Mufg Securities Canada LTD. Cuts Stake in Agnico Eagle Mines Limited $AEM

Key Points

• MUFG Securities Canada reduced its Agnico Eagle Mines stake by 3.2% in the second quarter, selling 23,714 shares. It still held 719,467 shares worth approximately $111.6 million, representing 3.0% of its portfolio.
• Analyst sentiment remains positive but targets have been lowered: 12 analysts rate AEM a Buy, four rate it Hold, and one rates it Sell, producing a “Moderate Buy” consensus and average price target of $226.
• Agnico Eagle reported quarterly earnings of $3.05 per share, beating estimates of $2.89, while revenue rose 35% year over year to $3.77 billion. Shares opened at $203.16, within a 52-week range of $134.38 to $255.24.

Mufg Securities Canada LTD. lessened its holdings in Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 3.2% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 719,467 shares of the mining company's stock after selling 23,714 shares during the quarter. Agnico Eagle Mines accounts for 3.0% of Mufg Securities Canada LTD.'s investment portfolio, making the stock its 12th biggest position. Mufg Securities Canada LTD. owned 0.14% of Agnico Eagle Mines worth $111,608,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in AEM. Acumen Wealth Advisors LLC purchased a new position in shares of Agnico Eagle Mines in the fourth quarter worth about $26,000. Dunhill Financial LLC bought a new position in Agnico Eagle Mines during the 2nd quarter worth approximately $31,000. Fiduciary Financial Advisors purchased a new position in Agnico Eagle Mines in the 2nd quarter worth approximately $32,000. Jessup Wealth Management Inc purchased a new position in Agnico Eagle Mines in the 4th quarter worth approximately $35,000. Finally, University of Texas Texas AM Investment Management Co. increased its stake in Agnico Eagle Mines by 64.7% in the 4th quarter. University of Texas Texas AM Investment Management Co. now owns 229 shares of the mining company's stock worth $39,000 after purchasing an additional 90 shares during the period. 68.34% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

AEM has been the subject of a number of analyst reports. Bank of America dropped their price objective on Agnico Eagle Mines from $302.00 to $240.00 and set a "buy" rating for the company in a research note on Thursday, July 9th. Wall Street Zen lowered shares of Agnico Eagle Mines from a "buy" rating to a "hold" rating in a report on Sunday, July 12th. UBS Group cut their price target on shares of Agnico Eagle Mines from $210.00 to $170.00 and set a "neutral" rating on the stock in a report on Tuesday, June 30th. Royal Bank Of Canada decreased their price objective on shares of 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, ATB Cormark Capital Markets raised shares of Agnico Eagle Mines from a "hold" rating to an "outperform" rating in a research note on Monday, May 4th. Twelve research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $226.00.

Agnico Eagle Mines Stock Performance

Shares of AEM stock opened at $203.16 on Tuesday. The stock has a fifty day moving average of $166.23 and a 200 day moving average of $187.22. Agnico Eagle Mines Limited has a 52 week low of $134.38 and a 52 week high of $255.24. The firm has a market capitalization of $102.98 billion, a price-to-earnings ratio of 17.38, a PEG ratio of 2.56 and a beta of 0.61. The company has a quick ratio of 2.02, a current ratio of 2.86 and a debt-to-equity ratio of 0.01.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last released its quarterly earnings results on Wednesday, July 29th. The mining company reported $3.05 earnings per share for the quarter, beating the consensus estimate 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 firm's revenue for the quarter was up 35.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.94 earnings per share. As a group, research analysts expect that Agnico Eagle Mines Limited will post 11.56 earnings per share for the current year.

About Agnico Eagle Mines

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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