Mediolanum International Funds Ltd Increases Holdings in Agnico Eagle Mines Limited $AEM

Key Points

• Mediolanum International Funds Ltd increased its stake in Agnico Eagle Mines by 7.5% in the first quarter, buying 13,702 additional shares and bringing its total holding to 196,957 shares worth about $37.8 million.
• Agnico Eagle Mines reported strong quarterly results, with earnings of $3.40 per share versus the $3.19 consensus estimate and revenue of $4.0 billion, up 66.1% year over year.
• Analyst sentiment remains generally positive, with 12 Buy ratings and 5 Hold ratings; the stock’s average target price is $233.62 even after some recent target cuts from major firms.

Mediolanum International Funds Ltd lifted its holdings in shares of Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 7.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 196,957 shares of the mining company's stock after purchasing an additional 13,702 shares during the period. Mediolanum International Funds Ltd's holdings in Agnico Eagle Mines were worth $37,759,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Acumen Wealth Advisors LLC purchased a new stake in Agnico Eagle Mines during the fourth quarter worth about $26,000. Abound Wealth Management raised its position in Agnico Eagle Mines by 99.0% in the fourth quarter. Abound Wealth Management now owns 209 shares of the mining company's stock worth $35,000 after acquiring an additional 104 shares during the period. Lodestone Wealth Management LLC purchased a new position in Agnico Eagle Mines in the fourth quarter valued at about $35,000. Jessup Wealth Management Inc purchased a new position in Agnico Eagle Mines in the fourth quarter valued at about $35,000. Finally, Bangor Savings Bank bought a new position in shares of Agnico Eagle Mines during the 4th quarter valued at approximately $37,000. 68.34% of the stock is owned by hedge funds and other institutional investors.

Agnico Eagle Mines Stock Performance

NYSE AEM opened at $136.89 on Friday. The company's 50 day moving average is $165.41 and its 200-day moving average is $191.42. Agnico Eagle Mines Limited has a 12-month low of $117.65 and a 12-month high of $255.24. The company has a quick ratio of 2.18, a current ratio of 3.15 and a debt-to-equity ratio of 0.01. The firm has a market cap of $69.48 billion, a P/E ratio of 12.87, a price-to-earnings-growth ratio of 1.81 and a beta of 0.60.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last released its quarterly earnings data on Thursday, April 30th. The mining company reported $3.40 EPS for the quarter, topping the consensus estimate of $3.19 by $0.21. Agnico Eagle Mines had a net margin of 39.46% and a return on equity of 21.09%. The company had revenue of $4 billion during the quarter, compared to the consensus estimate of $3.96 billion. During the same period last year, the firm earned $1.53 EPS. Agnico Eagle Mines's revenue for the quarter was up 66.1% on a year-over-year basis. Sell-side analysts predict that Agnico Eagle Mines Limited will post 12.29 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Canadian Imperial Bank of Commerce set a $285.00 price target on shares of Agnico Eagle Mines in a research note on Thursday. Bank of America dropped their price objective on Agnico Eagle Mines from $302.00 to $240.00 and set a "buy" rating on the stock in a research note on Thursday, July 9th. Jefferies Financial Group raised Agnico Eagle Mines from a "hold" rating to a "buy" rating and increased their price objective for the company from $187.00 to $200.00 in a report on Monday, July 6th. Erste Group Bank downgraded Agnico Eagle Mines from a "buy" rating to a "hold" rating in a research report on Tuesday, March 24th. Finally, Royal Bank Of Canada lowered their target price on Agnico Eagle Mines from $230.00 to $210.00 and set a "sector perform" rating on the stock in a research note on Thursday, July 9th. Twelve investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price 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.

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