Cardinal Point Capital Management ULC Sells 23,343 Shares of Agnico Eagle Mines Limited $AEM

Key Points

• Cardinal Point Capital Management ULC sold 23,343 shares of Agnico Eagle Mines, reducing its stake by 24.7% during Q2, leaving it with 71,170 shares valued at approximately $8.46 million.
• Agnico Eagle Mines reported strong financial performance with earnings per share of $1.94, exceeding estimates, and revenue of $2.86 billion, a 35.6% increase from the previous year.
• Editions of several major analysts have updated their ratings and price targets for Agnico Eagle Mines, with most assigning a Buy rating and a consensus target price around $184.50.

Cardinal Point Capital Management ULC reduced its stake in Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 24.7% during the second quarter, according to its most recent filing with the SEC. The fund owned 71,170 shares of the mining company's stock after selling 23,343 shares during the quarter. Cardinal Point Capital Management ULC's holdings in Agnico Eagle Mines were worth $8,463,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Cadinha & Co. LLC boosted its holdings in shares of Agnico Eagle Mines by 2.8% in the 2nd quarter. Cadinha & Co. LLC now owns 3,211 shares of the mining company's stock worth $382,000 after buying an additional 86 shares during the last quarter. Roman Butler Fullerton & Co. purchased a new position in shares of Agnico Eagle Mines in the 2nd quarter worth about $262,000. Bleakley Financial Group LLC purchased a new position in shares of Agnico Eagle Mines in the 2nd quarter worth about $1,540,000. DekaBank Deutsche Girozentrale boosted its holdings in shares of Agnico Eagle Mines by 0.7% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 1,317,039 shares of the mining company's stock worth $153,556,000 after buying an additional 9,323 shares during the last quarter. Finally, Stephens Inc. AR boosted its holdings in shares of Agnico Eagle Mines by 14.9% in the 2nd quarter. Stephens Inc. AR now owns 2,947 shares of the mining company's stock worth $350,000 after buying an additional 382 shares during the last quarter. 68.34% of the stock is owned by hedge funds and other institutional investors.

Agnico Eagle Mines Trading Up 0.6%

Shares of AEM opened at $164.46 on Friday. The company has a quick ratio of 1.16, a current ratio of 2.03 and a debt-to-equity ratio of 0.03. The business's 50-day moving average price is $156.40 and its 200-day moving average price is $132.34. The stock has a market cap of $82.69 billion, a PE ratio of 27.97, a P/E/G ratio of 0.73 and a beta of 0.46. Agnico Eagle Mines Limited has a twelve month low of $75.17 and a twelve month high of $187.50.

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

Analyst Upgrades and Downgrades

AEM has been the topic of a number of research analyst reports. Zacks Research raised shares of Agnico Eagle Mines from a "hold" rating to a "strong-buy" rating in a report on Wednesday, October 1st. Citigroup upped their price objective on shares of Agnico Eagle Mines from $140.00 to $198.00 and gave the company a "buy" rating in a report on Wednesday, October 15th. Raymond James Financial upped their price objective on shares of Agnico Eagle Mines from $155.00 to $182.00 and gave the company an "outperform" rating in a report on Friday, October 10th. TD Securities upped their price objective on shares of Agnico Eagle Mines from $154.00 to $195.00 and gave the company a "buy" rating in a report on Wednesday, October 8th. Finally, UBS Group upped their price objective on shares of Agnico Eagle Mines from $160.00 to $180.00 and gave the company a "buy" rating in a report on Thursday, October 16th. Six equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $184.50.

Agnico Eagle Mines 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.

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