Agnico Eagle Mines Limited $AEM Shares Purchased by Cardinal Point Capital Management ULC

Key Points

• Cardinal Point Capital Management increased its Agnico Eagle Mines stake by 8.7% in the third quarter, adding 6,178 shares for a total holding of 77,014 shares valued at approximately $14.1 million.
• Institutional ownership remains high at 68.34%, with Deutsche Bank, Connor Clark & Lunn, and Bank of America among investors that recently established significant positions.
• Analysts maintain a generally positive outlook, with 13 Buy ratings and four Holds producing a “Moderate Buy” consensus and an average price target of $225.23; the company also recently exceeded quarterly earnings and revenue estimates.

Cardinal Point Capital Management ULC lifted its position in Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 8.7% in the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 77,014 shares of the mining company's stock after acquiring an additional 6,178 shares during the period. Cardinal Point Capital Management ULC's holdings in Agnico Eagle Mines were worth $14,146,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in AEM. Deutsche Bank AG purchased a new stake in Agnico Eagle Mines in the second quarter worth $1,362,158,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Agnico Eagle Mines in the second quarter worth $927,602,000. Bank of America Corp DE bought a new position in Agnico Eagle Mines in the second quarter worth $844,096,000. The Manufacturers Life Insurance Company raised its holdings in Agnico Eagle Mines by 9.0% in the first quarter. The Manufacturers Life Insurance Company now owns 4,091,837 shares of the mining company's stock worth $829,916,000 after purchasing an additional 338,486 shares in the last quarter. Finally, Amundi lifted its position in Agnico Eagle Mines by 4.6% during the first quarter. Amundi now owns 3,533,877 shares of the mining company's stock valued at $717,306,000 after buying an additional 155,185 shares during the period. Hedge funds and other institutional investors own 68.34% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently commented on AEM. UBS Group boosted their target price on shares of Agnico Eagle Mines from $170.00 to $190.00 and gave the company a "neutral" rating in a report on Thursday, October 8th. Canadian Imperial Bank of Commerce set a $239.00 target price on shares of Agnico Eagle Mines in a research report on Friday, October 16th. Citigroup decreased their price target on shares of Agnico Eagle Mines from $256.00 to $200.00 and set a "buy" rating for the company in a research note on Monday, July 27th. Scotia decreased their price target on shares of Agnico Eagle Mines from $280.00 to $278.00 and set a "sector outperform" rating for the company in a research note on Friday, July 3rd. Finally, Bank of America lowered their price target 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. Thirteen analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $225.23.

Agnico Eagle Mines Stock Performance

Shares of AEM opened at $187.29 on Thursday. The company has a quick ratio of 2.02, a current ratio of 2.86 and a debt-to-equity ratio of 0.01. The business's 50 day moving average price is $195.46 and its 200-day moving average price is $181.27. Agnico Eagle Mines Limited has a 52 week low of $134.38 and a 52 week high of $255.24. The stock has a market cap of $94.95 billion, a P/E ratio of 16.02, a P/E/G ratio of 2.75 and a beta of 0.64.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last posted its quarterly earnings results on Wednesday, July 29th. The mining company reported $3.05 earnings per share for the quarter, topping the consensus estimate of $2.89 by $0.16. Agnico Eagle Mines had a return on equity of 22.04% and a net margin of 40.44%. The company had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.78 billion. During the same quarter in the prior year, the business posted $1.94 EPS. The firm's quarterly revenue was up 35.0% compared to the same quarter last year. Equities research analysts anticipate that Agnico Eagle Mines Limited will post 11.47 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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