Banque Pictet & Cie SA Acquires 19,324 Shares of Agnico Eagle Mines Limited $AEM

Key Points

• Banque Pictet & Cie SA increased its Agnico Eagle Mines stake by 1,073.6% in the third quarter, acquiring 19,324 additional shares for a total position of 21,124 shares valued at approximately $3.88 million.
• Agnico Eagle reported quarterly adjusted earnings of $3.05 per share, exceeding estimates of $2.89, while revenue rose 35% year over year to $3.80 billion.
• Analysts maintain a “Moderate Buy” consensus on AEM, with 13 Buy ratings and four Holds and an average price target of $222.08, compared with the stock’s reported price of $189.34.

Banque Pictet & Cie SA boosted its holdings in shares of Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 1,073.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 21,124 shares of the mining company's stock after acquiring an additional 19,324 shares during the period. Banque Pictet & Cie SA's holdings in Agnico Eagle Mines were worth $3,877,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Fortitude Family Office LLC raised its position in shares of Agnico Eagle Mines by 600.0% during the third quarter. Fortitude Family Office LLC now owns 140 shares of the mining company's stock worth $26,000 after purchasing an additional 120 shares during the period. Markowski Investments acquired a new stake in shares of Agnico Eagle Mines during the second quarter worth about $29,000. Dunhill Financial LLC bought a new position in shares of Agnico Eagle Mines during the 2nd quarter valued at about $31,000. Fiduciary Financial Advisors bought a new position in shares of Agnico Eagle Mines during the 2nd quarter valued at about $32,000. Finally, Elevation Wealth Partners LLC bought a new position in shares of Agnico Eagle Mines during the 3rd quarter valued at about $42,000. 68.34% of the stock is owned by institutional investors and hedge funds.

Agnico Eagle Mines Price Performance

AEM stock opened at $189.34 on Friday. The stock has a 50-day moving average price of $195.20 and a two-hundred day moving average price of $181.77. Agnico Eagle Mines Limited has a 1 year low of $134.38 and a 1 year high of $255.24. The stock has a market cap of $95.98 billion, a PE ratio of 16.20, a price-to-earnings-growth ratio of 2.78 and a beta of 0.64. The company has a current ratio of 2.86, a quick ratio of 2.02 and a debt-to-equity ratio of 0.01.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last released its earnings results on Wednesday, July 29th. The mining company reported $3.05 EPS 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 firm had revenue of $3.80 billion for the quarter, compared to analysts' expectations of $3.78 billion. During the same quarter in the previous year, the business posted $1.94 EPS. The business's quarterly revenue was up 35.0% compared to the same quarter last year. Equities analysts forecast that Agnico Eagle Mines Limited will post 11.56 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on AEM. Canadian Imperial Bank of Commerce set a $239.00 price objective on Agnico Eagle Mines in a research report on Friday. 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. Citigroup cut their price target 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. Scotia cut their price target on shares of Agnico Eagle Mines from $280.00 to $278.00 and set a "sector outperform" rating on the stock in a research note on Friday, July 3rd. Finally, Wall Street Zen cut shares of Agnico Eagle Mines from a "buy" rating to a "hold" rating in a report on Sunday, July 12th. Thirteen investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $222.08.

Agnico Eagle Mines Profile

Agnico Eagle Mines Limited NYSE: AEM is a Canadian gold mining company engaged in the exploration, development and production of gold, as well as related activities such as mineral processing and mine-site reclamation. The company’s principal product is gold, with silver and other byproducts also recovered from certain operations.

Founded in 1957 through the merger of Agnico Mines and Eagle Mines, Agnico Eagle has grown into one of the world’s largest gold producers. Its operating portfolio is concentrated in established mining regions, including the Canadian provinces of Ontario and Quebec, Nunavut in northern Canada, and Finland.

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