Bank of New York Mellon Corp Boosts Stake in Agnico Eagle Mines Limited $AEM

Key Points

• Bank of New York Mellon increased its stake in Agnico Eagle Mines by 17.6% in the first quarter, buying an additional 140,008 shares and bringing its holdings to 935,829 shares worth about $190 million.
• Other institutional investors also made modest changes to their positions, and overall hedge funds and institutions own 68.34% of Agnico Eagle Mines' stock.
• The company recently beat quarterly earnings expectations, reporting EPS of $3.40 versus $3.19 expected, while analysts currently rate the stock a Moderate Buy with an average target price of $233.62.

Bank of New York Mellon Corp lifted its position in Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 17.6% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 935,829 shares of the mining company's stock after purchasing an additional 140,008 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.19% of Agnico Eagle Mines worth $189,955,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Salvus Wealth Management LLC increased its holdings 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 valued at $1,068,000 after acquiring an additional 57 shares during the period. Brookwood Investment Group LLC raised its position in Agnico Eagle Mines by 4.5% in the 4th quarter. Brookwood Investment Group LLC now owns 1,361 shares of the mining company's stock valued at $231,000 after purchasing an additional 58 shares during the last quarter. Baron Wealth Management LLC boosted its stake in 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 worth $319,000 after purchasing an additional 59 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in Agnico Eagle Mines by 1.1% during 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 purchasing an additional 59 shares during the period. Finally, Baker Ellis Asset Management LLC grew its position in Agnico Eagle Mines by 0.8% during the 4th quarter. Baker Ellis Asset Management LLC now owns 7,550 shares of the mining company's stock worth $1,280,000 after purchasing an additional 63 shares during the last quarter. Hedge funds and other institutional investors own 68.34% of the company's stock.

Wall Street Analysts Forecast Growth

AEM has been the subject of a number of research reports. UBS Group reduced their target price on shares of Agnico Eagle Mines from $210.00 to $170.00 and set a "neutral" rating for the company in a report on Tuesday, June 30th. ATB Cormark Capital Markets raised Agnico Eagle Mines from a "hold" rating to an "outperform" rating in a report on Monday, May 4th. TD boosted their price target on Agnico Eagle Mines from $251.00 to $252.00 and gave the company a "buy" rating in a research report on Tuesday, April 21st. Citigroup reaffirmed a "positive" rating on shares of Agnico Eagle Mines in a research note on Wednesday. Finally, Erste Group Bank downgraded Agnico Eagle Mines from a "buy" rating to a "hold" rating in a research note on Tuesday, March 24th. Twelve investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $233.62.

Agnico Eagle Mines Stock Down 0.3%

Shares of NYSE AEM opened at $136.89 on Friday. The company has a quick ratio of 2.18, a current ratio of 3.15 and a debt-to-equity ratio of 0.01. Agnico Eagle Mines Limited has a 52 week low of $117.65 and a 52 week high of $255.24. The firm has a 50-day moving average price of $165.41 and a 200 day moving average price of $191.42. The stock has a market capitalization of $69.48 billion, a price-to-earnings ratio of 12.87, a price-to-earnings-growth ratio of 1.81 and a beta of 0.60.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last released its quarterly earnings data on Thursday, April 30th. The mining company reported $3.40 EPS for the quarter, topping analysts' consensus estimates of $3.19 by $0.21. Agnico Eagle Mines had a net margin of 39.46% and a return on equity of 21.09%. The firm had revenue of $4 billion for the quarter, compared to the consensus estimate of $3.96 billion. During the same quarter in the previous year, the firm earned $1.53 earnings per share. The firm's revenue was up 66.1% on a year-over-year basis. Equities research analysts anticipate that Agnico Eagle Mines Limited will post 12.29 EPS 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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