Muhlenkamp & Co. Inc. Acquires Shares of 138,521 Agnico Eagle Mines Limited $AEM

Muhlenkamp & Co. Inc. bought a new position in Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 138,521 shares of the mining company's stock, valued at approximately $21,489,000. Agnico Eagle Mines comprises about 6.2% of Muhlenkamp & Co. Inc.'s investment portfolio, making the stock its 3rd biggest holding.

Other hedge funds also recently made changes to their positions in the company. Acumen Wealth Advisors LLC purchased a new stake in shares of Agnico Eagle Mines during the 4th quarter worth approximately $26,000. Dunhill Financial LLC purchased a new position in shares of Agnico Eagle Mines in the second quarter valued at $31,000. Fiduciary Financial Advisors purchased a new position in shares of Agnico Eagle Mines in the second quarter valued at $32,000. Jessup Wealth Management Inc bought a new stake in Agnico Eagle Mines in the fourth quarter worth $35,000. Finally, Allied Private Wealth LLC bought a new stake in Agnico Eagle Mines in the second quarter worth $36,000. 68.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Weiss Ratings lowered shares of Agnico Eagle Mines from a "buy (b)" rating to a "buy (b-)" rating in a research report on Thursday, July 2nd. Scotiabank decreased their target price on shares of Agnico Eagle Mines from $278.00 to $260.00 and set a "sector outperform" rating on the stock in a research report on Tuesday, July 14th. JPMorgan Chase & Co. upped their price objective on Agnico Eagle Mines from $175.00 to $179.00 and gave the company a "neutral" rating in a research report on Monday, August 3rd. ATB Cormark Capital Markets raised Agnico Eagle Mines from a "hold" rating to an "outperform" rating in a research note on Monday, May 4th. Finally, Canadian Imperial Bank of Commerce set a $285.00 target price on Agnico Eagle Mines in a report on Thursday, July 16th. Twelve equities research 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. According to MarketBeat, Agnico Eagle Mines currently has an average rating of "Moderate Buy" and a consensus price target of $226.00.

Agnico Eagle Mines Price Performance

AEM stock opened at $206.41 on Friday. Agnico Eagle Mines Limited has a 12 month low of $134.38 and a 12 month high of $255.24. The company has a current ratio of 2.86, a quick ratio of 2.02 and a debt-to-equity ratio of 0.01. The company has a 50-day moving average price of $165.50 and a 200 day moving average price of $187.44. The stock has a market cap of $104.63 billion, a PE ratio of 17.66, a P/E/G ratio of 2.68 and a beta of 0.60.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last posted its quarterly earnings data on Wednesday, July 29th. The mining company reported $3.05 earnings per share for the quarter, topping analysts' consensus estimates of $2.89 by $0.16. The company had revenue of $3.77 billion for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the prior year, the company posted $1.94 EPS. Equities research analysts anticipate that Agnico Eagle Mines Limited will post 11.56 earnings per share for the current year.

Agnico Eagle Mines 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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