Harvey Capital Management Inc. Reduces Holdings in Agnico Eagle Mines Limited (NYSE:AEM)

Harvey Capital Management Inc. cut its holdings in shares of Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 28.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 47,334 shares of the mining company's stock after selling 18,658 shares during the period. Agnico Eagle Mines makes up 1.3% of Harvey Capital Management Inc.'s portfolio, making the stock its 23rd biggest position. Harvey Capital Management Inc.'s holdings in Agnico Eagle Mines were worth $5,131,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Brighton Jones LLC raised its stake in shares of Agnico Eagle Mines by 11.5% in the fourth quarter. Brighton Jones LLC now owns 3,216 shares of the mining company's stock worth $252,000 after buying an additional 331 shares during the period. US Bancorp DE raised its stake in shares of Agnico Eagle Mines by 2.7% in the fourth quarter. US Bancorp DE now owns 6,770 shares of the mining company's stock worth $529,000 after buying an additional 175 shares during the period. Smartleaf Asset Management LLC raised its stake in Agnico Eagle Mines by 859.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 355 shares of the mining company's stock valued at $28,000 after purchasing an additional 318 shares during the period. Jones Financial Companies Lllp raised its stake in Agnico Eagle Mines by 78.3% during the 4th quarter. Jones Financial Companies Lllp now owns 3,259 shares of the mining company's stock valued at $255,000 after purchasing an additional 1,431 shares during the period. Finally, M&T Bank Corp raised its stake in Agnico Eagle Mines by 15.8% during the 4th quarter. M&T Bank Corp now owns 14,638 shares of the mining company's stock valued at $1,145,000 after purchasing an additional 2,000 shares during the period. 68.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on AEM shares. Citigroup lifted their target price on Agnico Eagle Mines from $100.00 to $140.00 and gave the company a "buy" rating in a research note on Monday, March 31st. Bank of America lifted their price objective on Agnico Eagle Mines from $170.00 to $173.00 and gave the stock a "buy" rating in a research note on Monday, June 23rd. Stifel Canada raised Agnico Eagle Mines to a "strong-buy" rating in a research note on Wednesday, March 19th. BMO Capital Markets began coverage on Agnico Eagle Mines in a research note on Wednesday, April 16th. They issued an "outperform" rating and a $181.00 price objective on the stock. Finally, Royal Bank Of Canada lifted their price objective on Agnico Eagle Mines from $115.00 to $145.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 4th. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat, Agnico Eagle Mines currently has a consensus rating of "Buy" and a consensus price target of $130.50.

Agnico Eagle Mines Trading Up 0.3%

Shares of Agnico Eagle Mines stock traded up $0.35 during mid-day trading on Thursday, hitting $118.04. The stock had a trading volume of 900,148 shares, compared to its average volume of 2,613,921. The firm has a 50-day moving average of $117.45 and a two-hundred day moving average of $105.00. Agnico Eagle Mines Limited has a 12-month low of $69.72 and a 12-month high of $126.76. The company has a quick ratio of 1.20, a current ratio of 2.37 and a debt-to-equity ratio of 0.05. The firm has a market cap of $59.35 billion, a P/E ratio of 25.05, a price-to-earnings-growth ratio of 0.86 and a beta of 0.50.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last posted its quarterly earnings data on Thursday, April 24th. The mining company reported $1.53 earnings per share for the quarter, topping analysts' consensus estimates of $1.39 by $0.14. The firm had revenue of $2.38 billion during the quarter, compared to analysts' expectations of $2.27 billion. Agnico Eagle Mines had a net margin of 26.48% and a return on equity of 12.09%. The firm's quarterly revenue was up 34.9% on a year-over-year basis. During the same quarter last year, the company posted $0.76 EPS. Sell-side analysts forecast that Agnico Eagle Mines Limited will post 4.63 earnings per share for the current year.

Agnico Eagle Mines Dividend Announcement

The firm also recently announced a dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 2nd were issued a dividend of $0.40 per share. The ex-dividend date was Friday, May 30th. This represents a yield of 1.36%. Agnico Eagle Mines's dividend payout ratio (DPR) is presently 34.04%.

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.