Cumberland Partners Ltd Invests $840,000 in Agnico Eagle Mines Limited (NYSE:AEM)

Key Points

• Cumberland Partners Ltd has invested $840,000 in Agnico Eagle Mines Limited, purchasing 7,750 shares during the first quarter of the year.
• Recent quarterly earnings show that Agnico Eagle Mines reported $1.94 earnings per share, exceeding expectations, with a revenue of $2.86 billion.
• The stock is currently rated as a strong buy by several analysts, with an average target price of $136.90 per share.

Cumberland Partners Ltd acquired a new stake in shares of Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 7,750 shares of the mining company's stock, valued at approximately $840,000.

A number of other institutional investors have also added to or reduced their stakes in the business. Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in shares of Agnico Eagle Mines by 1.5% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 5,702 shares of the mining company's stock valued at $618,000 after purchasing an additional 85 shares during the period. Hexagon Capital Partners LLC lifted its stake in shares of Agnico Eagle Mines by 31.1% in the 1st quarter. Hexagon Capital Partners LLC now owns 367 shares of the mining company's stock valued at $40,000 after purchasing an additional 87 shares during the period. Benjamin Edwards Inc. lifted its stake in shares of Agnico Eagle Mines by 2.0% in the 4th quarter. Benjamin Edwards Inc. now owns 5,472 shares of the mining company's stock valued at $428,000 after purchasing an additional 106 shares during the period. Laird Norton Wetherby Wealth Management LLC raised its position in Agnico Eagle Mines by 1.8% during the fourth quarter. Laird Norton Wetherby Wealth Management LLC now owns 6,944 shares of the mining company's stock worth $543,000 after acquiring an additional 120 shares during the period. Finally, MassMutual Private Wealth & Trust FSB raised its position in Agnico Eagle Mines by 19.3% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 774 shares of the mining company's stock worth $84,000 after acquiring an additional 125 shares during the period. Hedge funds and other institutional investors own 68.34% of the company's stock.

Agnico Eagle Mines Stock Performance

AEM traded up $0.36 during trading on Thursday, hitting $135.78. The stock had a trading volume of 632,041 shares, compared to its average volume of 2,988,292. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.16 and a current ratio of 2.03. The firm has a market capitalization of $68.27 billion, a P/E ratio of 23.03, a PEG ratio of 0.93 and a beta of 0.44. The company's 50-day moving average price is $122.08 and its 200 day moving average price is $110.97. Agnico Eagle Mines Limited has a twelve month low of $71.93 and a twelve month high of $137.19.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last announced its quarterly earnings data on Wednesday, July 30th. The mining company reported $1.94 earnings per share (EPS) for the quarter, beating 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 was up 35.6% compared to the same quarter last year. During the same period in the previous year, the company posted $1.07 EPS. On average, equities research analysts forecast that Agnico Eagle Mines Limited will post 4.63 EPS for the current fiscal year.

Agnico Eagle Mines Dividend Announcement

The business also recently declared a dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 2nd were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, May 30th. This represents a dividend yield of 136.0%. Agnico Eagle Mines's dividend payout ratio is 27.21%.

Analysts Set New Price Targets

A number of research firms have weighed in on AEM. BMO Capital Markets began coverage on shares of Agnico Eagle Mines in a research report on Wednesday, April 16th. They set an "outperform" rating and a $181.00 price objective for the company. Raymond James Financial upgraded shares of Agnico Eagle Mines to a "moderate buy" rating and set a $130.00 price objective for the company in a research report on Monday, June 30th. Royal Bank Of Canada upped their price objective on shares of Agnico Eagle Mines from $115.00 to $145.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 4th. CIBC reaffirmed an "outperform" rating on shares of Agnico Eagle Mines in a report on Tuesday, July 15th. Finally, Bank of America upped their target price 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. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and five have given a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Buy" and an average target price of $136.90.

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.