock, valued at approximately $1,158,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of AEM. Deutsche Bank AG bought a new position in Agnico Eagle Mines in the second quarter valued at $1,362,158,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Agnico Eagle Mines during the second quarter worth approximately $927,602,000. Bank of America Corp DE purchased a new position in shares of Agnico Eagle Mines during the second quarter worth approximately $844,096,000. The Manufacturers Life Insurance Company lifted its holdings in shares of Agnico Eagle Mines by 9.0% in the 1st quarter. The Manufacturers Life Insurance Company now owns 4,091,837 shares of the mining company's stock worth $829,916,000 after acquiring an additional 338,486 shares during the last quarter. Finally, Amundi boosted its stake in shares of Agnico Eagle Mines by 4.6% in the 1st quarter. Amundi now owns 3,533,877 shares of the mining company's stock valued at $717,306,000 after purchasing an additional 155,185 shares in the last quarter. Hedge funds and other institutional investors own 68.34% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on AEM shares. Citigroup lowered their price target on shares of 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. Canadian Imperial Bank of Commerce set a $285.00 price target on Agnico Eagle Mines in a research note on Thursday, July 16th. Wall Street Zen downgraded Agnico Eagle Mines from a "buy" rating to a "hold" rating in a research report on Sunday, July 12th. Barclays dropped their price objective on Agnico Eagle Mines from $210.00 to $188.00 and set an "overweight" rating for the company in a research note on Wednesday, July 15th. Finally, Scotia decreased their target price on shares of Agnico Eagle Mines from $280.00 to $278.00 and set a "sector outperform" rating on the stock in a research note on Friday, July 3rd. Thirteen research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, Agnico Eagle Mines presently has a consensus rating of "Moderate Buy" and a consensus price target of $225.62.

Agnico Eagle Mines Trading Up 4.6%

NYSE AEM traded up $8.15 on Thursday, hitting $185.16. The company's stock had a trading volume of 1,271,129 shares, compared to its average volume of 2,655,098. The firm has a market cap of $93.86 billion, a P/E ratio of 15.84, a PEG ratio of 2.72 and a beta of 0.64. Agnico Eagle Mines Limited has a 52-week low of $134.38 and a 52-week high of $255.24. The company's 50-day simple moving average is $194.60 and its 200 day simple moving average is $181.75. The company has a current ratio of 2.86, a quick ratio of 2.02 and a debt-to-equity ratio of 0.01.

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 analysts' consensus estimates of $2.89 by $0.16. The firm had revenue of $3.77 billion for the quarter, compared to analyst estimates of $3.78 billion. Agnico Eagle Mines had a net margin of 40.44% and a return on equity of 22.04%. The company's revenue for the quarter was up 35.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.94 EPS. Research analysts predict that Agnico Eagle Mines Limited will post 11.56 EPS for the current fiscal year.

About Agnico Eagle Mines

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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