Agnico Eagle Mines Limited (NYSE:AEM) Shares Sold by LGT Fund Management Co Ltd.

Key Points

• LGT Fund Management Co Ltd. has significantly reduced its stake in Agnico Eagle Mines Limited by 88.3%, owning only 5,700 shares valued at $618,000 after selling 43,100 shares in the first quarter.
• Agnico Eagle Mines recently reported a 35.6% increase in quarterly revenue, totaling $2.86 billion, and delivered earnings per share of $1.94, surpassing expectations.
• The company announced a dividend of $0.40 per share, resulting in a yield of 136.0%, with a payout ratio of 27.21%.

LGT Fund Management Co Ltd. lowered its stake in shares of Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 88.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,700 shares of the mining company's stock after selling 43,100 shares during the period. LGT Fund Management Co Ltd.'s holdings in Agnico Eagle Mines were worth $618,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Prudential PLC raised its position in Agnico Eagle Mines by 3.6% during the first quarter. Prudential PLC now owns 5,822 shares of the mining company's stock worth $631,000 after acquiring an additional 205 shares during the last quarter. Public Sector Pension Investment Board raised its position in Agnico Eagle Mines by 0.8% during the first quarter. Public Sector Pension Investment Board now owns 48,571 shares of the mining company's stock worth $5,262,000 after acquiring an additional 400 shares during the last quarter. Nuveen LLC acquired a new position in Agnico Eagle Mines during the first quarter worth about $85,926,000. Aigen Investment Management LP acquired a new position in Agnico Eagle Mines during the first quarter worth about $200,000. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in Agnico Eagle Mines by 11.1% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 6,720,301 shares of the mining company's stock worth $728,214,000 after acquiring an additional 673,400 shares during the last quarter. Hedge funds and other institutional investors own 68.34% of the company's stock.

Agnico Eagle Mines Stock Up 0.4%

Shares of AEM stock traded up $0.55 on Friday, hitting $133.28. The stock had a trading volume of 2,164,905 shares, compared to its average volume of 2,973,512. The firm has a market capitalization of $67.02 billion, a price-to-earnings ratio of 22.67, a P/E/G ratio of 0.93 and a beta of 0.44. The stock's 50 day moving average is $123.67 and its 200-day moving average is $112.88. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.16 and a current ratio of 2.03. Agnico Eagle Mines Limited has a 52-week low of $75.17 and a 52-week high of $137.81.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last announced its 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. The business had revenue of $2.86 billion during the quarter, compared to the consensus estimate of $2.46 billion. Agnico Eagle Mines had a net margin of 30.63% and a return on equity of 13.79%. The business's quarterly revenue was up 35.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.07 earnings per share. As a group, research analysts expect that Agnico Eagle Mines Limited will post 4.63 earnings per share for the current year.

Agnico Eagle Mines Announces Dividend

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

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Cfra Research upgraded shares of Agnico Eagle Mines to a "strong-buy" rating in a research report on Friday, April 25th. Bank of America lifted their target price on shares of Agnico Eagle Mines from $170.00 to $173.00 and gave the stock a "buy" rating in a research report on Monday, June 23rd. CIBC reissued an "outperform" rating on shares of Agnico Eagle Mines in a research report on Tuesday, July 15th. Lake Street Capital reissued a "buy" rating on shares of Agnico Eagle Mines in a research report on Monday, June 23rd. Finally, National Bankshares reissued an "outperform" rating on shares of Agnico Eagle Mines in a research report on Tuesday, June 24th. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and five have given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price 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.