Elevation Point Wealth Partners LLC Invests $1.91 Million in Agnico Eagle Mines Limited $AEM

Key Points

• Elevation Point Wealth Partners initiated a new position in Agnico Eagle Mines, buying 9,401 shares worth about $1.91 million in the first quarter.
• Institutional ownership in Agnico Eagle remains high at 68.34%, with several large investors recently increasing their stakes in the gold miner.
• Analysts are still broadly positive on the stock, with a Moderate Buy consensus and a target price of $236.23, though the company is facing a recent operational setback after suspending mining at Barnat open pit.

Elevation Point Wealth Partners LLC bought a new position in shares of Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 9,401 shares of the mining company's stock, valued at approximately $1,908,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Norges Bank bought a new position in shares of Agnico Eagle Mines during the 4th quarter valued at about $1,367,783,000. Capital World Investors lifted its stake 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 buying an additional 3,462,968 shares in the last quarter. Van ECK Associates Corp boosted its holdings in shares of Agnico Eagle Mines by 21.6% in the fourth quarter. Van ECK Associates Corp now owns 17,225,477 shares of the mining company's stock valued at $2,920,258,000 after buying an additional 3,062,705 shares during the period. Alberta Investment Management Corp bought a new stake in shares of Agnico Eagle Mines during the fourth quarter worth $194,195,000. Finally, Employees Provident Fund Board bought a new stake in shares of Agnico Eagle Mines during the fourth quarter worth $183,341,000. 68.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on AEM shares. ATB Cormark Capital Markets raised shares of Agnico Eagle Mines from a "hold" rating to an "outperform" rating in a research report on Monday, May 4th. Wall Street Zen upgraded Agnico Eagle Mines from a "hold" rating to a "buy" rating in a report on Saturday, June 27th. UBS Group dropped their price target on Agnico Eagle Mines from $210.00 to $170.00 and set a "neutral" rating on the stock in a research note on Tuesday, June 30th. Canadian Imperial Bank of Commerce boosted their price target on Agnico Eagle Mines from C$304.00 to C$310.00 and gave the company an "outperform" rating in a report on Tuesday, May 26th. Finally, TD increased their price objective on Agnico Eagle Mines from $251.00 to $252.00 and gave the stock a "buy" rating in a report on Tuesday, April 21st. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $236.23.

Key Stories Impacting Agnico Eagle Mines

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

• Negative Sentiment: Agnico Eagle suspended mining at the Barnat open pit after a rock mass movement, creating uncertainty around production at the Canadian Malartic complex. AGNICO EAGLE REPORTS WALL MOVEMENT AT BARNAT OPEN PIT AT CANADIAN MALARTIC
• Negative Sentiment: Several reports highlighted the operational issue and possible production impact, reinforcing the market’s concern about a short-term earnings headwind. Agnico Eagle suspends Quebec pit mining, flags production hit
• Neutral Sentiment: Scotia slightly lowered its price target on Agnico Eagle to $278 from $280 while keeping a “sector outperform” rating, signaling continued optimism despite the recent operational setback. BayStreet.CA analyst ratings

Agnico Eagle Mines Stock Performance

Shares of AEM stock opened at $153.80 on Monday. The company has a fifty day moving average price of $174.55 and a two-hundred day moving average price of $193.71. Agnico Eagle Mines Limited has a one year low of $115.19 and a one year high of $255.24. The stock has a market cap of $78.06 billion, a P/E ratio of 14.45, a P/E/G ratio of 3.37 and a beta of 0.60. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.15 and a quick ratio of 2.18.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last issued its earnings results on Thursday, April 30th. The mining company reported $3.40 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.19 by $0.21. Agnico Eagle Mines had a net margin of 39.46% and a return on equity of 21.09%. The company had revenue of $4 billion for the quarter, compared to analysts' expectations of $3.96 billion. During the same period in the prior year, the firm earned $1.53 EPS. Agnico Eagle Mines's quarterly revenue was up 66.1% compared to the same quarter last year. As a group, equities analysts predict that Agnico Eagle Mines Limited will post 13.22 EPS for the current year.

Agnico Eagle Mines Company 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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