Agnico Eagle Mines Limited $AEM Stake Decreased by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments cut its Agnico Eagle Mines stake by 3.9% in the third quarter, selling 19,929 shares; it held 496,398 shares valued at about $90.5 million after the sale.
• Agnico Eagle reported quarterly EPS of $2.62, beating the $2.47 consensus, while revenue rose 17.1% year over year to $3.54 billion.
• Analysts’ consensus rating was Moderate Buy, with a $227 average price target; 13 analysts rated the stock Buy and six rated it Hold.

Allspring Global Investments Holdings LLC reduced its stake in shares of Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 3.9% in the third quarter, according to its most recent filing with the SEC. The fund owned 496,398 shares of the mining company's stock after selling 19,929 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.10% of Agnico Eagle Mines worth $90,502,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in AEM. BIP Wealth LLC bought a new stake in Agnico Eagle Mines in the 2nd quarter worth approximately $1,167,000. Engineers Gate Manager LP grew its position in Agnico Eagle Mines by 914.3% during the second quarter. Engineers Gate Manager LP now owns 30,246 shares of the mining company's stock valued at $4,692,000 after acquiring an additional 27,264 shares during the last quarter. Annex Advisory Services LLC grew its position in 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 valued at $4,500,000 after acquiring an additional 11,995 shares during the last quarter. K.J. Harrison & Partners Inc bought a new position in Agnico Eagle Mines during the second quarter valued at approximately $6,923,000. Finally, PensionDanmark Pensionsforsikringsaktieselskab raised 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 acquiring an additional 11,100 shares in the last quarter. 68.34% of the stock is owned by institutional investors.

Agnico Eagle Mines Trading Up 4.7%

Shares of AEM opened at $200.58 on Tuesday. The firm's 50-day moving average price is $188.86 and its 200-day moving average price is $188.93. The firm has a market capitalization of $101.47 billion, a price-to-earnings ratio of 16.36, a PEG ratio of 2.79 and a beta of 0.69. The company has a current ratio of 2.75, a quick ratio of 1.90 and a debt-to-equity ratio of 0.01. Agnico Eagle Mines Limited has a 1-year low of $134.38 and a 1-year high of $255.24.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last posted its quarterly earnings data on Wednesday, October 28th. The mining company reported $2.62 earnings per share for the quarter, beating the consensus estimate of $2.47 by $0.15. The business had revenue of $3.54 billion for the quarter, compared to analysts' expectations of $3.51 billion. Agnico Eagle Mines had a return on equity of 21.68% and a net margin of 41.01%. The business's revenue was up 17.1% on a year-over-year basis. During the same period in the previous year, the firm posted $2.10 EPS. Sell-side analysts anticipate that Agnico Eagle Mines Limited will post 11.42 EPS for the current year.

Analyst Ratings Changes

Several research firms recently commented on AEM. Zacks Research raised shares of Agnico Eagle Mines from a "strong sell" rating to a "hold" rating in a report on Monday, September 7th. Scotiabank cut their price target on shares of Agnico Eagle Mines from $278.00 to $260.00 and set a "sector outperform" rating for the company in a research report on Tuesday, July 14th. JPMorgan Chase & Co. raised their price objective on Agnico Eagle Mines from $190.00 to $193.00 and gave the company a "neutral" rating in a research note on Friday, October 30th. Freedom Broker raised Agnico Eagle Mines from a "hold" rating to a "buy" rating and set a $212.00 price objective on the stock in a research note on Monday, November 2nd. Finally, Royal Bank Of Canada lifted their price objective on Agnico Eagle Mines from $210.00 to $225.00 and gave the stock a "sector perform" rating in a report on Wednesday, September 16th. Thirteen research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $227.00.

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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