Bank of America Corp DE Purchases New Holdings in Agnico Eagle Mines Limited $AEM

Key Points

• Bank of America acquired 5.44 million Agnico Eagle Mines shares in the second quarter, worth approximately $844.1 million and representing about 1.07% of the company.
• Institutional ownership remains substantial at 68.34%, with several other investment firms also establishing new positions during the quarter.
• Agnico Eagle reported quarterly EPS of $3.05, exceeding estimates, while revenue rose 35% year over year to $3.77 billion. Analysts maintain a “Moderate Buy” consensus with an average price target of $226.

Bank of America Corp DE acquired a new stake in shares of Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 5,441,217 shares of the mining company's stock, valued at approximately $844,096,000. Bank of America Corp DE owned approximately 1.07% of Agnico Eagle Mines as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Caisse de depot et placement du Quebec bought a new stake in shares of Agnico Eagle Mines in the 2nd quarter worth about $87,027,000. Man Group plc acquired a new position in Agnico Eagle Mines in the second quarter worth about $45,312,000. Jupiter Topco LLC bought a new stake in Agnico Eagle Mines in the second quarter valued at about $16,904,000. EFG International AG bought a new stake in Agnico Eagle Mines in the second quarter valued at about $1,178,000. Finally, Ancora Advisors LLC acquired a new stake in Agnico Eagle Mines during the second quarter valued at approximately $52,000. 68.34% of the stock is currently owned by hedge funds and other institutional investors.

Agnico Eagle Mines Stock Down 0.4%

Agnico Eagle Mines stock opened at $196.78 on Wednesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.02 and a current ratio of 2.86. Agnico Eagle Mines Limited has a one year low of $134.38 and a one year high of $255.24. The company has a 50-day simple moving average of $176.20 and a 200-day simple moving average of $185.35. The firm has a market capitalization of $99.75 billion, a P/E ratio of 16.83, a P/E/G ratio of 2.45 and a beta of 0.67.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last issued its quarterly earnings data on Wednesday, July 29th. The mining company reported $3.05 earnings per share for the quarter, beating the consensus estimate of $2.89 by $0.16. The firm had revenue of $3.77 billion for the quarter, compared to the consensus estimate of $3.78 billion. Agnico Eagle Mines had a net margin of 40.44% and a return on equity of 22.04%. Agnico Eagle Mines's quarterly revenue was up 35.0% compared to the same quarter last year. During the same period last year, the firm posted $1.94 EPS. As a group, equities analysts expect that Agnico Eagle Mines Limited will post 11.58 earnings per share for the current year.

Wall Street Analyst Weigh In

AEM has been the topic of several research reports. Bank of America dropped their price target on Agnico Eagle Mines from $302.00 to $240.00 and set a "buy" rating on the stock in a research report on Thursday, July 9th. Jefferies Financial Group upgraded shares of Agnico Eagle Mines from a "hold" rating to a "buy" rating and boosted their target price for the company from $187.00 to $200.00 in a research note on Monday, July 6th. Raymond James Financial dropped their target price on shares of Agnico Eagle Mines from $230.00 to $225.00 and set an "outperform" rating on the stock in a report on Friday, September 4th. JPMorgan Chase & Co. lifted their price target on shares of Agnico Eagle Mines from $175.00 to $179.00 and gave the company a "neutral" rating in a report on Monday, August 3rd. Finally, Weiss Ratings lowered shares of Agnico Eagle Mines from a "buy (b)" rating to a "buy (b-)" rating in a research note on Thursday, July 2nd. Twelve investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $226.00.

Agnico Eagle Mines Company Profile

Agnico Eagle Mines Limited is a Canadian-based gold mining company engaged in the exploration, development and production of gold and other mineral resources. The company's primary product is gold, with silver and other byproducts also recovered from certain operations. Its activities include operating mines, advancing development projects and conducting exploration to expand and replace mineral reserves.

Founded in 1957 through the merger of Agnico Mines and Eagle Mines, Agnico Eagle has grown into one of the world's major gold producers.

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