Jennison Associates LLC Lowers Stake in Agnico Eagle Mines Limited $AEM

Key Points

• Jennison Associates LLC cut its stake in Agnico Eagle Mines by 13.2% in the first quarter, selling 35,997 shares and leaving it with 236,651 shares valued at about $48.0 million.
• Agnico Eagle Mines reported better-than-expected quarterly results, with EPS of $3.40 versus $3.19 expected and revenue of $4.0 billion, up 66.1% year over year.
• Analyst sentiment remains positive overall: the stock has a Moderate Buy consensus with 12 Buy ratings, 5 Hold ratings, and an average price target of $233.62.

Jennison Associates LLC trimmed its holdings in Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 13.2% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 236,651 shares of the mining company's stock after selling 35,997 shares during the period. Jennison Associates LLC's holdings in Agnico Eagle Mines were worth $48,035,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in AEM. Brighton Jones LLC grew its stake in shares of Agnico Eagle Mines by 11.5% in the 4th quarter. Brighton Jones LLC now owns 3,216 shares of the mining company's stock valued at $252,000 after purchasing an additional 331 shares during the last quarter. AQR Capital Management LLC grew its position in Agnico Eagle Mines by 36.4% in the 1st quarter. AQR Capital Management LLC now owns 19,829 shares of the mining company's stock valued at $2,150,000 after buying an additional 5,293 shares during the last quarter. Sivia Capital Partners LLC increased its stake in Agnico Eagle Mines by 57.2% in the 2nd quarter. Sivia Capital Partners LLC now owns 3,188 shares of the mining company's stock valued at $379,000 after buying an additional 1,160 shares during the period. Rhumbline Advisers lifted its stake in shares of Agnico Eagle Mines by 8.0% in the 2nd quarter. Rhumbline Advisers now owns 1,810 shares of the mining company's stock worth $215,000 after acquiring an additional 134 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of Agnico Eagle Mines by 25.2% in the second quarter. EverSource Wealth Advisors LLC now owns 929 shares of the mining company's stock valued at $110,000 after acquiring an additional 187 shares in the last quarter. Hedge funds and other institutional investors own 68.34% of the company's stock.

Agnico Eagle Mines Price Performance

Shares of NYSE:AEM opened at $136.25 on Tuesday. The business has a fifty day simple moving average of $164.20 and a 200-day simple moving average of $191.31. The company has a quick ratio of 2.18, a current ratio of 3.15 and a debt-to-equity ratio of 0.01. Agnico Eagle Mines Limited has a 52 week low of $119.84 and a 52 week high of $255.24. The company has a market cap of $69.15 billion, a P/E ratio of 12.81, a P/E/G ratio of 1.82 and a beta of 0.60.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last posted its quarterly earnings results on Thursday, April 30th. The mining company reported $3.40 EPS for the quarter, beating the consensus estimate 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 company had revenue of $4 billion during the quarter, compared to analysts' expectations of $3.96 billion. During the same quarter in the previous year, the business earned $1.53 EPS. The firm's revenue was up 66.1% on a year-over-year basis. Equities research analysts forecast that Agnico Eagle Mines Limited will post 12.29 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Weiss Ratings cut Agnico Eagle Mines from a "buy (b)" rating to a "buy (b-)" rating in a research report on Thursday, July 2nd. JPMorgan Chase & Co. upped their target price on shares of Agnico Eagle Mines from $220.00 to $222.00 and gave the stock a "neutral" rating in a research report on Monday, May 4th. ATB Cormark Capital Markets raised Agnico Eagle Mines from a "hold" rating to an "outperform" rating in a research note on Monday, May 4th. Erste Group Bank cut Agnico Eagle Mines from a "buy" rating to a "hold" rating in a research report on Tuesday, March 24th. Finally, Zacks Research cut shares of Agnico Eagle Mines from a "strong-buy" rating to a "hold" rating in a research report on Monday, March 30th. Twelve analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $233.62.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.