Adage Capital Partners GP L.L.C. Makes New Investment in Agnico Eagle Mines Limited $AEM

Key Points

• Adage Capital Partners GP L.L.C. has invested approximately $10.84 million in Agnico Eagle Mines Limited by purchasing 100,000 shares in the first quarter.
• Several institutional investors have increased their holdings in Agnico Eagle, with hedge funds collectively owning 68.34% of the company's stock.
• Agnico Eagle Mines reported a strong earnings performance, with $1.94 EPS for the last quarter, surpassing analysts' expectations, and a revenue increase of 35.6% compared to the previous year.

Adage Capital Partners GP L.L.C. bought a new position in shares of Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 100,000 shares of the mining company's stock, valued at approximately $10,841,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Federation des caisses Desjardins du Quebec raised its position in Agnico Eagle Mines by 0.8% during the first quarter. Federation des caisses Desjardins du Quebec now owns 724,745 shares of the mining company's stock worth $78,379,000 after acquiring an additional 6,048 shares during the last quarter. EP Wealth Advisors LLC raised its position in shares of Agnico Eagle Mines by 7.7% in the first quarter. EP Wealth Advisors LLC now owns 2,780 shares of the mining company's stock valued at $301,000 after buying an additional 198 shares during the last quarter. Focus Partners Advisor Solutions LLC acquired a new position in shares of Agnico Eagle Mines in the first quarter valued at approximately $242,000. Flputnam Investment Management Co. acquired a new position in shares of Agnico Eagle Mines in the first quarter valued at approximately $257,000. Finally, Baird Financial Group Inc. raised its position in shares of Agnico Eagle Mines by 157.6% in the first quarter. Baird Financial Group Inc. now owns 175,155 shares of the mining company's stock valued at $18,989,000 after buying an additional 107,149 shares during the last quarter. Institutional investors and hedge funds own 68.34% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. TD Securities raised shares of Agnico Eagle Mines to a "strong-buy" rating in a research report on Thursday, July 17th. Bank of America boosted their price objective on shares of Agnico Eagle Mines from $170.00 to $173.00 and gave the company a "buy" rating in a research report on Monday, June 23rd. Lake Street Capital reissued a "buy" rating on shares of Agnico Eagle Mines in a research report on Monday, June 23rd. Raymond James Financial raised shares of Agnico Eagle Mines to a "moderate buy" rating and set a $130.00 price objective for the company in a research report on Monday, June 30th. Finally, Zacks Research lowered shares of Agnico Eagle Mines from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, September 2nd. Five research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $136.90.

Agnico Eagle Mines Trading Down 0.2%

Agnico Eagle Mines stock traded down $0.38 during trading on Friday, reaching $153.35. The company had a trading volume of 2,278,506 shares, compared to its average volume of 2,474,095. Agnico Eagle Mines Limited has a 12-month low of $75.17 and a 12-month high of $156.18. The stock's 50 day moving average price is $133.30 and its two-hundred day moving average price is $119.67. The firm has a market capitalization of $77.11 billion, a price-to-earnings ratio of 26.08, a PEG ratio of 1.06 and a beta of 0.45. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.16 and a current ratio of 2.03.

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 (EPS) for the quarter, beating analysts' consensus estimates of $1.83 by $0.11. Agnico Eagle Mines had a net margin of 30.63% and a return on equity of 13.79%. The firm had revenue of $2.86 billion during the quarter, compared to the consensus estimate of $2.46 billion. During the same period in the previous year, the firm earned $1.07 earnings per share. Agnico Eagle Mines's revenue was up 35.6% compared to the same quarter last year. As a group, equities analysts expect that Agnico Eagle Mines Limited will post 4.63 earnings per share for the current fiscal year.

Agnico Eagle Mines Company Profile

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.