Harvest Portfolios Group Inc. Purchases 43,051 Shares of Agnico Eagle Mines Limited $AEM

Key Points

• Harvest Portfolios Group Inc. increased its Agnico Eagle Mines stake by 45.7% in the fourth quarter, buying 43,051 additional shares and lifting its position to 137,292 shares valued at about $23.3 million.
• Agnico Eagle reported strong first-quarter earnings, posting $3.40 EPS versus the $3.19 consensus and revenue of $4 billion, up 66.1% year over year.
• Analysts remain broadly positive on the stock, with a Moderate Buy consensus and an average target price of $238.18; recent coverage also highlights the company’s Hope Bay mine investment as a major growth driver.

Harvest Portfolios Group Inc. boosted its position in Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 45.7% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 137,292 shares of the mining company's stock after acquiring an additional 43,051 shares during the period. Harvest Portfolios Group Inc.'s holdings in Agnico Eagle Mines were worth $23,282,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Salvus Wealth Management LLC grew its holdings in Agnico Eagle Mines by 0.9% during the 4th quarter. Salvus Wealth Management LLC now owns 6,301 shares of the mining company's stock valued at $1,068,000 after buying an additional 57 shares in the last quarter. Brookwood Investment Group LLC grew its holdings in shares of Agnico Eagle Mines by 4.5% during the fourth quarter. Brookwood Investment Group LLC now owns 1,361 shares of the mining company's stock worth $231,000 after purchasing an additional 58 shares in the last quarter. Baron Wealth Management LLC boosted its stake in Agnico Eagle Mines by 3.2% in the fourth quarter. Baron Wealth Management LLC now owns 1,879 shares of the mining company's stock worth $319,000 after buying an additional 59 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in Agnico Eagle Mines by 1.1% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 5,266 shares of the mining company's stock worth $893,000 after buying an additional 59 shares in the last quarter. Finally, Baker Ellis Asset Management LLC boosted its stake in Agnico Eagle Mines by 0.8% in the fourth quarter. Baker Ellis Asset Management LLC now owns 7,550 shares of the mining company's stock worth $1,280,000 after buying an additional 63 shares in the last quarter. Hedge funds and other institutional investors own 68.34% of the company's stock.

Agnico Eagle Mines Price Performance

AEM opened at $173.12 on Wednesday. The stock has a fifty day simple moving average of $200.82 and a two-hundred day simple moving average of $193.62. The company has a current ratio of 3.15, a quick ratio of 2.18 and a debt-to-equity ratio of 0.01. The company has a market cap of $86.64 billion, a price-to-earnings ratio of 16.27, a price-to-earnings-growth ratio of 3.91 and a beta of 0.58. Agnico Eagle Mines Limited has a 12-month low of $108.22 and a 12-month high of $255.24.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last released its earnings results on Thursday, April 30th. The mining company reported $3.40 EPS for the quarter, topping analysts' consensus estimates of $3.19 by $0.21. Agnico Eagle Mines had a return on equity of 21.09% and a net margin of 39.46%.The firm had revenue of $4 billion for the quarter, compared to analysts' expectations of $3.96 billion. During the same period in the prior year, the firm posted $1.53 earnings per share. The company's quarterly revenue was up 66.1% on a year-over-year basis. Research analysts predict that Agnico Eagle Mines Limited will post 13.14 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have weighed in on AEM shares. ATB Cormark Capital Markets upgraded Agnico Eagle Mines from a "hold" rating to an "outperform" rating in a research report on Monday, May 4th. Wall Street Zen downgraded Agnico Eagle Mines from a "strong-buy" rating to a "buy" rating in a research report on Saturday, April 11th. Canadian Imperial Bank of Commerce dropped their price target on Agnico Eagle Mines from $312.00 to $304.00 and set an "outperform" rating for the company in a research note on Tuesday, April 21st. TD Securities raised their price target on Agnico Eagle Mines from $241.00 to $251.00 and gave the stock a "buy" rating in a research note on Tuesday, March 3rd. Finally, UBS Group decreased their price objective on Agnico Eagle Mines from $240.00 to $210.00 and set a "neutral" rating for the company in a report on Friday, March 27th. Eleven research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $238.18.

Key Stories Impacting Agnico Eagle Mines

Here are the key news stories impacting Agnico Eagle Mines this week:

• Positive Sentiment: Agnico Eagle approved the Hope Bay investment decision, advancing a new Arctic mine that could produce 400,000 to 435,000 ounces of gold annually and support long-term growth. Article Title
• Positive Sentiment: News reports say Agnico is moving ahead with the Hope Bay gold mine project, signaling confidence in the project’s economics and future production growth. Article Title
• Positive Sentiment: Analysts and media coverage highlighted Hope Bay as part of Agnico’s ambitious growth push, which may improve investor sentiment around the company’s production profile. Article Title
• Positive Sentiment: Seeking Alpha noted Agnico plans to build the Hope Bay mine with an estimated $1.7 billion investment, reinforcing the scale of the growth opportunity. Article Title
• Neutral Sentiment: Other mining-sector coverage on Barrick’s production trends is not directly about AEM, but broader gold-production news may influence sentiment for the group. Article Title

Agnico Eagle Mines Company 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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