Auto Owners Insurance Co Increases Stake in Agnico Eagle Mines Limited $AEM

Key Points

• Auto Owners Insurance Co dramatically increased its stake in Agnico Eagle Mines, reporting ownership of 915,462 shares after buying 910,062 more in the fourth quarter. The position was valued at about $15.5 million and represented 0.18% of the company.
• Wall Street sentiment on AEM remains mixed but generally positive, with the stock carrying a Moderate Buy consensus and an average price target of $236.08. Recent analyst moves included upgrades from ATB Cormark and coverage from Barclays, while others trimmed ratings or targets.
• Agnico Eagle Mines beat quarterly expectations, posting $3.40 EPS versus $3.19 expected and $4 billion in revenue versus $3.96 billion forecast. Revenue jumped 66.1% year over year, highlighting strong operating performance despite the stock trading below its 50-day and 200-day averages.

Auto Owners Insurance Co increased its stake in Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 16,853.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 915,462 shares of the mining company's stock after buying an additional 910,062 shares during the period. Auto Owners Insurance Co owned 0.18% of Agnico Eagle Mines worth $15,520,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Salvus Wealth Management LLC raised its position in shares of Agnico Eagle Mines by 0.9% in the 4th quarter. Salvus Wealth Management LLC now owns 6,301 shares of the mining company's stock worth $1,068,000 after acquiring an additional 57 shares in the last quarter. Brookwood Investment Group LLC boosted its holdings in shares of Agnico Eagle Mines by 4.5% during the 4th quarter. Brookwood Investment Group LLC now owns 1,361 shares of the mining company's stock valued at $231,000 after buying an additional 58 shares in the last quarter. Baron Wealth Management LLC boosted its holdings in shares of Agnico Eagle Mines by 3.2% during the 4th quarter. Baron Wealth Management LLC now owns 1,879 shares of the mining company's stock valued at $319,000 after buying an additional 59 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its position in shares of Agnico Eagle Mines by 1.1% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 5,266 shares of the mining company's stock worth $893,000 after buying an additional 59 shares during the period. Finally, Baker Ellis Asset Management LLC grew its position in shares of Agnico Eagle Mines by 0.8% in the 4th quarter. Baker Ellis Asset Management LLC now owns 7,550 shares of the mining company's stock worth $1,280,000 after buying an additional 63 shares during the period. 68.34% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on AEM. Zacks Research cut shares of Agnico Eagle Mines from a "strong-buy" rating to a "hold" rating in a research report on Monday, March 30th. ATB Cormark Capital Markets upgraded shares of Agnico Eagle Mines from a "hold" rating to an "outperform" rating in a report on Monday, May 4th. Weiss Ratings lowered shares of Agnico Eagle Mines from a "buy (b+)" rating to a "buy (b)" rating in a report on Wednesday, May 13th. Barclays began coverage on Agnico Eagle Mines in a research report on Thursday, May 21st. They issued an "overweight" rating and a $213.00 price target on the stock. Finally, UBS Group cut their price target on Agnico Eagle Mines from $240.00 to $210.00 and set a "neutral" rating on the stock in a research note on Friday, March 27th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Agnico Eagle Mines currently has an average rating of "Moderate Buy" and a consensus price target of $236.08.

Agnico Eagle Mines Price Performance

NYSE:AEM opened at $166.63 on Friday. The business's 50-day moving average is $186.15 and its 200 day moving average is $194.38. Agnico Eagle Mines Limited has a 12 month low of $114.60 and a 12 month high of $255.24. The company has a market capitalization of $84.58 billion, a P/E ratio of 15.66, a P/E/G ratio of 3.66 and a beta of 0.56. The company has a current ratio of 3.15, a quick ratio of 2.18 and a debt-to-equity ratio of 0.01.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last released its quarterly earnings results on Thursday, April 30th. The mining company reported $3.40 earnings per share for the quarter, beating the consensus estimate of $3.19 by $0.21. The business had revenue of $4 billion during the quarter, compared to analysts' expectations of $3.96 billion. Agnico Eagle Mines had a return on equity of 21.09% and a net margin of 39.46%.The firm's revenue for the quarter was up 66.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.53 EPS. On average, equities research analysts forecast that Agnico Eagle Mines Limited will post 13.2 earnings per share for the current fiscal year.

Agnico Eagle Mines Profile

Agnico Eagle Mines Limited NYSE: AEM is a Canadian-based senior gold producer headquartered in Toronto, Ontario. The company is principally engaged in the exploration, development, production and reclamation of gold-bearing properties. Agnico Eagle pursues both greenfield and brownfield exploration to expand its resource base and operates a portfolio of producing mines and development projects to generate long-life gold production.

Its core business activities span the full mining lifecycle: grassroots and advanced-stage exploration, prefeasibility and feasibility studies, mine construction, underground and open-pit mining, ore processing and metal recovery, and post-mining reclamation and closure.

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