Elevation Point Wealth Partners LLC Takes $1.63 Million Position in Agnico Eagle Mines Limited $AEM

Key Points

• Elevation Point Wealth Partners acquired 10,504 shares of Agnico Eagle Mines in the second quarter, valued at approximately $1.63 million. Institutional investors collectively own 68.34% of the company.
• Agnico Eagle reported quarterly EPS of $3.05, beating analyst estimates of $2.89, while revenue increased 35% year over year to $3.77 billion. The company posted a 40.44% net margin and 22.04% return on equity.
• Analysts maintain a generally positive outlook, with 12 Buy, four Hold and one Sell rating. The stock has a “Moderate Buy” consensus rating and an average price target of $226.

Elevation Point Wealth Partners LLC acquired a new stake in Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 10,504 shares of the mining company's stock, valued at approximately $1,630,000.

Several other hedge funds also recently added to or reduced their stakes in AEM. Capital World Investors raised its position 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 valued at $3,618,730,000 after purchasing an additional 572,473 shares during the period. Vanguard Group Inc. grew its holdings in shares of Agnico Eagle Mines by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 20,979,666 shares of the mining company's stock worth $3,557,772,000 after purchasing an additional 309,717 shares during the period. Van ECK Associates Corp increased its position in shares of Agnico Eagle Mines by 21.6% during the 4th quarter. Van ECK Associates Corp now owns 17,225,477 shares of the mining company's stock worth $2,920,258,000 after purchasing an additional 3,062,705 shares during the last quarter. TD Asset Management Inc increased its position in shares of 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 worth $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 in the 2nd quarter valued at about $1,362,158,000. 68.34% of the stock is currently owned by hedge funds and other institutional investors.

Agnico Eagle Mines Price Performance

AEM opened at $217.02 on Monday. The stock's 50-day moving average price is $161.03 and its 200 day moving average price is $186.68. Agnico Eagle Mines Limited has a 12-month low of $133.80 and a 12-month high of $255.24. The company has a current ratio of 2.86, a quick ratio of 2.02 and a debt-to-equity ratio of 0.01. The firm has a market cap of $110.01 billion, a price-to-earnings ratio of 18.56, a PEG ratio of 2.69 and a beta of 0.61.

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

Analysts Set New Price Targets

AEM has been the topic of a number of recent analyst reports. Scotia decreased their target price on shares of Agnico Eagle Mines from $280.00 to $278.00 and set a "sector outperform" rating on the stock in a research report on Friday, July 3rd. Canadian Imperial Bank of Commerce set a $285.00 price target on shares of Agnico Eagle Mines in a research report on Thursday, July 16th. Scotiabank reduced their price target on shares of Agnico Eagle Mines from $278.00 to $260.00 and set a "sector outperform" rating on the stock in a research note on Tuesday, July 14th. JPMorgan Chase & Co. upped their price objective on shares of Agnico Eagle Mines from $175.00 to $179.00 and gave the stock a "neutral" rating in a report on Monday, August 3rd. Finally, Bank of America lowered their price objective on shares of 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. Twelve equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Agnico Eagle Mines presently has an average rating of "Moderate Buy" and an average price target of $226.00.

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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