Grimes & Company Inc. Acquires New Holdings in Agnico Eagle Mines Limited $AEM

Key Points

• Grimes & Company Inc. acquired 2,527 shares of Agnico Eagle Mines Limited, valued at approximately $300,000, marking a significant investment during the second quarter.
• Agnico Eagle Mines reported $1.94 earnings per share for the latest quarter, exceeding expectations and showing a 35.6% increase in revenue year-over-year.
• Several institutional investors have increased stakes in the company, contributing to a total institutional ownership of 68.34% of Agnico Eagle Mines' stock.

Grimes & Company Inc. acquired a new stake in shares of Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 2,527 shares of the mining company's stock, valued at approximately $300,000.

A number of other institutional investors also recently added to or reduced their stakes in the stock. 111 Capital bought a new stake in Agnico Eagle Mines during the second quarter valued at about $529,000. Fairvoy Private Wealth LLC purchased a new stake in Agnico Eagle Mines in the second quarter valued at about $998,000. Ascent Group LLC purchased a new stake in Agnico Eagle Mines in the second quarter valued at about $235,000. Ameritas Advisory Services LLC purchased a new stake in Agnico Eagle Mines in the second quarter valued at about $25,000. Finally, Synergy Asset Management LLC purchased a new stake in Agnico Eagle Mines in the second quarter valued at about $3,618,000. Institutional investors own 68.34% of the company's stock.

Agnico Eagle Mines Trading Down 2.4%

Shares of NYSE:AEM opened at $166.32 on Wednesday. Agnico Eagle Mines Limited has a 52-week low of $75.17 and a 52-week high of $172.21. The stock has a market cap of $83.63 billion, a price-to-earnings ratio of 28.29, a PEG ratio of 1.14 and a beta of 0.46. The company has a quick ratio of 1.16, a current ratio of 2.03 and a debt-to-equity ratio of 0.03. The business has a 50-day moving average price of $147.11 and a 200-day moving average price of $127.11.

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 (EPS) for the quarter, topping 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 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 business posted $1.07 earnings per share. The company's revenue for the quarter was up 35.6% compared to the same quarter last year. Equities analysts predict that Agnico Eagle Mines Limited will post 4.63 EPS for the current year.

Analysts Set New Price Targets

AEM has been the subject of a number of research analyst reports. Weiss Ratings reiterated a "buy (a)" rating on shares of Agnico Eagle Mines in a research note on Saturday, September 27th. Bank of America increased their price target on Agnico Eagle Mines from $170.00 to $173.00 and gave the company a "buy" rating in a research note on Monday, June 23rd. TD Securities upgraded Agnico Eagle Mines to a "strong-buy" rating in a research note on Thursday, July 17th. Zacks Research upgraded Agnico Eagle Mines from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, October 1st. Finally, UBS Group raised their price objective on Agnico Eagle Mines from $125.00 to $160.00 and gave the stock a "neutral" rating in a research note on Friday, September 19th. Seven investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Agnico Eagle Mines has an average rating of "Buy" and an average target price of $141.40.

About Agnico Eagle Mines

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.

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