Agnico Eagle Mines Limited $AEM Shares Bought by TD Waterhouse Canada Inc.

Key Points

• TD Waterhouse Canada increased its Agnico Eagle Mines position by 3.7% in the third quarter, adding 131,514 shares to hold 3.66 million shares worth approximately $659.7 million. Institutional investors and hedge funds collectively own 68.34% of the company.
• Analysts maintain a favorable outlook, with 13 Buy ratings and four Holds producing a “Moderate Buy” consensus and an average price target of $222.08.
• Agnico Eagle’s latest quarterly results exceeded expectations: adjusted EPS was $3.05 versus the $2.89 consensus, while revenue rose 35% year over year to $3.80 billion. Shares recently traded at $189.34.

TD Waterhouse Canada Inc. lifted its holdings in shares of Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 3.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,655,707 shares of the mining company's stock after buying an additional 131,514 shares during the quarter. Agnico Eagle Mines makes up approximately 1.7% of TD Waterhouse Canada Inc.'s investment portfolio, making the stock its 13th largest position. TD Waterhouse Canada Inc. owned approximately 0.72% of Agnico Eagle Mines worth $659,679,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. BIP Wealth LLC purchased a new position in Agnico Eagle Mines during the second quarter valued at $1,167,000. Engineers Gate Manager LP grew its position in shares of Agnico Eagle Mines by 914.3% in the second quarter. Engineers Gate Manager LP now owns 30,246 shares of the mining company's stock valued at $4,692,000 after purchasing an additional 27,264 shares during the period. Annex Advisory Services LLC increased its stake in shares of Agnico Eagle Mines by 70.5% during the second quarter. Annex Advisory Services LLC now owns 29,007 shares of the mining company's stock worth $4,500,000 after purchasing an additional 11,995 shares in the last quarter. K.J. Harrison & Partners Inc purchased a new stake in shares of Agnico Eagle Mines during the second quarter worth about $6,923,000. Finally, PensionDanmark Pensionsforsikringsaktieselskab increased its stake in shares of Agnico Eagle Mines by 12.0% during the second quarter. PensionDanmark Pensionsforsikringsaktieselskab now owns 103,312 shares of the mining company's stock worth $16,046,000 after purchasing an additional 11,100 shares in the last quarter. 68.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently weighed in on AEM. JPMorgan Chase & Co. upped their price target on shares of Agnico Eagle Mines from $175.00 to $179.00 and gave the stock a "neutral" rating in a research report on Monday, August 3rd. Citigroup lowered their price objective on Agnico Eagle Mines from $256.00 to $200.00 and set a "buy" rating on the stock in a report on Monday, July 27th. Scotiabank cut their price objective on Agnico Eagle Mines from $278.00 to $260.00 and set a "sector outperform" rating for the company in a research note on Tuesday, July 14th. Bank of America cut their price objective on Agnico Eagle Mines from $302.00 to $240.00 and set a "buy" rating for the company in a research note on Thursday, July 9th. Finally, Jefferies Financial Group raised Agnico Eagle Mines from a "hold" rating to a "buy" rating and increased their target price for the company from $187.00 to $200.00 in a report on Monday, July 6th. Thirteen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $222.08.

Agnico Eagle Mines Price Performance

AEM stock traded up $1.78 during midday trading on Friday, reaching $189.34. The stock had a trading volume of 2,107,751 shares, compared to its average volume of 1,753,068. Agnico Eagle Mines Limited has a 52-week low of $134.38 and a 52-week high of $255.24. The company has a current ratio of 2.86, a quick ratio of 2.02 and a debt-to-equity ratio of 0.01. The company's fifty day simple moving average is $195.20 and its 200 day simple moving average is $181.77. The company has a market cap of $95.98 billion, a price-to-earnings ratio of 16.20, a price-to-earnings-growth ratio of 2.75 and a beta of 0.64.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last released its earnings results on Wednesday, July 29th. The mining company reported $3.05 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.89 by $0.16. The business had revenue of $3.80 billion during 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 prior year, the firm earned $1.94 earnings per share. As a group, sell-side analysts predict 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 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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