Canada Pension Plan Investment Board Boosts Position in Agnico Eagle Mines Limited $AEM

Key Points

• The Canada Pension Plan Investment Board increased its stake in Agnico Eagle Mines Limited by 57.4% during the first quarter, owning over 2.3 million shares valued at approximately $254 million.
• Agnico Eagle Mines reported a 35.6% year-over-year increase in revenue, totaling $2.86 billion for the most recent quarter, and exceeded earnings expectations with an EPS of $1.94.
• Equities analysts have given Agnico Eagle Mines a consensus rating of "Buy" and set an average target price of $136.90 for the stock, which indicates strong market optimism.

Canada Pension Plan Investment Board boosted its position in shares of Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 57.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,344,302 shares of the mining company's stock after buying an additional 854,924 shares during the period. Canada Pension Plan Investment Board owned 0.47% of Agnico Eagle Mines worth $254,029,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. MJT & Associates Financial Advisory Group Inc. acquired a new stake in Agnico Eagle Mines in the first quarter valued at about $26,000. Cary Street Partners Investment Advisory LLC bought a new position in shares of Agnico Eagle Mines in the first quarter valued at approximately $26,000. Private Trust Co. NA lifted its position in shares of Agnico Eagle Mines by 454.9% in the 1st quarter. Private Trust Co. NA now owns 283 shares of the mining company's stock valued at $31,000 after acquiring an additional 232 shares in the last quarter. Golden State Wealth Management LLC bought a new position in shares of Agnico Eagle Mines during the 1st quarter valued at $34,000. Finally, Dagco Inc. bought a new position in shares of Agnico Eagle Mines during the 1st quarter worth about $39,000. Hedge funds and other institutional investors own 68.34% of the company's stock.

Analyst Upgrades and Downgrades

AEM has been the subject of several research reports. CIBC reissued an "outperform" rating on shares of Agnico Eagle Mines in a research report on Tuesday, July 15th. TD Securities upgraded shares of Agnico Eagle Mines to a "strong-buy" rating in a research report on Thursday, July 17th. National Bankshares restated an "outperform" rating on shares of Agnico Eagle Mines in a report on Tuesday, June 24th. Bank of America upped their price target on shares of Agnico Eagle Mines from $170.00 to $173.00 and gave the company a "buy" rating in a research report on Monday, June 23rd. Finally, Raymond James Financial upgraded Agnico Eagle Mines to a "moderate buy" rating and set a $130.00 price target on the stock in a report on Monday, June 30th. Five analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $136.90.

Agnico Eagle Mines Trading Up 2.4%

AEM stock traded up $3.53 during trading on Tuesday, hitting $147.70. The company had a trading volume of 5,524,090 shares, compared to its average volume of 2,933,432. The company has a quick ratio of 1.16, a current ratio of 2.03 and a debt-to-equity ratio of 0.03. Agnico Eagle Mines Limited has a 12 month low of $75.17 and a 12 month high of $148.00. The firm has a 50-day moving average price of $127.53 and a 200-day moving average price of $116.56. The stock has a market cap of $74.27 billion, a price-to-earnings ratio of 25.12, a PEG ratio of 0.99 and a beta of 0.44.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last issued its earnings results on Wednesday, July 30th. The mining company reported $1.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.83 by $0.11. The business had revenue of $2.86 billion during the quarter, compared to the consensus estimate of $2.46 billion. Agnico Eagle Mines had a net margin of 30.63% and a return on equity of 13.79%. Agnico Eagle Mines's revenue was up 35.6% on a year-over-year basis. During the same period last year, the business posted $1.07 EPS. As a group, analysts predict that Agnico Eagle Mines Limited will post 4.63 earnings per share for the current year.

About Agnico Eagle Mines

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.