Agnico Eagle Mines Limited $AEM Shares Sold by NewEdge Advisors LLC

Key Points

• NewEdge Advisors cut its Agnico Eagle Mines stake by 37.4% in the first quarter, selling 10,280 shares and retaining 17,191 shares valued at approximately $3.49 million. Institutional investors and hedge funds own 68.34% of the company.
• Analyst sentiment remains broadly positive, with 12 Buy, four Hold, and one Sell rating, producing a “Moderate Buy” consensus and an average price target of $226. However, several firms recently lowered their targets, including Citigroup and Bank of America.
• Agnico Eagle reported quarterly EPS of $3.05, beating estimates of $2.89, while revenue rose 35% year over year to $3.77 billion. Shares opened at $185.08, with a 12-month range of $130.04 to $255.24.

NewEdge Advisors LLC trimmed its stake in Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 37.4% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 17,191 shares of the mining company's stock after selling 10,280 shares during the period. NewEdge Advisors LLC's holdings in Agnico Eagle Mines were worth $3,490,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in AEM. Acumen Wealth Advisors LLC acquired a new position in Agnico Eagle Mines during the fourth quarter worth $26,000. Jessup Wealth Management Inc acquired a new stake in shares of Agnico Eagle Mines in the fourth quarter valued at $35,000. University of Texas Texas AM Investment Management Co. grew its stake in shares of Agnico Eagle Mines by 64.7% in the fourth quarter. University of Texas Texas AM Investment Management Co. now owns 229 shares of the mining company's stock valued at $39,000 after buying an additional 90 shares in the last quarter. Banque Cantonale Vaudoise purchased a new stake in shares of Agnico Eagle Mines in the 4th quarter valued at $39,000. Finally, Horizon Investments LLC raised its holdings in shares of Agnico Eagle Mines by 129.6% in the 3rd quarter. Horizon Investments LLC now owns 248 shares of the mining company's stock valued at $42,000 after buying an additional 140 shares during the period. 68.34% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

AEM has been the subject of several research reports. Citigroup dropped their target price on Agnico Eagle Mines from $256.00 to $200.00 and set a "buy" rating for the company in a research report on Monday, July 27th. Zacks Research lowered shares of Agnico Eagle Mines from a "hold" rating to a "strong sell" rating in a research note on Friday, July 17th. Bank of America lowered their price objective on shares of 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. TD lifted their price objective on shares of Agnico Eagle Mines from $251.00 to $252.00 and gave the company a "buy" rating in a report on Tuesday, April 21st. Finally, JPMorgan Chase & Co. increased their target price on shares of Agnico Eagle Mines from $175.00 to $179.00 and gave the stock a "neutral" rating in a report on Monday, August 3rd. Twelve research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $226.00.

Agnico Eagle Mines Price Performance

Shares of NYSE:AEM opened at $185.08 on Thursday. The company's fifty day moving average price is $156.13 and its 200 day moving average price is $187.29. Agnico Eagle Mines Limited has a 12 month low of $130.04 and a 12 month high of $255.24. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.86 and a quick ratio of 2.02. The firm has a market capitalization of $93.79 billion, a P/E ratio of 15.83, a P/E/G ratio of 2.24 and a beta of 0.60.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last released its quarterly earnings data on Wednesday, July 29th. The mining company reported $3.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.89 by $0.16. The company had revenue of $3.77 billion during the quarter, compared to the consensus estimate of $3.78 billion. Agnico Eagle Mines had a net margin of 40.44% and a return on equity of 22.04%. Agnico Eagle Mines's revenue for the quarter was up 35.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.94 earnings per share. As a group, sell-side analysts predict that Agnico Eagle Mines Limited will post 11.68 earnings per share for the current fiscal year.

Agnico Eagle Mines Company Profile

Agnico Eagle Mines Limited NYSE: AEM is a Canadian-based senior gold producer headquartered in Toronto, Ontario. The company is principally engaged in the exploration, development, production and reclamation of gold-bearing properties. Agnico Eagle pursues both greenfield and brownfield exploration to expand its resource base and operates a portfolio of producing mines and development projects to generate long-life gold production.

Its core business activities span the full mining lifecycle: grassroots and advanced-stage exploration, prefeasibility and feasibility studies, mine construction, underground and open-pit mining, ore processing and metal recovery, and post-mining reclamation and closure.

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