Agnico Eagle Mines Limited $AEM Shares Sold by Gabelli Funds LLC

Key Points

• Gabelli Funds LLC has decreased its stake in Agnico Eagle Mines Limited by 42.8%, holding 286,618 shares worth about $31.07 million after selling 214,733 shares in the 1st quarter.
• Several research firms have raised their price targets for Agnico Eagle Mines, with Royal Bank of Canada increasing its target from $115.00 to $145.00, indicating strong analyst confidence in the stock.
• Agnico Eagle Mines reported $1.94 EPS for the last quarter, surpassing the consensus estimate of $1.83, alongside a revenue of $2.86 billion, which is significantly higher than expected.

Gabelli Funds LLC cut its position in shares of Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 42.8% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 286,618 shares of the mining company's stock after selling 214,733 shares during the quarter. Gabelli Funds LLC owned 0.06% of Agnico Eagle Mines worth $31,072,000 as of its most recent filing with the SEC.

Other institutional investors also recently made changes to their positions in the company. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in Agnico Eagle Mines by 1.5% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 5,702 shares of the mining company's stock valued at $618,000 after buying an additional 85 shares during the period. Hexagon Capital Partners LLC boosted its position in shares of Agnico Eagle Mines by 31.1% in the first quarter. Hexagon Capital Partners LLC now owns 367 shares of the mining company's stock worth $40,000 after acquiring an additional 87 shares during the last quarter. Benjamin Edwards Inc. grew its holdings in Agnico Eagle Mines by 2.0% in the fourth quarter. Benjamin Edwards Inc. now owns 5,472 shares of the mining company's stock valued at $428,000 after purchasing an additional 106 shares during the period. Laird Norton Wetherby Wealth Management LLC increased its position in Agnico Eagle Mines by 1.8% during the fourth quarter. Laird Norton Wetherby Wealth Management LLC now owns 6,944 shares of the mining company's stock worth $543,000 after purchasing an additional 120 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB raised its stake in Agnico Eagle Mines by 19.3% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 774 shares of the mining company's stock worth $84,000 after purchasing an additional 125 shares during the period. 68.34% of the stock is owned by institutional investors and hedge funds.

Agnico Eagle Mines Stock Up 3.7%

NYSE:AEM traded up $5.12 during mid-day trading on Friday, hitting $144.23. The company had a trading volume of 2,801,181 shares, compared to its average volume of 2,922,280. The business has a fifty day simple moving average of $126.63 and a 200-day simple moving average of $115.68. The company has a current ratio of 2.03, a quick ratio of 1.16 and a debt-to-equity ratio of 0.03. Agnico Eagle Mines Limited has a 1 year low of $75.17 and a 1 year high of $144.78. The firm has a market capitalization of $72.52 billion, a price-to-earnings ratio of 24.53, a PEG ratio of 0.96 and a beta of 0.44.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last released its quarterly earnings data on Wednesday, July 30th. The mining company reported $1.94 EPS for the quarter, beating the consensus estimate of $1.83 by $0.11. Agnico Eagle Mines had a return on equity of 13.79% and a net margin of 30.63%.The company had revenue of $2.86 billion for the quarter, compared to analyst estimates of $2.46 billion. During the same period last year, the company posted $1.07 earnings per share. The firm's revenue was up 35.6% compared to the same quarter last year. Equities analysts forecast that Agnico Eagle Mines Limited will post 4.63 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Lake Street Capital reissued a "buy" rating on shares of Agnico Eagle Mines in a research note on Monday, June 23rd. Royal Bank Of Canada lifted their target price on Agnico Eagle Mines from $115.00 to $145.00 and gave the company an "outperform" rating in a report on Wednesday, June 4th. Bank of America lifted their target price on Agnico Eagle Mines from $170.00 to $173.00 and gave the company a "buy" rating in a report on Monday, June 23rd. TD Securities upgraded Agnico Eagle Mines to a "strong-buy" rating in a report on Thursday, July 17th. Finally, CIBC reiterated an "outperform" rating on shares of Agnico Eagle Mines in a report on Tuesday, July 15th. Five equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $136.90.

Agnico Eagle Mines Company 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.