Essex Investment Management Co. LLC Has $4.59 Million Stake in Agnico Eagle Mines Limited (NYSE:AEM)

Key Points

• Essex Investment Management Co. LLC has reduced its stake in Agnico Eagle Mines Limited by 6.9%, now owning 42,322 shares worth approximately $4.59 million.
• Agnico Eagle Mines recently announced a dividend of $0.40 per share, yielding 1.36%, with a payout ratio of 34.04%.
• Wall Street analysts have generally rated Agnico Eagle Mines as a “Buy”, with a consensus target price of $136.90, and recent upgrades from firms like TD Securities and Citigroup.

Essex Investment Management Co. LLC decreased its stake in shares of Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 6.9% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 42,322 shares of the mining company's stock after selling 3,119 shares during the period. Agnico Eagle Mines accounts for about 1.0% of Essex Investment Management Co. LLC's holdings, making the stock its 22nd largest position. Essex Investment Management Co. LLC's holdings in Agnico Eagle Mines were worth $4,588,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the stock. MJT & Associates Financial Advisory Group Inc. acquired a new stake in Agnico Eagle Mines in the 1st quarter valued at approximately $26,000. Private Trust Co. NA grew its holdings in Agnico Eagle Mines by 454.9% in the 1st quarter. Private Trust Co. NA now owns 283 shares of the mining company's stock valued at $31,000 after buying an additional 232 shares during the last quarter. Golden State Wealth Management LLC acquired a new stake in Agnico Eagle Mines in the 1st quarter valued at approximately $34,000. Coppell Advisory Solutions LLC grew its holdings in Agnico Eagle Mines by 235.0% in the 4th quarter. Coppell Advisory Solutions LLC now owns 469 shares of the mining company's stock valued at $37,000 after buying an additional 329 shares during the last quarter. Finally, Hexagon Capital Partners LLC grew its holdings in 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 buying an additional 87 shares during the last quarter. Institutional investors and hedge funds own 68.34% of the company's stock.

Agnico Eagle Mines Price Performance

AEM stock traded up $0.29 during midday trading on Friday, reaching $124.65. 2,858,794 shares of the company's stock traded hands, compared to its average volume of 2,999,492. The company has a 50-day simple moving average of $120.94 and a two-hundred day simple moving average of $109.67. Agnico Eagle Mines Limited has a 1-year low of $69.72 and a 1-year high of $129.77. The company has a market cap of $62.67 billion, a price-to-earnings ratio of 21.21, a PEG ratio of 0.87 and a beta of 0.50. The company has a quick ratio of 1.20, a current ratio of 2.37 and a debt-to-equity ratio of 0.05.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last released its quarterly earnings results on Wednesday, July 30th. The mining company reported $1.94 earnings per share for the quarter, beating analysts' consensus estimates of $1.83 by $0.11. Agnico Eagle Mines had a return on equity of 14.04% and a net margin of 30.63%. The firm had revenue of $2.86 billion during the quarter, compared to analysts' expectations of $2.46 billion. During the same period last year, the firm posted $1.07 EPS. The business's revenue was up 35.6% on a year-over-year basis. On average, analysts anticipate that Agnico Eagle Mines Limited will post 4.63 earnings per share for the current year.

Agnico Eagle Mines Announces Dividend

The company also recently announced a dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 2nd were paid a $0.40 dividend. This represents a dividend yield of 136.0%. The ex-dividend date of this dividend was Friday, May 30th. Agnico Eagle Mines's dividend payout ratio (DPR) is 34.04%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on AEM. Raymond James Financial raised Agnico Eagle Mines to a "moderate buy" rating and set a $130.00 target price on the stock in a report on Monday, June 30th. Lake Street Capital reiterated a "buy" rating on shares of Agnico Eagle Mines in a research report on Monday, June 23rd. BMO Capital Markets assumed coverage on Agnico Eagle Mines in a research report on Wednesday, April 16th. They issued an "outperform" rating and a $181.00 price objective for the company. National Bankshares reiterated an "outperform" rating on shares of Agnico Eagle Mines in a research report on Tuesday, June 24th. Finally, Bank of America raised their price objective on Agnico Eagle Mines from $170.00 to $173.00 and gave the stock a "buy" rating in a research report on Monday, June 23rd. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and five have assigned a strong buy rating to the stock. According to data from MarketBeat, Agnico Eagle Mines presently has an average 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.