Legal & General Group Plc Takes Position in Agnico Eagle Mines Limited $AEM

Key Points

• Legal & General Group Plc acquired 3.26 million shares of Agnico Eagle Mines in the second quarter, valued at approximately $507.1 million and representing about 0.64% of the company. Institutional investors collectively own 68.34% of AEM.
• Analyst sentiment remains positive, with 12 Buy ratings, four Holds and one Sell rating, producing a “Moderate Buy” consensus and an average price target of $226.00, despite several recent target-price cuts.
• Agnico Eagle reported quarterly EPS of $3.05, beating estimates of $2.89, while revenue rose 35% year over year to $3.77 billion. The stock opened at $217.76, with a market capitalization of approximately $110.38 billion.

Legal & General Group Plc acquired a new position in Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 3,264,735 shares of the mining company's stock, valued at approximately $507,077,000. Legal & General Group Plc owned about 0.64% of Agnico Eagle Mines as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Acumen Wealth Advisors LLC acquired a new position in Agnico Eagle Mines in the 4th quarter worth approximately $26,000. Dunhill Financial LLC purchased a new position in Agnico Eagle Mines during the 2nd quarter worth approximately $31,000. Fiduciary Financial Advisors acquired a new stake in Agnico Eagle Mines during the 2nd quarter valued at approximately $32,000. Jessup Wealth Management Inc acquired a new stake in Agnico Eagle Mines during the 4th quarter valued at approximately $35,000. Finally, University of Texas Texas AM Investment Management Co. lifted its stake 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 valued at $39,000 after acquiring an additional 90 shares during the period. Institutional investors and hedge funds own 68.34% of the company's stock.

Wall Street Analysts Forecast Growth

AEM has been the topic of a number of research reports. Citigroup cut their price objective on shares of Agnico Eagle Mines from $256.00 to $200.00 and set a "buy" rating on the stock in a research note on Monday, July 27th. Jefferies Financial Group upgraded shares of Agnico Eagle Mines from a "hold" rating to a "buy" rating and boosted their target price for the company from $187.00 to $200.00 in a research report on Monday, July 6th. ATB Cormark Capital Markets raised shares of Agnico Eagle Mines from a "hold" rating to an "outperform" rating in a report on Monday, May 4th. Royal Bank Of Canada cut their price target on Agnico Eagle Mines from $230.00 to $210.00 and set a "sector perform" rating on the stock in a research report on Thursday, July 9th. Finally, Barclays cut their price target on Agnico Eagle Mines from $210.00 to $188.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 15th. Twelve investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $226.00.

Agnico Eagle Mines Trading Up 0.8%

Agnico Eagle Mines stock opened at $217.76 on Tuesday. The company has a current ratio of 2.86, a quick ratio of 2.02 and a debt-to-equity ratio of 0.01. Agnico Eagle Mines Limited has a 12 month low of $134.38 and a 12 month high of $255.24. The stock's 50 day simple moving average is $161.95 and its two-hundred day simple moving average is $186.83. The firm has a market cap of $110.38 billion, a PE ratio of 18.63, a P/E/G ratio of 2.69 and a beta of 0.61.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last issued its quarterly earnings data on Wednesday, July 29th. The mining company reported $3.05 EPS for the quarter, topping analysts' consensus estimates of $2.89 by $0.16. The business had revenue of $3.77 billion for the quarter, compared to analysts' expectations of $3.78 billion. Agnico Eagle Mines had a net margin of 40.44% and a return on equity of 22.04%. The business's revenue was up 35.0% on a year-over-year basis. During the same quarter last year, the company earned $1.94 EPS. Analysts anticipate that Agnico Eagle Mines Limited will post 11.56 earnings per share for the current year.

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.

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