BlackRock Inc. Makes New $106.08 Million Investment in Agnico Eagle Mines Limited $AEM

Key Points

• BlackRock purchased 683,807 shares of Agnico Eagle Mines in the second quarter, valued at approximately $106.1 million, giving it a 0.13% stake. Institutional investors collectively own 68.34% of the company.
• Analysts maintain a generally positive outlook, with 12 Buy, four Hold and one Sell rating. The stock has a “Moderate Buy” consensus rating and an average price target of $226.
• Agnico Eagle reported quarterly EPS of $3.05, exceeding estimates of $2.89, while revenue rose 35% year over year to $3.77 billion. Shares opened at $206.41, within a 12-month range of $134.38 to $255.24.

BlackRock Inc. purchased a new stake in Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 683,807 shares of the mining company's stock, valued at approximately $106,079,000. BlackRock Inc. owned 0.13% of Agnico Eagle Mines at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Acumen Wealth Advisors LLC bought a new stake in Agnico Eagle Mines during the fourth quarter valued at $26,000. Dunhill Financial LLC bought a new position in Agnico Eagle Mines in the 2nd quarter worth about $31,000. Jessup Wealth Management Inc purchased a new stake in shares of Agnico Eagle Mines in the 4th quarter valued at about $35,000. Allied Private Wealth LLC purchased a new stake in shares of Agnico Eagle Mines in the 2nd quarter valued at about $36,000. Finally, Banque Cantonale Vaudoise purchased a new stake in shares of Agnico Eagle Mines in the 4th quarter valued at about $39,000. 68.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

AEM has been the subject of several recent analyst reports. JPMorgan Chase & Co. boosted their price objective on Agnico Eagle Mines from $175.00 to $179.00 and gave the stock a "neutral" rating in a report on Monday, August 3rd. Bank of America lowered their target price on shares of Agnico Eagle Mines from $302.00 to $240.00 and set a "buy" rating on the stock in a research note on Thursday, July 9th. Royal Bank Of Canada dropped their target price on shares of Agnico Eagle Mines from $230.00 to $210.00 and set a "sector perform" rating for the company in a research report on Thursday, July 9th. Barclays cut their price target on shares of Agnico Eagle Mines from $210.00 to $188.00 and set an "overweight" rating for the company in a research note on Wednesday, July 15th. Finally, Wall Street Zen cut shares of Agnico Eagle Mines from a "buy" rating to a "hold" rating in a research report on Sunday, July 12th. Twelve investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $226.00.

Agnico Eagle Mines Price Performance

Shares of Agnico Eagle Mines stock opened at $206.41 on Friday. The firm has a market capitalization of $104.63 billion, a PE ratio of 17.66, a price-to-earnings-growth ratio of 2.56 and a beta of 0.60. 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 Limited has a 12 month low of $134.38 and a 12 month high of $255.24. The business's 50-day moving average price is $165.50 and its 200-day moving average price is $187.44.

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 earnings per share for the quarter, topping analysts' consensus estimates of $2.89 by $0.16. The company had revenue of $3.77 billion during the quarter, compared to the consensus estimate of $3.78 billion. Agnico Eagle Mines had a return on equity of 22.04% and a net margin of 40.44%.Agnico Eagle Mines's quarterly revenue was up 35.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.94 EPS. Sell-side analysts forecast that Agnico Eagle Mines Limited will post 11.56 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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