IFP Advisors Inc Increases Stock Position in Agnico Eagle Mines Limited $AEM

Key Points

• IFP Advisors Inc increased its stake in Agnico Eagle Mines Limited by 44.3%, owning 6,823 shares valued at approximately $812,000 as reported in its latest SEC filing.
• Agnico Eagle Mines received positive analyst ratings, with Bank of America raising its price target from $170 to $173 and CIBC increasing it significantly from $165 to $231.
• The company reported $1.94 earnings per share for the last quarter, exceeding analyst expectations of $1.83, alongside a revenue of $2.86 billion, up 35.6% year-over-year.

IFP Advisors Inc boosted its position in shares of Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 44.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,823 shares of the mining company's stock after purchasing an additional 2,095 shares during the period. IFP Advisors Inc's holdings in Agnico Eagle Mines were worth $812,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the company. Ameritas Advisory Services LLC bought a new position in shares of Agnico Eagle Mines during the second quarter valued at approximately $25,000. MJT & Associates Financial Advisory Group Inc. purchased a new position in shares of Agnico Eagle Mines in the first quarter worth $26,000. Cary Street Partners Investment Advisory LLC purchased a new position in shares of Agnico Eagle Mines in the first quarter worth $26,000. Private Trust Co. NA raised its holdings in shares of Agnico Eagle Mines by 454.9% in the first quarter. Private Trust Co. NA now owns 283 shares of the mining company's stock worth $31,000 after buying an additional 232 shares during the last quarter. Finally, Golden State Wealth Management LLC acquired a new stake in shares of Agnico Eagle Mines in the first quarter worth $34,000. 68.34% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

AEM has been the topic of several analyst reports. Lake Street Capital restated a "buy" rating on shares of Agnico Eagle Mines in a research report on Monday, June 23rd. Bank of America upped their price target on Agnico Eagle Mines from $170.00 to $173.00 and gave the company a "buy" rating in a research report on Monday, June 23rd. Weiss Ratings restated a "buy (a)" rating on shares of Agnico Eagle Mines in a research report on Wednesday, October 8th. National Bankshares reiterated an "outperform" rating on shares of Agnico Eagle Mines in a report on Tuesday, June 24th. Finally, CIBC upped their price target on Agnico Eagle Mines from $165.00 to $231.00 and gave the stock an "outperformer" rating in a research note on Friday. Six research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average target price of $162.10.

Agnico Eagle Mines Stock Up 4.7%

Shares of NYSE AEM opened at $172.11 on Tuesday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.16 and a current ratio of 2.03. The company has a market capitalization of $86.54 billion, a P/E ratio of 29.27, a price-to-earnings-growth ratio of 1.09 and a beta of 0.46. The company's 50 day moving average price is $150.38 and its 200-day moving average price is $128.96. Agnico Eagle Mines Limited has a 52-week low of $75.17 and a 52-week high of $172.29.

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 earnings per share for the quarter, beating the consensus estimate of $1.83 by $0.11. The company had revenue of $2.86 billion during the quarter, compared to analyst estimates of $2.46 billion. Agnico Eagle Mines had a net margin of 30.63% and a return on equity of 13.79%. Agnico Eagle Mines's revenue for the quarter was up 35.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.07 EPS. Equities analysts forecast that Agnico Eagle Mines Limited will post 4.63 earnings per share for the current year.

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.

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