Harvey Capital Management Inc. Makes New $3.88 Million Investment in Agnico Eagle Mines Limited $AEM

Key Points

• Harvey Capital Management purchased 24,983 shares of Agnico Eagle Mines in the second quarter, representing an investment of approximately $3.88 million. Institutional investors collectively own 68.34% of the company.
• Agnico Eagle reported quarterly earnings of $3.05 per share, beating estimates of $2.89, while revenue rose 35% year over year to $3.77 billion.
• Analyst sentiment remains broadly positive, with a “Moderate Buy” consensus rating and an average price target of $226, although recent targets and ratings have been mixed.

Harvey Capital Management Inc. acquired a new stake in shares of Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund acquired 24,983 shares of the mining company's stock, valued at approximately $3,876,000.

Several other large investors have also made changes to their positions in the business. Acumen Wealth Advisors LLC purchased a new position in shares of Agnico Eagle Mines during the fourth quarter worth $26,000. Dunhill Financial LLC purchased a new stake in Agnico Eagle Mines in the second quarter valued at $31,000. Fiduciary Financial Advisors acquired a new stake in Agnico Eagle Mines during the 2nd quarter worth about $32,000. Jessup Wealth Management Inc acquired a new stake in Agnico Eagle Mines during the 4th quarter worth about $35,000. Finally, University of Texas Texas AM Investment Management Co. grew its position in Agnico Eagle Mines by 64.7% during the 4th quarter. University of Texas Texas AM Investment Management Co. now owns 229 shares of the mining company's stock worth $39,000 after purchasing an additional 90 shares during the period. 68.34% of the stock is owned by hedge funds and other institutional investors.

Agnico Eagle Mines Trading Up 0.6%

Shares of NYSE:AEM opened at $215.35 on Friday. The business's 50 day moving average price is $164.70 and its 200-day moving average price is $187.31. Agnico Eagle Mines Limited has a 1 year low of $134.38 and a 1 year high of $255.24. The firm has a market capitalization of $109.16 billion, a price-to-earnings ratio of 18.42, a price-to-earnings-growth ratio of 2.66 and a beta of 0.60. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.86 and a quick ratio of 2.02.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last issued its quarterly earnings results on Wednesday, July 29th. The mining company reported $3.05 EPS for the quarter, topping the consensus estimate of $2.89 by $0.16. The company had revenue of $3.77 billion during the quarter, compared to analyst estimates of $3.78 billion. Agnico Eagle Mines had a net margin of 40.44% and a return on equity of 22.04%. The firm's revenue was up 35.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.94 EPS. On average, equities research analysts forecast that Agnico Eagle Mines Limited will post 11.56 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on AEM. Zacks Research cut Agnico Eagle Mines from a "hold" rating to a "strong sell" rating in a report on Friday, July 17th. Canadian Imperial Bank of Commerce set a $285.00 target price on shares of Agnico Eagle Mines in a research note on Thursday, July 16th. Royal Bank Of Canada decreased their price objective on shares of Agnico Eagle Mines from $230.00 to $210.00 and set a "sector perform" rating for the company in a research report on Thursday, July 9th. ATB Cormark Capital Markets raised shares of Agnico Eagle Mines from a "hold" rating to an "outperform" rating in a research note on Monday, May 4th. Finally, Jefferies Financial Group upgraded Agnico Eagle Mines from a "hold" rating to a "buy" rating and raised their target price for the company from $187.00 to $200.00 in a research report on Monday, July 6th. Twelve equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $226.00.

About Agnico Eagle Mines

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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