Forsta AP Fonden Lowers Position in Agnico Eagle Mines Limited (NYSE:AEM)

Key Points

• Forsta AP Fonden has decreased its holdings in Agnico Eagle Mines by 48.2%, owning 101,100 shares worth approximately $10.95 million after selling 94,000 shares during the first quarter.
• Agnico Eagle Mines reported a quarterly earnings per share (EPS) of $1.94, exceeding analysts' expectations of $1.83, with a revenue increase of 35.6% year-over-year.
• The company announced a dividend of $0.40 per share, yielding 136.0%, with a payout ratio of 27.21%.

Forsta AP Fonden lessened its holdings in shares of Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 48.2% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 101,100 shares of the mining company's stock after selling 94,000 shares during the quarter. Forsta AP Fonden's holdings in Agnico Eagle Mines were worth $10,952,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Capital World Investors raised its position in shares of Agnico Eagle Mines by 41.9% in the 4th quarter. Capital World Investors now owns 13,952,061 shares of the mining company's stock worth $1,091,550,000 after purchasing an additional 4,121,164 shares during the last quarter. TD Asset Management Inc grew its stake in shares of Agnico Eagle Mines by 42.8% during the 1st quarter. TD Asset Management Inc now owns 9,033,296 shares of the mining company's stock valued at $978,553,000 after acquiring an additional 2,709,005 shares during the period. Caisse DE Depot ET Placement DU Quebec grew its stake in shares of Agnico Eagle Mines by 304.5% during the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 913,936 shares of the mining company's stock valued at $71,465,000 after acquiring an additional 687,971 shares during the period. Raymond James Financial Inc. bought a new position in Agnico Eagle Mines in the 4th quarter worth approximately $52,503,000. Finally, Public Employees Retirement System of Ohio bought a new position in Agnico Eagle Mines in the 4th quarter worth approximately $46,799,000. 68.34% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on AEM. BMO Capital Markets began coverage on Agnico Eagle Mines in a research report on Wednesday, April 16th. They set an "outperform" rating and a $181.00 price target on the stock. CIBC reaffirmed an "outperform" rating on shares of Agnico Eagle Mines in a research note on Tuesday, July 15th. Scotiabank reiterated an "outperform" rating on shares of Agnico Eagle Mines in a report on Monday, April 14th. Raymond James Financial upgraded Agnico Eagle Mines to a "moderate buy" rating and set a $130.00 price target on the stock in a report on Monday, June 30th. Finally, Lake Street Capital reissued a "buy" rating on shares of Agnico Eagle Mines in a research report on Monday, June 23rd. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and five have given a strong buy rating to the company. Based on data from MarketBeat.com, Agnico Eagle Mines currently has a consensus rating of "Buy" and an average target price of $136.90.

Agnico Eagle Mines Stock Down 0.0%

AEM stock traded down $0.06 during trading on Tuesday, reaching $135.40. 1,936,868 shares of the stock were exchanged, compared to its average volume of 2,748,283. The firm's 50 day moving average is $123.26 and its 200 day moving average is $112.44. Agnico Eagle Mines Limited has a twelve month low of $75.17 and a twelve month high of $137.81. The company has a current ratio of 2.03, a quick ratio of 1.16 and a debt-to-equity ratio of 0.03. The firm has a market cap of $68.08 billion, a P/E ratio of 23.03, a price-to-earnings-growth ratio of 0.94 and a beta of 0.44.

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 for the quarter, beating the consensus estimate of $1.83 by $0.11. The business had revenue of $2.86 billion during the quarter, compared to analyst estimates of $2.46 billion. Agnico Eagle Mines had a return on equity of 13.79% and a net margin of 30.63%. Agnico Eagle Mines's revenue was up 35.6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.07 earnings per share. As a group, research analysts forecast that Agnico Eagle Mines Limited will post 4.63 EPS for the current year.

Agnico Eagle Mines Dividend Announcement

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

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.