Canoe Financial LP Lowers Stock Holdings in Agnico Eagle Mines Limited $AEM

Key Points

• Canoe Financial LP reduced its stake in Agnico Eagle Mines by 33.5% in Q2, now holding approximately 945,000 shares valued at about $112.7 million.
• Analysts have shown strong support for the stock, with multiple upgrades, raising the price target significantly, including a boost from $115 to $145 by the Royal Bank of Canada.
• In its latest earnings report, Agnico Eagle Mines posted $1.94 EPS, exceeding estimates, while revenue rose by 35.6% year-over-year to $2.86 billion.

Canoe Financial LP lowered its stake in Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 33.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 944,967 shares of the mining company's stock after selling 476,127 shares during the quarter. Agnico Eagle Mines makes up approximately 1.6% of Canoe Financial LP's investment portfolio, making the stock its 25th largest position. Canoe Financial LP owned 0.19% of Agnico Eagle Mines worth $112,669,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of AEM. Brighton Jones LLC grew its stake in shares of Agnico Eagle Mines by 11.5% in the 4th quarter. Brighton Jones LLC now owns 3,216 shares of the mining company's stock valued at $252,000 after buying an additional 331 shares during the period. Quantinno Capital Management LP grew its stake in Agnico Eagle Mines by 15.7% in the 4th quarter. Quantinno Capital Management LP now owns 20,322 shares of the mining company's stock valued at $1,589,000 after buying an additional 2,761 shares in the last quarter. Tidal Investments LLC lifted its holdings in shares of Agnico Eagle Mines by 25.0% during the 4th quarter. Tidal Investments LLC now owns 18,866 shares of the mining company's stock worth $1,476,000 after acquiring an additional 3,778 shares during the last quarter. Two Sigma Advisers LP lifted its stake in Agnico Eagle Mines by 187.6% in the fourth quarter. Two Sigma Advisers LP now owns 77,599 shares of the mining company's stock worth $6,069,000 after purchasing an additional 50,622 shares during the last quarter. Finally, Two Sigma Investments LP bought a new stake in Agnico Eagle Mines in the fourth quarter worth $1,315,000. 68.34% of the stock is currently owned by institutional investors and hedge funds.

Agnico Eagle Mines Price Performance

Shares of NYSE:AEM traded up $1.74 on Tuesday, reaching $162.93. The company's stock had a trading volume of 1,223,704 shares, compared to its average volume of 2,977,128. Agnico Eagle Mines Limited has a 52-week low of $75.17 and a 52-week high of $164.64. The company has a market cap of $81.92 billion, a P/E ratio of 27.70, a PEG ratio of 1.08 and a beta of 0.44. The company has a 50-day simple moving average of $137.76 and a 200 day simple moving average of $122.45. 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 issued its quarterly earnings data on Wednesday, July 30th. The mining company reported $1.94 EPS 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 business had revenue of $2.86 billion during the quarter, compared to analysts' expectations of $2.46 billion. During the same period last year, the company posted $1.07 EPS. The business's revenue was up 35.6% on a year-over-year basis. As a group, equities research analysts anticipate that Agnico Eagle Mines Limited will post 4.63 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently commented on AEM shares. Zacks Research downgraded shares of Agnico Eagle Mines from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, September 2nd. Royal Bank Of Canada boosted their price target on shares of Agnico Eagle Mines from $115.00 to $145.00 and gave the company an "outperform" rating in a research report on Wednesday, June 4th. National Bankshares reiterated an "outperform" rating on shares of Agnico Eagle Mines in a research report on Tuesday, June 24th. Lake Street Capital reiterated a "buy" rating on shares of Agnico Eagle Mines in a research report on Monday, June 23rd. Finally, CIBC reiterated an "outperform" rating on shares of Agnico Eagle Mines in a research report on Tuesday, July 15th. Five analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $141.40.

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.