Nissay Asset Management Corp Japan Sells 5,613 Shares of Agnico Eagle Mines Limited $AEM

Key Points

• Nissay Asset Management cut its Agnico Eagle Mines stake by 60.5% in the second quarter, selling 5,613 shares and retaining 3,670 shares valued at approximately $569,000.
• Institutional investors own 68.34% of AEM, with several major funds—including Capital World Investors, VanECK Associates and TD Asset Management—recently increasing their positions.
• Analysts maintain a broadly positive outlook, with a “Moderate Buy” consensus and an average price target of $226.00. Agnico Eagle also exceeded quarterly EPS expectations, reporting $3.05 versus the $2.89 consensus, while revenue rose 35% year over year.

Nissay Asset Management Corp Japan decreased its holdings in shares of Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 60.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,670 shares of the mining company's stock after selling 5,613 shares during the period. Nissay Asset Management Corp Japan's holdings in Agnico Eagle Mines were worth $569,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in AEM. Capital World Investors increased its position in shares of Agnico Eagle Mines by 2.8% during the fourth quarter. Capital World Investors now owns 21,338,277 shares of the mining company's stock worth $3,618,730,000 after acquiring an additional 572,473 shares in the last quarter. Van ECK Associates Corp boosted its stake in Agnico Eagle Mines by 21.6% during the 4th quarter. Van ECK Associates Corp now owns 17,225,477 shares of the mining company's stock valued at $2,920,258,000 after purchasing an additional 3,062,705 shares during the last quarter. TD Asset Management Inc boosted its stake in Agnico Eagle Mines by 1.7% during the 4th quarter. TD Asset Management Inc now owns 9,665,456 shares of the mining company's stock valued at $1,641,239,000 after purchasing an additional 165,263 shares during the last quarter. Deutsche Bank AG bought a new stake in Agnico Eagle Mines during the 2nd quarter worth approximately $1,362,158,000. Finally, Mackenzie Financial Corp increased its holdings in Agnico Eagle Mines by 4.0% during the 4th quarter. Mackenzie Financial Corp now owns 8,687,624 shares of the mining company's stock worth $1,489,509,000 after purchasing an additional 332,797 shares in the last quarter. 68.34% of the stock is owned by institutional investors.

Analyst Ratings Changes

AEM has been the topic of a number of recent research reports. Weiss Ratings lowered Agnico Eagle Mines from a "buy (b)" rating to a "buy (b-)" rating in a report on Thursday, July 2nd. Scotia decreased their price target on Agnico Eagle Mines from $280.00 to $278.00 and set a "sector outperform" rating for the company in a report on Friday, July 3rd. Canadian Imperial Bank of Commerce set a $285.00 price objective on Agnico Eagle Mines in a research note on Thursday, July 16th. Barclays cut their price objective on shares of Agnico Eagle Mines from $210.00 to $188.00 and set an "overweight" rating on the stock in a report on Wednesday, July 15th. Finally, Jefferies Financial Group upgraded shares of Agnico Eagle Mines from a "hold" rating to a "buy" rating and upped their target price for the stock from $187.00 to $200.00 in a research note on Monday, July 6th. Twelve analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $226.00.

Agnico Eagle Mines Trading Down 4.8%

Shares of AEM opened at $193.42 on Wednesday. Agnico Eagle Mines Limited has a fifty-two week low of $134.38 and a fifty-two week high of $255.24. The business has a 50-day moving average of $166.89 and a 200 day moving average of $187.06. The firm has a market cap of $98.04 billion, a P/E ratio of 16.55, a price-to-earnings-growth ratio of 2.53 and a beta of 0.67. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.02 and a current ratio of 2.86.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last released its quarterly earnings data on Wednesday, July 29th. The mining company reported $3.05 EPS 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 the consensus estimate of $3.78 billion. Agnico Eagle Mines had a net margin of 40.44% and a return on equity of 22.04%. The company's revenue was up 35.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.94 earnings per share. As a group, research analysts forecast that Agnico Eagle Mines Limited will post 11.56 EPS 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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