Bank of Nova Scotia Takes $234.83 Million Position in Agnico Eagle Mines Limited $AEM

Key Points

• Bank of Nova Scotia acquired 1.51 million Agnico Eagle Mines shares worth approximately $234.83 million, representing about 0.30% of the company. Institutional investors and hedge funds collectively own 68.34% of AEM.
• Agnico Eagle reported quarterly EPS of $3.05, exceeding the $2.89 consensus estimate, while revenue increased 35% year over year to $3.77 billion. The company posted a 40.44% net margin and 22.04% return on equity.
• Analysts maintain a generally positive view, with 12 Buy, four Hold, and one Sell rating; the stock has a “Moderate Buy” consensus and an average price target of $226, versus a recent price of $217.02.

Bank of Nova Scotia acquired a new stake in shares of Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 1,511,487 shares of the mining company's stock, valued at approximately $234,829,000. Bank of Nova Scotia owned approximately 0.30% of Agnico Eagle Mines as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in AEM. Elevation Point Wealth Partners LLC acquired a new stake in shares of Agnico Eagle Mines in the second quarter worth about $1,630,000. Daiichi Life Insurance Co. Ltd. acquired a new stake in Agnico Eagle Mines in the 2nd quarter worth approximately $574,000. Northwestern Mutual Wealth Management Co. acquired a new stake in Agnico Eagle Mines in the 2nd quarter worth approximately $718,000. Cadence Wealth Management LLC bought a new stake in Agnico Eagle Mines during the second quarter worth approximately $1,126,000. Finally, Quantbot Technologies LP bought a new stake in Agnico Eagle Mines during the second quarter worth approximately $988,000. 68.34% of the stock is currently owned by institutional investors and hedge funds.

Agnico Eagle Mines Price Performance

NYSE:AEM opened at $217.02 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.02 and a current ratio of 2.86. The company has a 50-day moving average of $161.03 and a 200-day moving average of $186.71. The company has a market capitalization of $110.01 billion, a price-to-earnings ratio of 18.56, a PEG ratio of 2.69 and a beta of 0.60. Agnico Eagle Mines Limited has a 52 week low of $133.80 and a 52 week high of $255.24.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last released 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. Agnico Eagle Mines had a return on equity of 22.04% and a net margin of 40.44%.The company had revenue of $3.77 billion for the quarter, compared to analyst estimates of $3.78 billion. During the same period in the prior year, the company posted $1.94 EPS. The company's revenue was up 35.0% compared to the same quarter last year. As a group, equities research analysts anticipate that Agnico Eagle Mines Limited will post 11.56 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on AEM shares. Citigroup lowered their target price on shares of Agnico Eagle Mines from $256.00 to $200.00 and set a "buy" rating on the stock in a research note on Monday, July 27th. Scotiabank decreased their price target on shares of Agnico Eagle Mines from $278.00 to $260.00 and set a "sector outperform" rating for the company in a report on Tuesday, July 14th. Barclays lowered their price target on Agnico Eagle Mines from $210.00 to $188.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 15th. Canadian Imperial Bank of Commerce set a $285.00 price objective on Agnico Eagle Mines in a research note on Thursday, July 16th. Finally, Weiss Ratings cut Agnico Eagle Mines from a "buy (b)" rating to a "buy (b-)" rating in a research report on Thursday, July 2nd. Twelve analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $226.00.

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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