Agnico Eagle Mines Limited $AEM Stock: Sumitomo Mitsui Trust Group Inc. Decreases Holdings

Key Points

• Sumitomo Mitsui Trust Group cut its Agnico Eagle Mines position by 34% in the third quarter, selling 30,888 shares and ending with 60,054 shares valued at about $11 million. Institutional investors own 68.34% of the company.
• Agnico Eagle reported quarterly earnings of $2.62 per share, above the $2.47 consensus estimate, and revenue of $3.54 billion, up 17.1% year over year.
• Analysts give the stock a “Moderate Buy” consensus rating and an average $227 price target; shares were trading at $191.59 in Friday’s session.

Sumitomo Mitsui Trust Group Inc. lowered its position in shares of Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 34.0% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 60,054 shares of the mining company's stock after selling 30,888 shares during the quarter. Sumitomo Mitsui Trust Group Inc.'s holdings in Agnico Eagle Mines were worth $11,006,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of AEM. QRG Capital Management Inc. boosted its holdings in Agnico Eagle Mines by 4.1% in the second quarter. QRG Capital Management Inc. now owns 1,460 shares of the mining company's stock worth $226,000 after purchasing an additional 58 shares during the period. Avidian Wealth Enterprises LLC lifted its holdings in shares of Agnico Eagle Mines by 1.5% in the 3rd quarter. Avidian Wealth Enterprises LLC now owns 4,362 shares of the mining company's stock worth $800,000 after purchasing an additional 63 shares during the last quarter. Evergreen Capital Management LLC boosted its position in Agnico Eagle Mines by 0.7% during the 3rd quarter. Evergreen Capital Management LLC now owns 9,933 shares of the mining company's stock valued at $1,820,000 after purchasing an additional 71 shares during the period. Aries Wealth Management boosted its position in Agnico Eagle Mines by 1.4% during the 3rd quarter. Aries Wealth Management now owns 5,620 shares of the mining company's stock valued at $1,030,000 after purchasing an additional 80 shares during the period. Finally, Quadrant Capital Group LLC grew its stake in Agnico Eagle Mines by 0.9% during the 3rd quarter. Quadrant Capital Group LLC now owns 10,287 shares of the mining company's stock worth $1,909,000 after buying an additional 93 shares during the last quarter. Institutional investors own 68.34% of the company's stock.

Agnico Eagle Mines Trading Up 1.3%

NYSE AEM traded up $2.53 during trading on Friday, reaching $191.59. 1,750,868 shares of the stock traded hands, compared to its average volume of 1,862,876. Agnico Eagle Mines Limited has a fifty-two week low of $134.38 and a fifty-two week high of $255.24. The firm has a market cap of $97.13 billion, a price-to-earnings ratio of 15.63, a price-to-earnings-growth ratio of 2.53 and a beta of 0.69. The company has a quick ratio of 1.90, a current ratio of 2.75 and a debt-to-equity ratio of 0.01. The stock's 50-day moving average price is $188.98 and its 200 day moving average price is $188.96.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last released 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%. Agnico Eagle Mines's revenue for the quarter was up 17.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.10 EPS. Analysts predict that Agnico Eagle Mines Limited will post 11.42 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Zacks Research raised shares of Agnico Eagle Mines from a "strong sell" rating to a "hold" rating in a report on Monday, September 7th. JPMorgan Chase & Co. boosted their target price on Agnico Eagle Mines from $190.00 to $193.00 and gave the stock a "neutral" rating in a report on Friday, October 30th. Canadian Imperial Bank of Commerce set a $239.00 price target on Agnico Eagle Mines in a research note on Friday, October 16th. Freedom Broker raised Agnico Eagle Mines from a "hold" rating to a "buy" rating and set a $212.00 price target for the company in a research report on Monday, November 2nd. Finally, RBC Dominion Securities set a $225.00 price target on Agnico Eagle Mines and gave the stock a "sector perform" rating in a research note on Thursday, October 22nd. Thirteen investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, Agnico Eagle Mines has an average rating of "Moderate Buy" and a consensus price target of $227.00.

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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