Cadence Wealth Management LLC acquired 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 fund acquired 7,257 shares of the mining company's stock, valued at approximately $1,126,000. Agnico Eagle Mines accounts for approximately 0.5% of Cadence Wealth Management LLC's holdings, making the stock its 26th largest position.
A number of other hedge funds have also added to or reduced their stakes in the stock. Acumen Wealth Advisors LLC bought a new stake in shares of Agnico Eagle Mines during the fourth quarter valued at approximately $26,000. Dunhill Financial LLC bought a new position in Agnico Eagle Mines in the second quarter worth approximately $31,000. Jessup Wealth Management Inc bought a new position in Agnico Eagle Mines in the fourth quarter worth approximately $35,000. Allied Private Wealth LLC purchased a new position in Agnico Eagle Mines during the 2nd quarter worth $36,000. Finally, Banque Cantonale Vaudoise purchased a new position in Agnico Eagle Mines during the 4th quarter worth $39,000. 68.34% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
AEM has been the subject of several research reports. Bank of America lowered their target price on Agnico Eagle Mines from $302.00 to $240.00 and set a "buy" rating for the company in a report on Thursday, July 9th. Citigroup cut their price target on 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. ATB Cormark Capital Markets upgraded Agnico Eagle Mines from a "hold" rating to an "outperform" rating in a report on Monday, May 4th. Jefferies Financial Group raised shares of Agnico Eagle Mines from a "hold" rating to a "buy" rating and upped their price objective for the stock from $187.00 to $200.00 in a research note on Monday, July 6th. 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. Twelve investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $226.00.
Check Out Our Latest Analysis on Agnico Eagle Mines
Agnico Eagle Mines Stock Performance
Shares of NYSE:AEM opened at $217.02 on Friday. The firm has a 50 day moving average of $161.03 and a 200 day moving average of $186.71. The company has a quick ratio of 2.02, a current ratio of 2.86 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $110.01 billion, a price-to-earnings ratio of 18.56, a price-to-earnings-growth 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 announced its earnings results on Wednesday, July 29th. The mining company reported $3.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.89 by $0.16. The business had revenue of $3.77 billion for the quarter, compared to analysts' expectations of $3.78 billion. Agnico Eagle Mines had a return on equity of 22.04% and a net margin of 40.44%.The business's revenue for the quarter was up 35.0% on a year-over-year basis. During the same quarter last year, the firm earned $1.94 EPS. On average, sell-side analysts predict that Agnico Eagle Mines Limited will post 11.56 earnings per share for the current fiscal year.
About Agnico Eagle Mines
(
Free Report)
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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