Agnico Eagle Mines Limited $AEM Stock: Pictet Asset Management Holding SA Lowers Holdings

Key Points

• Pictet Asset Management cut its Agnico Eagle Mines stake by 24.9% in the third quarter, selling 104,228 shares; it retained 314,302 shares valued at about $57.7 million.
• Agnico Eagle reported quarterly EPS of $2.62, beating estimates of $2.47, while revenue rose 17.1% year over year to $3.54 billion.
• Analysts maintain a “Moderate Buy” consensus, with a $227 average price target; 13 analysts rate the stock Buy and six rate it Hold.

Pictet Asset Management Holding SA cut its stake in shares of Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 24.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 314,302 shares of the mining company's stock after selling 104,228 shares during the quarter. Pictet Asset Management Holding SA owned about 0.06% of Agnico Eagle Mines worth $57,691,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in AEM. Deutsche Bank AG purchased a new position in Agnico Eagle Mines in the 2nd quarter worth $1,362,158,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Agnico Eagle Mines during the second quarter worth $927,602,000. Bank of America Corp DE purchased a new position in shares of Agnico Eagle Mines during the 2nd quarter valued at about $844,096,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Agnico Eagle Mines during the 2nd quarter worth approximately $608,054,000. Finally, Canada Pension Plan Investment Board acquired a new position in shares of Agnico Eagle Mines in the second quarter worth about $533,750,000. 68.34% of the stock is owned by hedge funds and other institutional investors.

Agnico Eagle Mines Trading Up 4.7%

Shares of AEM stock opened at $200.58 on Tuesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.90 and a current ratio of 2.75. The stock has a market capitalization of $101.47 billion, a P/E ratio of 16.36, a price-to-earnings-growth ratio of 2.79 and a beta of 0.69. The company has a 50 day moving average price of $188.86 and a 200 day moving average price of $188.93. Agnico Eagle Mines Limited has a fifty-two week low of $134.38 and a fifty-two week high of $255.24.

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

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Barclays cut their price target on shares of Agnico Eagle Mines from $218.00 to $215.00 and set an "overweight" rating for the company in a report on Monday, November 2nd. Scotiabank cut their target price on shares of Agnico Eagle Mines from $278.00 to $260.00 and set a "sector outperform" rating for the company in a research note on Tuesday, July 14th. UBS Group raised their price objective on Agnico Eagle Mines from $170.00 to $190.00 and gave the company a "neutral" rating in a report on Thursday, October 8th. JPMorgan Chase & Co. upped their target price on Agnico Eagle Mines from $190.00 to $193.00 and gave the company a "neutral" rating in a report on Friday, October 30th. Finally, Citigroup dropped their price objective on shares of Agnico Eagle Mines from $256.00 to $200.00 and set a "buy" rating for the company in a report on Monday, July 27th. Thirteen research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat, Agnico Eagle Mines presently has a consensus rating of "Moderate Buy" and a consensus price target of $227.00.

Agnico Eagle Mines Company 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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