Korea Investment CORP Decreases Stock Position in Agnico Eagle Mines Limited $AEM

Key Points

• Korea Investment CORP reduced its stake in Agnico Eagle Mines Limited by 38.4%, leaving it with approximately 262,412 shares valued at $28.4 million as of the end of the last reporting period.
• Despite Korea Investment CORP's reduction, several other hedge funds increased their positions in Agnico Eagle Mines, indicating strong interest from institutional investors, with 68.34% of the stock currently owned by them.
• Agnico Eagle Mines reported $1.94 earnings per share for the most recent quarter, exceeding analysts' expectations, and announced a dividend of $0.40 per share, reflecting a 136.0% yield.

Korea Investment CORP decreased its position in shares of Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 38.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 262,412 shares of the mining company's stock after selling 163,425 shares during the period. Korea Investment CORP owned approximately 0.05% of Agnico Eagle Mines worth $28,426,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Brighton Jones LLC raised its holdings in shares of Agnico Eagle Mines by 11.5% during the 4th quarter. Brighton Jones LLC now owns 3,216 shares of the mining company's stock worth $252,000 after acquiring an additional 331 shares in the last quarter. Rockefeller Capital Management L.P. bought a new stake in Agnico Eagle Mines in the fourth quarter worth $783,000. Mariner LLC raised its stake in Agnico Eagle Mines by 15.9% during the fourth quarter. Mariner LLC now owns 45,024 shares of the mining company's stock valued at $3,521,000 after purchasing an additional 6,171 shares in the last quarter. Marshall Wace LLP bought a new position in Agnico Eagle Mines during the fourth quarter valued at $422,000. Finally, First Trust Advisors LP grew its stake in shares of Agnico Eagle Mines by 5.2% in the 4th quarter. First Trust Advisors LP now owns 169,101 shares of the mining company's stock worth $13,226,000 after buying an additional 8,394 shares in the last quarter. 68.34% of the stock is currently owned by hedge funds and other institutional investors.

Agnico Eagle Mines Price Performance

Agnico Eagle Mines stock opened at $130.1920 on Wednesday. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.03 and a quick ratio of 1.16. The stock has a market cap of $65.46 billion, a price-to-earnings ratio of 22.14, a price-to-earnings-growth ratio of 0.92 and a beta of 0.44. The firm has a 50-day moving average of $124.54 and a two-hundred day moving average of $113.87. Agnico Eagle Mines Limited has a 1 year low of $75.17 and a 1 year high of $137.81.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last posted its quarterly earnings results 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. Agnico Eagle Mines had a net margin of 30.63% and a return on equity of 13.79%. The firm had revenue of $2.86 billion during the quarter, compared to the consensus estimate of $2.46 billion. During the same quarter in the previous year, the firm posted $1.07 earnings per share. The company's revenue was up 35.6% on a year-over-year basis. On average, research analysts forecast that Agnico Eagle Mines Limited will post 4.63 earnings per share for the current year.

Agnico Eagle Mines Announces Dividend

The company also recently declared a dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 2nd were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, May 30th. This represents a dividend yield of 136.0%. Agnico Eagle Mines's dividend payout ratio is presently 27.21%.

Wall Street Analyst Weigh In

AEM has been the topic of a number of research reports. TD Securities upgraded shares of Agnico Eagle Mines to a "strong-buy" rating in a research report on Thursday, July 17th. Raymond James Financial raised Agnico Eagle Mines to a "moderate buy" rating and set a $130.00 price objective on the stock in a research note on Monday, June 30th. CIBC reaffirmed an "outperform" rating on shares of Agnico Eagle Mines in a research note on Tuesday, July 15th. Cfra Research upgraded Agnico Eagle Mines to a "strong-buy" rating in a report on Friday, April 25th. Finally, Royal Bank Of Canada increased their price target on Agnico Eagle Mines from $115.00 to $145.00 and gave the company an "outperform" rating in a report on Wednesday, June 4th. Five research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Agnico Eagle Mines currently has a consensus rating of "Buy" and a consensus price target of $136.90.

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.

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