Munich Reinsurance Co Stock Corp in Munich Acquires New Position in Agnico Eagle Mines Limited $AEM

Key Points

• Munich Reinsurance acquired 14,587 shares of Agnico Eagle Mines during the second quarter, valued at approximately $2.27 million. Institutional investors collectively own 68.34% of the company.
• Analysts maintain a generally positive outlook, with 12 Buy ratings, four Holds, and one Sell rating. The stock has a consensus rating of “Moderate Buy” and an average price target of $226.
• Agnico Eagle reported quarterly EPS of $3.05, beating estimates of $2.89, while revenue rose 35% year over year to $3.77 billion, narrowly below expectations.

Munich Reinsurance Co Stock Corp in Munich purchased a new stake in shares of Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM in the second quarter, according to its most recent filing with the SEC. The firm purchased 14,587 shares of the mining company's stock, valued at approximately $2,266,000.

Several other institutional investors have also modified their holdings of AEM. Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in Agnico Eagle Mines by 1.1% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 5,266 shares of the mining company's stock worth $893,000 after purchasing an additional 59 shares in the last quarter. PNC Financial Services Group Inc. increased its position in shares of Agnico Eagle Mines by 0.4% in the fourth quarter. PNC Financial Services Group Inc. now owns 14,284 shares of the mining company's stock valued at $2,422,000 after buying an additional 63 shares in the last quarter. Syon Capital LLC boosted its position in shares of Agnico Eagle Mines by 1.8% in the 4th quarter. Syon Capital LLC now owns 3,675 shares of the mining company's stock worth $623,000 after buying an additional 65 shares in the last quarter. CIBC Private Wealth Group LLC grew its stake in Agnico Eagle Mines by 1.6% in the 4th quarter. CIBC Private Wealth Group LLC now owns 4,289 shares of the mining company's stock valued at $728,000 after acquiring an additional 67 shares during the last quarter. Finally, Rossby Financial LCC grew its stake in Agnico Eagle Mines by 1.1% in the 4th quarter. Rossby Financial LCC now owns 7,061 shares of the mining company's stock valued at $1,197,000 after acquiring an additional 74 shares during the last quarter. Hedge funds and other institutional investors own 68.34% of the company's stock.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. JPMorgan Chase & Co. raised their price target on Agnico Eagle Mines from $175.00 to $179.00 and gave the stock a "neutral" rating in a research report on Monday, August 3rd. UBS Group dropped their price objective on Agnico Eagle Mines from $210.00 to $170.00 and set a "neutral" rating for the company in a research report on Tuesday, June 30th. Canadian Imperial Bank of Commerce set a $285.00 target price on shares of Agnico Eagle Mines in a research note on Thursday, July 16th. Jefferies Financial Group upgraded shares of Agnico Eagle Mines from a "hold" rating to a "buy" rating and upped their target price for the company from $187.00 to $200.00 in a report on Monday, July 6th. Finally, Weiss Ratings downgraded shares of Agnico Eagle Mines from a "buy (b)" rating to a "buy (b-)" rating in a report on Thursday, July 2nd. Twelve equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $226.00.

Agnico Eagle Mines Price Performance

Shares of Agnico Eagle Mines stock opened at $204.75 on Friday. The stock has a market capitalization of $103.79 billion, a P/E ratio of 17.51, a PEG ratio of 2.58 and a beta of 0.67. Agnico Eagle Mines Limited has a twelve month low of $134.38 and a twelve 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 business's fifty day moving average price is $169.72 and its 200 day moving average price is $187.05.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last announced its quarterly earnings results on Wednesday, July 29th. The mining company reported $3.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.89 by $0.16. Agnico Eagle Mines had a return on equity of 22.04% and a net margin of 40.44%.The firm had revenue of $3.77 billion during the quarter, compared to the consensus estimate of $3.78 billion. During the same period in the prior year, the firm earned $1.94 EPS. The firm's quarterly revenue was up 35.0% compared to the same quarter last year. As a group, research analysts anticipate 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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