Agnico Eagle Mines Limited (NYSE:AEM) is Connor Clark & Lunn Investment Management Ltd.'s 2nd Largest Position

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in Agnico Eagle Mines by 11.1%, now holding 6.72 million shares worth approximately $728 million, making it the firm's second largest position.
• Analysts have a generally positive outlook for Agnico Eagle Mines, with a consensus rating of "Buy" and an average price target of $136.90, reflecting confidence in the company's growth.
• The company reported strong earnings, with a net margin of 30.63% and revenue growth of 35.6% year-over-year, exceeding analysts' expectations for the quarter.

Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 11.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,720,301 shares of the mining company's stock after acquiring an additional 673,400 shares during the quarter. Agnico Eagle Mines accounts for 3.2% of Connor Clark & Lunn Investment Management Ltd.'s holdings, making the stock its 2nd biggest position. Connor Clark & Lunn Investment Management Ltd. owned approximately 1.34% of Agnico Eagle Mines worth $728,214,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Capital World Investors boosted its holdings in Agnico Eagle Mines by 41.9% during the fourth quarter. Capital World Investors now owns 13,952,061 shares of the mining company's stock worth $1,091,550,000 after buying an additional 4,121,164 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in Agnico Eagle Mines by 3.9% during the first quarter. Massachusetts Financial Services Co. MA now owns 13,441,198 shares of the mining company's stock worth $1,457,160,000 after buying an additional 499,362 shares in the last quarter. Deutsche Bank AG boosted its holdings in Agnico Eagle Mines by 0.7% during the fourth quarter. Deutsche Bank AG now owns 11,916,739 shares of the mining company's stock worth $932,008,000 after buying an additional 87,410 shares in the last quarter. TD Asset Management Inc boosted its holdings in Agnico Eagle Mines by 42.8% during the first quarter. TD Asset Management Inc now owns 9,033,296 shares of the mining company's stock worth $978,553,000 after buying an additional 2,709,005 shares in the last quarter. Finally, Nuveen Asset Management LLC boosted its holdings in Agnico Eagle Mines by 10.7% during the fourth quarter. Nuveen Asset Management LLC now owns 1,027,009 shares of the mining company's stock worth $80,316,000 after buying an additional 99,148 shares in the last quarter. Institutional investors and hedge funds own 68.34% of the company's stock.

Agnico Eagle Mines Stock Down 0.0%

Shares of AEM stock traded down $0.06 during trading on Tuesday, reaching $135.40. The company's stock had a trading volume of 1,936,868 shares, compared to its average volume of 2,983,786. The stock's 50-day moving average price is $123.00 and its 200 day moving average price is $112.28. Agnico Eagle Mines Limited has a 1-year low of $75.17 and a 1-year high of $137.81. 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 $68.08 billion, a price-to-earnings ratio of 23.03, a P/E/G ratio of 0.94 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. Agnico Eagle Mines had a net margin of 30.63% and a return on equity of 13.79%. The business had revenue of $2.86 billion during the quarter, compared to analysts' expectations of $2.46 billion. During the same quarter in the prior year, the business posted $1.07 EPS. The company's revenue for the quarter was up 35.6% on a year-over-year basis. On average, research analysts anticipate that Agnico Eagle Mines Limited will post 4.63 EPS for the current year.

Agnico Eagle Mines Dividend Announcement

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

Analysts Set New Price Targets

A number of analysts recently issued reports on AEM shares. National Bankshares reissued an "outperform" rating on shares of Agnico Eagle Mines in a report on Tuesday, June 24th. Raymond James Financial upgraded shares of Agnico Eagle Mines to a "moderate buy" rating and set a $130.00 target price on the stock in a research report on Monday, June 30th. TD Securities upgraded shares of Agnico Eagle Mines to a "strong-buy" rating in a research report on Thursday, July 17th. Cfra Research upgraded shares of Agnico Eagle Mines to a "strong-buy" rating in a research report on Friday, April 25th. Finally, Royal Bank Of Canada lifted their target price on shares of Agnico Eagle Mines from $115.00 to $145.00 and gave the company an "outperform" rating in a research report on Wednesday, June 4th. Two analysts have rated the stock with a hold rating, eight have given a buy rating and five have issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $136.90.

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.