Ninety One SA Pty Ltd Makes New Investment in Agnico Eagle Mines Limited $AEM

Key Points

• Ninety One SA Pty Ltd bought a new stake of 106,087 shares in Agnico Eagle Mines (approx. $17.99 million), making the position 0.8% of the fund's holdings and its 19th-largest holding.
• Agnico Eagle beat Q results expectations with EPS $2.69 vs. $2.56 and revenue $3.53B (up 60.3% YoY), and raised its quarterly dividend to $0.45 (annualized $1.80, yield ~0.8%).
• Analysts have a consensus rating of "Moderate Buy" with an average price target of $237.30; the stock recently traded around $220.23 with a market cap of about $110.3 billion and a P/E of 24.8.

Ninety One SA Pty Ltd bought a new stake in shares of Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 106,087 shares of the mining company's stock, valued at approximately $17,985,000. Agnico Eagle Mines makes up 0.8% of Ninety One SA Pty Ltd's holdings, making the stock its 19th largest position.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Capital World Investors increased its stake in shares of Agnico Eagle Mines by 20.0% in the 3rd quarter. Capital World Investors now owns 20,765,804 shares of the mining company's stock worth $3,497,470,000 after acquiring an additional 3,462,968 shares in the last quarter. Lazard Asset Management LLC boosted its stake in Agnico Eagle Mines by 566.2% during the third quarter. Lazard Asset Management LLC now owns 888,239 shares of the mining company's stock worth $149,593,000 after acquiring an additional 754,919 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Agnico Eagle Mines by 5.4% during the third quarter. Massachusetts Financial Services Co. MA now owns 11,712,397 shares of the mining company's stock worth $1,974,242,000 after acquiring an additional 602,489 shares in the last quarter. Korea Investment CORP grew its holdings in Agnico Eagle Mines by 138.5% in the third quarter. Korea Investment CORP now owns 972,595 shares of the mining company's stock worth $163,847,000 after purchasing an additional 564,723 shares during the period. Finally, Quadrature Capital Ltd purchased a new stake in Agnico Eagle Mines in the third quarter worth about $68,467,000. 68.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on AEM shares. TD Securities lifted their target price on shares of Agnico Eagle Mines from $241.00 to $251.00 and gave the company a "buy" rating in a report on Tuesday, March 3rd. Citigroup upped their price target on Agnico Eagle Mines from $198.00 to $256.00 and gave the stock a "buy" rating in a research note on Thursday, January 15th. Canadian Imperial Bank of Commerce set a $296.00 price objective on Agnico Eagle Mines and gave the company an "outperform" rating in a research report on Wednesday, February 4th. Scotiabank reiterated an "outperform" rating and set a $280.00 price objective on shares of Agnico Eagle Mines in a research note on Tuesday, February 17th. Finally, UBS Group dropped their target price on Agnico Eagle Mines from $240.00 to $210.00 and set a "neutral" rating on the stock in a report on Friday, March 27th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $237.30.

Agnico Eagle Mines Stock Up 2.5%

Shares of Agnico Eagle Mines stock opened at $220.23 on Friday. The company has a 50-day simple moving average of $214.87 and a two-hundred day simple moving average of $189.87. The stock has a market capitalization of $110.34 billion, a PE ratio of 24.80 and a beta of 0.71. Agnico Eagle Mines Limited has a 52-week low of $103.38 and a 52-week high of $255.24. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.33 and a current ratio of 2.02.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last posted its quarterly earnings results on Thursday, February 12th. The mining company reported $2.69 EPS for the quarter, beating analysts' consensus estimates of $2.56 by $0.13. The firm had revenue of $3.53 billion for the quarter, compared to analysts' expectations of $3.40 billion. Agnico Eagle Mines had a net margin of 37.47% and a return on equity of 18.09%. The business's revenue for the quarter was up 60.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.26 earnings per share. On average, analysts anticipate that Agnico Eagle Mines Limited will post 4.63 EPS for the current fiscal year.

Agnico Eagle Mines Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Investors of record on Monday, March 2nd were given a $0.45 dividend. This is a boost from Agnico Eagle Mines's previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Monday, March 2nd. This represents a $1.80 annualized dividend and a yield of 0.8%. Agnico Eagle Mines's payout ratio is currently 20.27%.

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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