Agnico Eagle Mines Limited (NYSE:AEM) Shares Sold by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia has reduced its stake in Agnico Eagle Mines by 7.9%, now owning 2,369,706 shares valued at approximately $256.77 million.
• Agnico Eagle Mines reported $1.94 earnings per share for the last quarter, exceeding analysts' estimates and reflecting a 35.6% increase in revenue year-over-year.
• The company declared a dividend of $0.40 per share with a yield of 136.0%, demonstrating a payout ratio of 34.04%.

Bank of Nova Scotia lessened its stake in Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 7.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,369,706 shares of the mining company's stock after selling 203,449 shares during the period. Bank of Nova Scotia owned approximately 0.47% of Agnico Eagle Mines worth $256,774,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of AEM. Brighton Jones LLC grew its position in shares of Agnico Eagle Mines by 11.5% during the 4th quarter. Brighton Jones LLC now owns 3,216 shares of the mining company's stock valued at $252,000 after acquiring an additional 331 shares during the period. Prudential Financial Inc. lifted its stake in shares of Agnico Eagle Mines by 21.6% during the 4th quarter. Prudential Financial Inc. now owns 33,637 shares of the mining company's stock valued at $2,630,000 after buying an additional 5,967 shares in the last quarter. Orion Portfolio Solutions LLC lifted its stake in shares of Agnico Eagle Mines by 5.9% during the 4th quarter. Orion Portfolio Solutions LLC now owns 3,268 shares of the mining company's stock valued at $256,000 after buying an additional 183 shares in the last quarter. CIBC Private Wealth Group LLC lifted its stake in shares of Agnico Eagle Mines by 6.3% during the 4th quarter. CIBC Private Wealth Group LLC now owns 2,919 shares of the mining company's stock valued at $243,000 after buying an additional 174 shares in the last quarter. Finally, HighPoint Advisor Group LLC purchased a new position in shares of Agnico Eagle Mines during the 4th quarter valued at $251,000. Institutional investors own 68.34% of the company's stock.

Agnico Eagle Mines Stock Performance

Shares of AEM traded up $6.23 during midday trading on Monday, reaching $131.45. 3,373,146 shares of the stock were exchanged, compared to its average volume of 2,616,882. Agnico Eagle Mines Limited has a twelve month low of $69.72 and a twelve month high of $131.70. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.03 and a quick ratio of 1.16. The company has a market capitalization of $66.09 billion, a price-to-earnings ratio of 22.36, a PEG ratio of 0.88 and a beta of 0.44. The business's 50-day moving average price is $121.09 and its 200 day moving average price is $110.31.

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 for the quarter, beating the consensus estimate of $1.83 by $0.11. The business had revenue of $2.86 billion for 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%. The business's quarterly revenue was up 35.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.07 earnings per share. On average, sell-side analysts expect that Agnico Eagle Mines Limited will post 4.63 EPS for the current fiscal year.

Agnico Eagle Mines Dividend Announcement

The business also recently disclosed a dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 2nd were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, May 30th. This represents a yield of 136.0%. Agnico Eagle Mines's payout ratio is currently 27.21%.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. UBS Group boosted their price target on shares of Agnico Eagle Mines from $110.00 to $115.00 and gave the stock a "neutral" rating in a research note on Friday, April 11th. Lake Street Capital restated a "buy" rating on shares of Agnico Eagle Mines in a research report on Monday, June 23rd. National Bankshares restated an "outperform" rating on shares of Agnico Eagle Mines in a research report on Tuesday, June 24th. Bank of America upped their target price 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, TD Securities upgraded shares of Agnico Eagle Mines to a "strong-buy" rating in a research report on Thursday, July 17th. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and five have given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $136.90.

Agnico Eagle Mines Company Profile

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.