Agnico Eagle Mines Limited $AEM Stock: Global Strategic Management Inc. Boosts Stake

Key Points

• Global Strategic Management Inc. increased its Agnico Eagle Mines stake by 9.6% in the third quarter, bringing its holdings to 78,550 shares worth approximately $14.4 million. Institutional investors collectively own 68.34% of AEM.
• Analysts maintain a favorable outlook, with 13 Buy ratings and four Holds producing a consensus “Moderate Buy” rating and an average price target of $225.62.
• Agnico Eagle reported quarterly EPS of $3.05, exceeding the $2.89 consensus estimate, while revenue rose 35% year over year to $3.80 billion. The stock opened at $187.65, below its 52-week high of $255.24.

Global Strategic Management Inc. grew its holdings in shares of Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 9.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 78,550 shares of the mining company's stock after buying an additional 6,903 shares during the quarter. Agnico Eagle Mines accounts for approximately 9.7% of Global Strategic Management Inc.'s holdings, making the stock its 4th biggest holding. Global Strategic Management Inc.'s holdings in Agnico Eagle Mines were worth $14,408,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Davidson Capital Management Inc. raised its stake in shares of Agnico Eagle Mines by 5.7% in the third quarter. Davidson Capital Management Inc. now owns 31,213 shares of the mining company's stock valued at $5,720,000 after acquiring an additional 1,684 shares during the period. Assenagon Asset Management S.A. raised its holdings in shares of Agnico Eagle Mines by 2.2% in the third quarter. Assenagon Asset Management S.A. now owns 16,210 shares of the mining company's stock worth $2,975,000 after buying an additional 349 shares during the period. Ninety One UK Ltd boosted its holdings in Agnico Eagle Mines by 16.6% during the 3rd quarter. Ninety One UK Ltd now owns 18,641 shares of the mining company's stock valued at $3,422,000 after acquiring an additional 2,654 shares during the period. Formuepleje A S purchased a new stake in Agnico Eagle Mines in the third quarter worth $1,158,000. Finally, Fortitude Family Office LLC boosted its stake in shares of Agnico Eagle Mines by 600.0% during the third quarter. Fortitude Family Office LLC now owns 140 shares of the mining company's stock valued at $26,000 after purchasing an additional 120 shares during the period. 68.34% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on AEM. Scotiabank reduced their target price on shares of Agnico Eagle Mines from $278.00 to $260.00 and set a "sector outperform" rating on the stock in a research report on Tuesday, July 14th. Citigroup cut their price target on Agnico Eagle Mines from $256.00 to $200.00 and set a "buy" rating on the stock in a research note on Monday, July 27th. UBS Group increased their target price on shares of Agnico Eagle Mines from $170.00 to $190.00 and gave the stock a "neutral" rating in a report on Thursday, October 8th. JPMorgan Chase & Co. boosted their price target on shares of Agnico Eagle Mines from $175.00 to $179.00 and gave the company a "neutral" rating in a report on Monday, August 3rd. Finally, Jefferies Financial Group raised shares of Agnico Eagle Mines from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $187.00 to $200.00 in a research note on Monday, July 6th. Thirteen research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $225.62.

Agnico Eagle Mines Stock Performance

Shares of AEM stock opened at $187.65 on Friday. The company has a current ratio of 2.86, a quick ratio of 2.02 and a debt-to-equity ratio of 0.01. The company has a market cap of $95.13 billion, a PE ratio of 16.05, a PEG ratio of 2.60 and a beta of 0.64. Agnico Eagle Mines Limited has a 12-month low of $134.38 and a 12-month high of $255.24. The business's fifty day simple moving average is $194.99 and its 200-day simple moving average is $181.71.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last released its quarterly earnings results on Wednesday, July 29th. The mining company reported $3.05 EPS for the quarter, beating analysts' consensus estimates of $2.89 by $0.16. The company had revenue of $3.80 billion during the quarter, compared to analysts' expectations of $3.78 billion. Agnico Eagle Mines had a return on equity of 22.04% and a net margin of 40.44%. The firm's revenue was up 35.0% compared to the same quarter last year. During the same period last year, the business posted $1.94 earnings per share. Analysts expect that Agnico Eagle Mines Limited will post 11.56 earnings per share for the current fiscal year.

Agnico Eagle Mines Profile

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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