AGF Management Ltd. Decreases Stock Holdings in Agnico Eagle Mines Limited (NYSE:AEM)

Key Points

• AGF Management Ltd. has reduced its stake in Agnico Eagle Mines by 10.4%, holding now 1,250,690 shares worth approximately $135.5 million.
• Agnico Eagle Mines recently reported an earnings per share (EPS) of $1.94, exceeding expectations and reflecting a 35.6% year-over-year increase in revenue.
• The company's stock is currently rated as a "Buy" by most analysts, with a consensus target price around $136.90.

AGF Management Ltd. lessened its stake in Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 10.4% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,250,690 shares of the mining company's stock after selling 145,160 shares during the quarter. AGF Management Ltd. owned approximately 0.25% of Agnico Eagle Mines worth $135,503,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of AEM. Capital World Investors lifted its holdings in shares of Agnico Eagle Mines by 41.9% in the fourth quarter. Capital World Investors now owns 13,952,061 shares of the mining company's stock worth $1,091,550,000 after buying an additional 4,121,164 shares in the last quarter. TD Asset Management Inc lifted its holdings in shares of Agnico Eagle Mines by 42.8% in the first quarter. TD Asset Management Inc now owns 9,033,296 shares of the mining company's stock worth $978,553,000 after buying an additional 2,709,005 shares in the last quarter. Nuveen LLC purchased a new position in shares of Agnico Eagle Mines in the first quarter worth $85,926,000. Caisse DE Depot ET Placement DU Quebec increased its position in Agnico Eagle Mines by 304.5% in the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 913,936 shares of the mining company's stock worth $71,465,000 after purchasing an additional 687,971 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in Agnico Eagle Mines by 11.1% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 6,720,301 shares of the mining company's stock worth $728,214,000 after purchasing an additional 673,400 shares during the last quarter. Hedge funds and other institutional investors own 68.34% of the company's stock.

Analysts Set New Price Targets

AEM has been the topic of several research reports. BMO Capital Markets initiated coverage on shares of Agnico Eagle Mines in a research report on Wednesday, April 16th. They issued an "outperform" rating and a $181.00 price target on the stock. Royal Bank Of Canada boosted their price target on shares of Agnico Eagle Mines from $115.00 to $145.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 4th. CIBC restated an "outperform" rating on shares of Agnico Eagle Mines in a research report on Tuesday, July 15th. National Bankshares restated an "outperform" rating on shares of Agnico Eagle Mines in a research report on Tuesday, June 24th. Finally, Cfra Research upgraded shares of Agnico Eagle Mines to a "strong-buy" rating in a research report on Friday, April 25th. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and five have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $136.90.

Agnico Eagle Mines Trading Down 0.0%

Agnico Eagle Mines stock traded down $0.06 during trading hours on Tuesday, hitting $135.40. The company had a trading volume of 1,936,868 shares, compared to its average volume of 2,748,283. Agnico Eagle Mines Limited has a 1 year low of $75.17 and a 1 year high of $137.81. The company has a 50-day moving average price of $123.26 and a two-hundred day moving average price of $112.44. The firm has a market cap of $68.08 billion, a P/E ratio of 23.03, a P/E/G ratio of 0.94 and a beta of 0.44. 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 quarterly earnings data on Wednesday, July 30th. The mining company reported $1.94 earnings per share for the quarter, topping 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 company had revenue of $2.86 billion during the quarter, compared to analyst estimates of $2.46 billion. During the same period in the prior year, the firm earned $1.07 earnings per share. The firm's revenue for the quarter was up 35.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Agnico Eagle Mines Limited will post 4.63 earnings per share for the current year.

Agnico Eagle Mines Dividend Announcement

The firm also recently disclosed a dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 2nd were paid a $0.40 dividend. The ex-dividend date of this dividend was Friday, May 30th. This represents a yield of 136.0%. Agnico Eagle Mines's dividend payout ratio is 27.21%.

About Agnico Eagle Mines

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.