Ninety One UK Ltd Cuts Stock Holdings in Agnico Eagle Mines Limited $AEM

Key Points

• Ninety One UK Ltd significantly reduced its stake in Agnico Eagle Mines Limited by 91.2% in Q2, leaving it with 38,683 shares worth $4.6 million after selling over 401,000 shares.
• Institutional interest remains strong, with several firms, including Massachusetts Financial Services Co. and TD Asset Management Inc, increasing their stakes in the company.
• Agnico Eagle Mines reported a 35.6% year-over-year revenue increase, posting $2.86 billion and earnings per share of $1.94, exceeding consensus estimates.

Ninety One UK Ltd cut its stake in Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 91.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 38,683 shares of the mining company's stock after selling 401,093 shares during the period. Ninety One UK Ltd's holdings in Agnico Eagle Mines were worth $4,599,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of AEM. Massachusetts Financial Services Co. MA boosted its stake in shares of Agnico Eagle Mines by 3.9% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 13,441,198 shares of the mining company's stock valued at $1,457,160,000 after buying an additional 499,362 shares during the period. TD Asset Management Inc raised its holdings in Agnico Eagle Mines by 42.8% in the first quarter. TD Asset Management Inc now owns 9,033,296 shares of the mining company's stock valued at $978,553,000 after acquiring an additional 2,709,005 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Agnico Eagle Mines by 11.1% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 6,720,301 shares of the mining company's stock worth $728,214,000 after acquiring an additional 673,400 shares during the last quarter. Canada Pension Plan Investment Board lifted its stake in Agnico Eagle Mines by 57.4% in the first quarter. Canada Pension Plan Investment Board now owns 2,344,302 shares of the mining company's stock worth $254,029,000 after acquiring an additional 854,924 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Agnico Eagle Mines by 10.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,977,395 shares of the mining company's stock worth $214,361,000 after acquiring an additional 189,935 shares in the last quarter. 68.34% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently weighed in on AEM. National Bankshares restated an "outperform" rating on shares of Agnico Eagle Mines in a report on Tuesday, June 24th. CIBC restated an "outperform" rating on shares of Agnico Eagle Mines in a research note on Tuesday, July 15th. Lake Street Capital reaffirmed a "buy" rating on shares of Agnico Eagle Mines in a report on Monday, June 23rd. Bank of America increased their price objective on Agnico Eagle Mines from $170.00 to $173.00 and gave the company a "buy" rating in a report on Monday, June 23rd. Finally, Raymond James Financial upgraded Agnico Eagle Mines to a "moderate buy" rating and set a $130.00 target price for the company in a research note on Monday, June 30th. Five analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $141.40.

Agnico Eagle Mines Stock Performance

Shares of AEM stock opened at $170.31 on Thursday. The stock's 50-day moving average is $143.69 and its two-hundred day moving average is $125.21. The firm has a market cap of $85.63 billion, a price-to-earnings ratio of 28.96, a PEG ratio of 1.13 and a beta of 0.46. Agnico Eagle Mines Limited has a 1 year low of $75.17 and a 1 year high of $171.45. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.16 and a current ratio of 2.03.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last posted its earnings results on Wednesday, July 30th. The mining company reported $1.94 earnings per share for the quarter, beating the consensus estimate of $1.83 by $0.11. The business had revenue of $2.86 billion during the quarter, compared to the consensus estimate of $2.46 billion. Agnico Eagle Mines had a return on equity of 13.79% and a net margin of 30.63%.The business's quarterly revenue was up 35.6% on a year-over-year basis. During the same period in the previous year, the business earned $1.07 EPS. Analysts predict that Agnico Eagle Mines Limited will post 4.63 earnings per share for the current year.

Agnico Eagle Mines Company Profile

Agnico Eagle Mines Limited, a gold mining company, exploration, development, and production of precious metals. It explores for gold. The company's mines are located in Canada, Australia, Finland and Mexico, with exploration and development activities in Canada, Australia, Europe, Latin America, and the United States.

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