Clare Market Investments LLC Purchases New Stake in Agnico Eagle Mines Limited $AEM

Key Points

• Clare Market Investments LLC has acquired a new stake in Agnico Eagle Mines, buying 8,400 shares valued at approximately $999,000 during the second quarter.
• Agnico Eagle Mines has received several analyst ratings changes, with a current consensus rating of "Buy" and an average price target of $136.90.
• The company's recent quarterly report revealed earnings per share of $1.94, exceeding expectations, along with a revenue increase of 35.6% year-over-year, amounting to $2.86 billion.

Clare Market Investments LLC acquired a new position in shares of Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 8,400 shares of the mining company's stock, valued at approximately $999,000.

Several other large investors also recently modified their holdings of the company. Massachusetts Financial Services Co. MA increased its position in shares of Agnico Eagle Mines by 3.9% during the first quarter. Massachusetts Financial Services Co. MA now owns 13,441,198 shares of the mining company's stock worth $1,457,160,000 after buying an additional 499,362 shares during the period. TD Asset Management Inc grew its holdings in Agnico Eagle Mines by 42.8% in the first quarter. TD Asset Management Inc now owns 9,033,296 shares of the mining company's stock worth $978,553,000 after purchasing an additional 2,709,005 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its holdings in Agnico Eagle Mines by 11.1% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 6,720,301 shares of the mining company's stock worth $728,214,000 after purchasing an additional 673,400 shares during the period. Canada Pension Plan Investment Board grew its holdings in Agnico Eagle Mines by 57.4% in the first quarter. Canada Pension Plan Investment Board now owns 2,344,302 shares of the mining company's stock worth $254,029,000 after purchasing an additional 854,924 shares during the period. Finally, Dimensional Fund Advisors LP grew its holdings in Agnico Eagle Mines by 10.6% in the first quarter. Dimensional Fund Advisors LP now owns 1,977,395 shares of the mining company's stock worth $214,361,000 after purchasing an additional 189,935 shares during the period. 68.34% of the stock is currently owned by institutional investors and hedge funds.

Agnico Eagle Mines Price Performance

AEM stock traded up $1.58 during midday trading on Tuesday, reaching $162.77. The company had a trading volume of 1,134,054 shares, compared to its average volume of 2,976,643. 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 1 year low of $75.17 and a 1 year high of $164.64. The company has a market capitalization of $81.84 billion, a P/E ratio of 27.62, a P/E/G ratio of 1.08 and a beta of 0.44. The firm has a 50-day moving average price of $137.76 and a 200-day moving average price of $122.45.

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

Wall Street Analyst Weigh In

A number of research firms have commented on AEM. Raymond James Financial upgraded shares of Agnico Eagle Mines to a "moderate buy" rating and set a $130.00 price target for the company in a report on Monday, June 30th. National Bankshares restated an "outperform" rating on shares of Agnico Eagle Mines in a report on Tuesday, June 24th. Bank of America raised their price target on shares of Agnico Eagle Mines from $170.00 to $173.00 and gave the stock a "buy" rating in a report on Monday, June 23rd. CIBC restated an "outperform" rating on shares of Agnico Eagle Mines in a report on Tuesday, July 15th. Finally, Royal Bank Of Canada raised their price objective on shares of Agnico Eagle Mines from $115.00 to $145.00 and gave the company an "outperform" rating in a research note on Wednesday, June 4th. Five analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Agnico Eagle Mines currently has an average rating of "Buy" and a consensus target price of $141.40.

About Agnico Eagle Mines

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.