Agnico Eagle Mines Limited $AEM Shares Sold by Addenda Capital Inc.

Key Points

• Addenda Capital Inc. has reduced its stake in Agnico Eagle Mines Limited by 0.7%, holding a total of 708,266 shares, which represents approximately 3.7% of its total portfolio.
• Brokerages have raised their price targets for Agnico Eagle Mines, with Royal Bank of Canada setting a target of $145.00 and Bank of America raising theirs to $173.00, indicating positive sentiment among analysts.
• Agnico Eagle Mines reported a quarterly earnings per share (EPS) of $1.94, exceeding estimates and reflecting a 35.6% increase in revenue year-over-year.

Addenda Capital Inc. lowered its position in shares of Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 0.7% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 708,266 shares of the mining company's stock after selling 4,971 shares during the quarter. Agnico Eagle Mines makes up approximately 3.7% of Addenda Capital Inc.'s holdings, making the stock its 4th biggest holding. Addenda Capital Inc. owned approximately 0.14% of Agnico Eagle Mines worth $84,234,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in AEM. MJT & Associates Financial Advisory Group Inc. bought a new stake in Agnico Eagle Mines during the 1st quarter worth about $26,000. Cary Street Partners Investment Advisory LLC bought a new stake in Agnico Eagle Mines during the 1st quarter worth about $26,000. Private Trust Co. NA grew its holdings in Agnico Eagle Mines by 454.9% during the 1st quarter. Private Trust Co. NA now owns 283 shares of the mining company's stock worth $31,000 after acquiring an additional 232 shares during the last quarter. Golden State Wealth Management LLC bought a new stake in Agnico Eagle Mines during the 1st quarter worth about $34,000. Finally, Dagco Inc. bought a new stake in Agnico Eagle Mines during the 1st quarter worth about $39,000. Institutional investors own 68.34% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have commented on AEM. Royal Bank Of Canada increased their price objective on shares of Agnico Eagle Mines from $115.00 to $145.00 and gave the stock an "outperform" rating in a report on Wednesday, June 4th. Bank of America raised their target price on shares of Agnico Eagle Mines from $170.00 to $173.00 and gave the company a "buy" rating in a research note on Monday, June 23rd. Raymond James Financial raised shares of Agnico Eagle Mines to a "moderate buy" rating and set a $130.00 target price on the stock in a research note on Monday, June 30th. UBS Group increased their price target on shares of Agnico Eagle Mines from $125.00 to $160.00 and gave the company a "neutral" rating in a research report on Friday, September 19th. Finally, TD Securities upgraded shares of Agnico Eagle Mines to a "strong-buy" rating in a research report on Thursday, July 17th. Five research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, Agnico Eagle Mines currently has a consensus rating of "Buy" and an average target price of $141.40.

Agnico Eagle Mines Stock Performance

Shares of AEM stock opened at $163.47 on Friday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.16 and a current ratio of 2.03. The company has a market capitalization of $82.19 billion, a P/E ratio of 27.80, a price-to-earnings-growth ratio of 1.10 and a beta of 0.45. The company's 50 day moving average price is $141.14 and its two-hundred day moving average price is $124.00. Agnico Eagle Mines Limited has a 52 week low of $75.17 and a 52 week high of $164.64.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last announced its earnings results on Wednesday, July 30th. The mining company reported $1.94 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $2.46 billion. During the same period last year, the company posted $1.07 EPS. The business's quarterly revenue was up 35.6% on a year-over-year basis. On average, 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.

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