Advisors Capital Management LLC Takes $17.36 Million Position in Agnico Eagle Mines Limited $AEM

Advisors Capital Management LLC acquired a new stake in Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM during the second quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 111,882 shares of the mining company's stock, valued at approximately $17,356,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. K.J. Harrison & Partners Inc acquired a new position in shares of Agnico Eagle Mines during the 2nd quarter worth about $6,923,000. BIP Wealth LLC acquired a new stake in Agnico Eagle Mines in the 2nd quarter valued at approximately $1,167,000. Annex Advisory Services LLC increased its position in Agnico Eagle Mines by 70.5% in the 2nd quarter. Annex Advisory Services LLC now owns 29,007 shares of the mining company's stock worth $4,500,000 after buying an additional 11,995 shares during the period. RFG Advisory LLC bought a new position in Agnico Eagle Mines in the 4th quarter worth approximately $1,122,000. Finally, Harvest Portfolios Group Inc. lifted its holdings in shares of Agnico Eagle Mines by 45.7% during the fourth quarter. Harvest Portfolios Group Inc. now owns 137,292 shares of the mining company's stock worth $23,282,000 after buying an additional 43,051 shares during the last quarter. 68.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on AEM. Royal Bank Of Canada reduced their price target on shares of Agnico Eagle Mines from $230.00 to $210.00 and set a "sector perform" rating for the company in a report on Thursday, July 9th. Barclays cut their price objective on shares of Agnico Eagle Mines from $210.00 to $188.00 and set an "overweight" rating for the company in a research report on Wednesday, July 15th. JPMorgan Chase & Co. increased their target price on shares of Agnico Eagle Mines from $175.00 to $179.00 and gave the company a "neutral" rating in a research note on Monday, August 3rd. Bank of America decreased their target price on 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, Jefferies Financial Group upgraded Agnico Eagle Mines from a "hold" rating to a "buy" rating and boosted their price target for the company from $187.00 to $200.00 in a research note on Monday, July 6th. Twelve equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Agnico Eagle Mines presently has an average rating of "Moderate Buy" and a consensus price target of $226.00.

Agnico Eagle Mines Stock Performance

NYSE AEM opened at $211.40 on Friday. The stock has a market cap of $107.16 billion, a P/E ratio of 18.08, a PEG ratio of 2.58 and a beta of 0.60. The company's 50-day simple moving average is $159.95 and its 200 day simple moving average is $186.50. Agnico Eagle Mines Limited has a twelve month low of $133.80 and a twelve month high of $255.24. The company has a quick ratio of 2.02, a current ratio of 2.86 and a debt-to-equity ratio of 0.01.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last announced its quarterly earnings results on Wednesday, July 29th. The mining company reported $3.05 EPS for the quarter, topping analysts' consensus estimates of $2.89 by $0.16. The firm had revenue of $3.77 billion during the quarter, compared to analysts' expectations 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 last year, the company earned $1.94 earnings per share. As a group, research analysts forecast that Agnico Eagle Mines Limited will post 11.56 earnings per share for the current fiscal year.

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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