Clearbridge Investments LLC Increases Position in Agnico Eagle Mines Limited $AEM

Key Points

• Clearbridge Investments increased its stake in Agnico Eagle Mines by 60.5% in the fourth quarter, lifting its holdings to 2.15 million shares valued at about $364.4 million.
• Agnico Eagle Mines reported stronger-than-expected quarterly results, with EPS of $3.40 versus estimates of $3.19 and revenue of $4.0 billion, up 66.1% year over year.
• Institutional ownership remains high at 68.34%, and analysts are generally constructive on the stock with a consensus rating of Moderate Buy and an average price target of $236.08.

Clearbridge Investments LLC raised its position in Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 60.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,149,463 shares of the mining company's stock after purchasing an additional 810,543 shares during the quarter. Clearbridge Investments LLC owned 0.43% of Agnico Eagle Mines worth $364,398,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in AEM. Norges Bank purchased a new stake in Agnico Eagle Mines in the fourth quarter valued at approximately $1,367,783,000. Capital World Investors raised its position in Agnico Eagle Mines by 20.0% in the third quarter. Capital World Investors now owns 20,765,804 shares of the mining company's stock valued at $3,497,470,000 after purchasing an additional 3,462,968 shares during the period. Lazard Asset Management LLC raised its position in Agnico Eagle Mines by 566.2% in the third quarter. Lazard Asset Management LLC now owns 888,239 shares of the mining company's stock valued at $149,593,000 after purchasing an additional 754,919 shares during the period. Northwestern Mutual Wealth Management Co. raised its position in Agnico Eagle Mines by 26,635.7% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 736,835 shares of the mining company's stock valued at $124,916,000 after purchasing an additional 734,079 shares during the period. Finally, Korea Investment CORP raised its position in Agnico Eagle Mines by 138.5% in the third quarter. Korea Investment CORP now owns 972,595 shares of the mining company's stock valued at $163,847,000 after purchasing an additional 564,723 shares during the period. Hedge funds and other institutional investors own 68.34% of the company's stock.

Agnico Eagle Mines Stock Down 7.6%

Agnico Eagle Mines stock opened at $163.39 on Friday. Agnico Eagle Mines Limited has a twelve month low of $114.60 and a twelve month high of $255.24. The stock's fifty day simple moving average is $193.89 and its 200-day simple moving average is $194.53. The company has a current ratio of 3.15, a quick ratio of 2.18 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $81.77 billion, a P/E ratio of 15.36, a P/E/G ratio of 3.60 and a beta of 0.56.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last posted its quarterly earnings data on Thursday, April 30th. The mining company reported $3.40 earnings per share for the quarter, topping analysts' consensus estimates of $3.19 by $0.21. Agnico Eagle Mines had a return on equity of 21.09% and a net margin of 39.46%.The business had revenue of $4 billion for the quarter, compared to analyst estimates of $3.96 billion. During the same quarter in the prior year, the company earned $1.53 earnings per share. The company's revenue was up 66.1% on a year-over-year basis. As a group, equities analysts expect that Agnico Eagle Mines Limited will post 13.18 earnings per share for the current fiscal year.

Trending Headlines about Agnico Eagle Mines

Here are the key news stories impacting Agnico Eagle Mines this week:

• Positive Sentiment: Agnico Eagle approved an investment decision for its Hope Bay project, a new underground mine with a 6,000-tonne-per-day processing facility, which could support longer-term production growth. Agnico Eagle Mines (AEM) Approves Investment for Hope Bay Gold Project
• Positive Sentiment: CIBC lifted its price target on Agnico Eagle Mines and kept an Outperform rating, signaling confidence in the company’s operating strength and future upside. Is Agnico Eagle Mines Limited (AEM) among the Best Silver and Copper Stocks to Buy for the EV Transition?
• Positive Sentiment: Recent market coverage highlighted strong analyst support, hedge fund interest, and favorable long-term growth investments, which may be reinforcing bullish sentiment around the stock. Agnico Eagle Mines (AEM) Ends May With Strong Analyst Support
• Neutral Sentiment: Agnico Eagle entered a $5 million royalty purchase agreement with Prism Resources tied to properties in Ontario; the deal is modest in size and appears more like a capital structure/royalty cleanup transaction than a major operational shift. AGNICO EAGLE UPDATES EARLY WARNING REPORT IN RESPECT OF PRISM RESOURCES INC.
• Neutral Sentiment: Several articles noted that AEM has been trending among retail investors and outpacing the broader market, but these pieces were mostly commentary rather than new fundamental information. Agnico Eagle Mines (AEM) Outpaces Stock Market Gains: What You Should Know

Analysts Set New Price Targets

A number of brokerages have issued reports on AEM. Scotiabank reissued an "outperform" rating and issued a $280.00 target price on shares of Agnico Eagle Mines in a research report on Tuesday, February 17th. Zacks Research lowered Agnico Eagle Mines from a "strong-buy" rating to a "hold" rating in a research report on Monday, March 30th. Wall Street Zen lowered Agnico Eagle Mines from a "strong-buy" rating to a "buy" rating in a research report on Saturday, April 11th. Barclays initiated coverage on Agnico Eagle Mines in a research report on Thursday, May 21st. They set an "overweight" rating and a $213.00 price objective on the stock. Finally, Weiss Ratings lowered Agnico Eagle Mines from a "buy (b+)" rating to a "buy (b)" rating in a research report on Wednesday, May 13th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $236.08.

About Agnico Eagle Mines

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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