8,887 Agnico Eagle Mines Limited $AEM Shares Purchased by McAlvany Wealth Management LLC

Key Points

• McAlvany Wealth Management increased its Agnico Eagle Mines stake by 23.9% in the third quarter, purchasing 8,887 additional shares. Its 45,995-share position was valued at $8.43 million and represented 4.1% of its portfolio.
• Analysts maintain a generally positive outlook, with 13 Buy ratings and six Holds. Agnico Eagle has a consensus rating of “Moderate Buy” and an average price target of $227.
• The company exceeded quarterly expectations, reporting $2.62 in EPS versus the $2.47 consensus and $3.54 billion in revenue, up 17.1% year over year.

McAlvany Wealth Management LLC increased its position in shares of Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 23.9% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 45,995 shares of the mining company's stock after purchasing an additional 8,887 shares during the quarter. Agnico Eagle Mines accounts for 4.1% of McAlvany Wealth Management LLC's investment portfolio, making the stock its 4th biggest holding. McAlvany Wealth Management LLC's holdings in Agnico Eagle Mines were worth $8,430,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. Fortitude Family Office LLC increased its position in shares of Agnico Eagle Mines by 600.0% in the third quarter. Fortitude Family Office LLC now owns 140 shares of the mining company's stock valued at $26,000 after buying an additional 120 shares in the last quarter. Markowski Investments acquired a new position in shares of Agnico Eagle Mines during the 2nd quarter worth $29,000. Sawyer & Company Inc purchased a new stake in shares of Agnico Eagle Mines in the 3rd quarter worth about $35,000. Dunhill Financial LLC purchased a new stake in shares of Agnico Eagle Mines in the 2nd quarter worth about $31,000. Finally, Fiduciary Financial Advisors purchased a new stake in shares of Agnico Eagle Mines in the 2nd quarter worth about $32,000. 68.34% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently commented on AEM. RBC Dominion Securities set a $225.00 price objective on shares of Agnico Eagle Mines and gave the company a "sector perform" rating in a research note on Thursday, October 22nd. Bank of America cut their target price on shares of Agnico Eagle Mines from $302.00 to $240.00 and set a "buy" rating for the company in a research report on Thursday, July 9th. Raymond James Financial reduced their price target on shares of Agnico Eagle Mines from $230.00 to $225.00 and set an "outperform" rating on the stock in a report on Friday, September 4th. Scotiabank reduced their price target on shares of Agnico Eagle Mines from $278.00 to $260.00 and set a "sector outperform" rating on the stock in a report on Tuesday, July 14th. Finally, JPMorgan Chase & Co. increased their price target on shares of Agnico Eagle Mines from $190.00 to $193.00 and gave the company a "neutral" rating in a research report on Friday. Thirteen research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, Agnico Eagle Mines has an average rating of "Moderate Buy" and a consensus target price of $227.00.

Agnico Eagle Mines Stock Up 2.9%

AEM stock opened at $170.21 on Tuesday. The company has a 50 day moving average price of $191.79 and a two-hundred day moving average price of $189.33. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.02 and a current ratio of 2.86. The stock has a market capitalization of $86.29 billion, a P/E ratio of 13.88, a PEG ratio of 2.71 and a beta of 0.64. Agnico Eagle Mines Limited has a one year low of $134.38 and a one year high of $255.24.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last issued its quarterly earnings results on Wednesday, October 28th. The mining company reported $2.62 earnings per share for the quarter, topping analysts' consensus estimates of $2.47 by $0.15. Agnico Eagle Mines had a return on equity of 22.31% and a net margin of 41.01%. The company had revenue of $3.54 billion for the quarter, compared to analyst estimates of $3.51 billion. During the same quarter in the prior year, the company posted $2.10 EPS. The business's revenue for the quarter was up 17.1% compared to the same quarter last year. As a group, sell-side analysts expect that Agnico Eagle Mines Limited will post 11.40 EPS for the current year.

Agnico Eagle Mines Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.