E Fund Management Co. Ltd. Acquires New Stake in Agnico Eagle Mines Limited $AEM

Key Points

• E Fund Management acquired 15,083 shares of Agnico Eagle Mines in the second quarter, valued at approximately $2.34 million. Institutional investors collectively own 68.34% of the company.
• Analysts maintain a “Moderate Buy” consensus rating, with 12 Buy, four Hold and one Sell rating and an average price target of $226.
• Agnico Eagle reported quarterly EPS of $3.05, beating estimates of $2.89, while revenue rose 35% year over year to $3.77 billion. The stock opened at $208.04 and was reported up 11.3%.

E Fund Management Co. Ltd. purchased a new stake in shares of Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 15,083 shares of the mining company's stock, valued at approximately $2,340,000.

Several other large investors have also recently modified their holdings of the stock. Capital World Investors raised its holdings in Agnico Eagle Mines by 2.8% in the fourth quarter. Capital World Investors now owns 21,338,277 shares of the mining company's stock worth $3,618,730,000 after buying an additional 572,473 shares during the last quarter. Vanguard Group Inc. lifted its position in Agnico Eagle Mines by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 20,979,666 shares of the mining company's stock valued at $3,557,772,000 after acquiring an additional 309,717 shares in the last quarter. Van ECK Associates Corp lifted its position in Agnico Eagle Mines by 21.6% in the 4th quarter. Van ECK Associates Corp now owns 17,225,477 shares of the mining company's stock valued at $2,920,258,000 after acquiring an additional 3,062,705 shares in the last quarter. TD Asset Management Inc boosted its stake in Agnico Eagle Mines by 1.7% during the 4th quarter. TD Asset Management Inc now owns 9,665,456 shares of the mining company's stock valued at $1,641,239,000 after purchasing an additional 165,263 shares during the last quarter. Finally, Deutsche Bank AG purchased a new stake in Agnico Eagle Mines during the 2nd quarter valued at $1,362,158,000. Hedge funds and other institutional investors own 68.34% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on AEM shares. JPMorgan Chase & Co. upped their price target on Agnico Eagle Mines from $175.00 to $179.00 and gave the company a "neutral" rating in a report on Monday, August 3rd. Bank of America decreased their target price on Agnico Eagle Mines from $302.00 to $240.00 and set a "buy" rating for the company in a research report on Thursday, July 9th. Canadian Imperial Bank of Commerce set a $285.00 target price on shares of Agnico Eagle Mines in a research note on Thursday, July 16th. Scotia dropped their price target on shares of Agnico Eagle Mines from $280.00 to $278.00 and set a "sector outperform" rating on the stock in a report on Friday, July 3rd. Finally, UBS Group reduced their price target on shares of Agnico Eagle Mines from $210.00 to $170.00 and set a "neutral" rating for the company in a research note on Tuesday, June 30th. Twelve equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $226.00.

Agnico Eagle Mines Stock Up 11.3%

AEM opened at $208.04 on Thursday. The company has a current ratio of 2.86, a quick ratio of 2.02 and a debt-to-equity ratio of 0.01. Agnico Eagle Mines Limited has a 1-year low of $131.16 and a 1-year high of $255.24. The company has a market capitalization of $105.45 billion, a PE ratio of 17.80, a PEG ratio of 2.32 and a beta of 0.60. The firm's 50 day simple moving average is $158.87 and its two-hundred day simple moving average is $186.35.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last posted its quarterly earnings data on Wednesday, July 29th. The mining company reported $3.05 earnings per share for the quarter, beating analysts' consensus estimates of $2.89 by $0.16. Agnico Eagle Mines had a return on equity of 22.04% and a net margin of 40.44%.The firm had revenue of $3.77 billion for the quarter, compared to analysts' expectations of $3.78 billion. During the same period in the previous year, the firm earned $1.94 EPS. The business's quarterly revenue was up 35.0% on a year-over-year basis. As a group, equities analysts forecast that Agnico Eagle Mines Limited will post 11.56 EPS for the current year.

Agnico Eagle Mines Profile

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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