BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Grows Position in Agnico Eagle Mines Limited $AEM

Key Points

• British Columbia Investment Management Corp has increased its stake in Agnico Eagle Mines by 35.8%, now holding approximately $120.66 million worth of shares.
• Agnico Eagle Mines has received multiple upgrades from analysts, with target prices increasing to as high as $173.00, reflecting a strong overall sentiment towards the stock.
• The company reported a 35.6% year-over-year increase in revenue, achieving $2.86 billion during the last quarter, significantly surpassing analysts' expectations.

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 35.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,113,482 shares of the mining company's stock after acquiring an additional 293,277 shares during the quarter. Agnico Eagle Mines accounts for 0.7% of BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp's portfolio, making the stock its 23rd biggest holding. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned about 0.22% of Agnico Eagle Mines worth $120,657,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of AEM. MJT & Associates Financial Advisory Group Inc. bought a new position in shares of Agnico Eagle Mines during the first quarter valued at $26,000. Cary Street Partners Investment Advisory LLC bought a new position in shares of Agnico Eagle Mines during the first quarter valued at $26,000. Private Trust Co. NA increased its holdings in shares of Agnico Eagle Mines by 454.9% during the first quarter. Private Trust Co. NA now owns 283 shares of the mining company's stock valued at $31,000 after acquiring an additional 232 shares in the last quarter. Golden State Wealth Management LLC bought a new position in shares of Agnico Eagle Mines during the first quarter valued at $34,000. Finally, Dagco Inc. bought a new position in shares of Agnico Eagle Mines during the first quarter valued at $39,000. 68.34% of the stock is currently owned by institutional investors.

Agnico Eagle Mines Stock Performance

Shares of AEM traded up $0.43 during trading hours on Thursday, hitting $139.93. The stock had a trading volume of 966,369 shares, compared to its average volume of 2,917,196. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.03 and a quick ratio of 1.16. Agnico Eagle Mines Limited has a 12 month low of $75.17 and a 12 month high of $140.41. The firm has a market capitalization of $70.36 billion, a PE ratio of 23.81, a PEG ratio of 0.96 and a beta of 0.44. The stock has a fifty day moving average price of $126.30 and a 200 day moving average price of $115.42.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last issued its quarterly earnings data on Wednesday, July 30th. The mining company reported $1.94 EPS for the quarter, topping the consensus estimate of $1.83 by $0.11. Agnico Eagle Mines had a return on equity of 13.79% and a net margin of 30.63%.The company had revenue of $2.86 billion during the quarter, compared to analyst estimates of $2.46 billion. During the same quarter in the previous year, the company posted $1.07 earnings per share. Agnico Eagle Mines's revenue was up 35.6% compared to the same quarter last year. Analysts anticipate that Agnico Eagle Mines Limited will post 4.63 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. National Bankshares restated an "outperform" rating on shares of Agnico Eagle Mines in a report on Tuesday, June 24th. Raymond James Financial raised Agnico Eagle Mines to a "moderate buy" rating and set a $130.00 target price for the company in a report on Monday, June 30th. Royal Bank Of Canada lifted their target price on Agnico Eagle Mines from $115.00 to $145.00 and gave the stock an "outperform" rating in a report on Wednesday, June 4th. Bank of America lifted their target price on Agnico Eagle Mines from $170.00 to $173.00 and gave the stock a "buy" rating in a report on Monday, June 23rd. Finally, CIBC reissued an "outperform" rating on shares of Agnico Eagle Mines in a report on Tuesday, July 15th. Five analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Agnico Eagle Mines presently has an average rating of "Buy" and an average target price of $136.90.

Agnico Eagle Mines Company Profile

Agnico Eagle Mines Limited, a gold mining company, exploration, development, and production of precious metals. It explores for gold. The company's mines are located in Canada, Australia, Finland and Mexico, with exploration and development activities in Canada, Australia, Europe, Latin America, and the United States.