Norden Group LLC Sells 3,360 Shares of Agnico Eagle Mines Limited (NYSE:AEM)

Key Points

• Norden Group LLC has reduced its stake in Agnico Eagle Mines Limited by 14.7%, owning 19,548 shares worth approximately $2.12 million following the sale of 3,360 shares.
• Research analysts are optimistic about Agnico Eagle Mines, with target prices set significantly higher, including Citigroup raising theirs from $100 to $140, accompanied by multiple buy ratings.
• Agnico Eagle Mines recently reported a 34.9% year-over-year increase in quarterly revenue, with earnings per share exceeding expectations at $1.53.

Norden Group LLC trimmed its stake in Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 14.7% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 19,548 shares of the mining company's stock after selling 3,360 shares during the quarter. Norden Group LLC's holdings in Agnico Eagle Mines were worth $2,119,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Private Trust Co. NA boosted its holdings in shares of Agnico Eagle Mines by 454.9% in the first quarter. Private Trust Co. NA now owns 283 shares of the mining company's stock worth $31,000 after buying an additional 232 shares during the period. Golden State Wealth Management LLC purchased a new stake in shares of Agnico Eagle Mines in the first quarter valued at $34,000. Coppell Advisory Solutions LLC boosted its position in shares of Agnico Eagle Mines by 235.0% in the fourth quarter. Coppell Advisory Solutions LLC now owns 469 shares of the mining company's stock worth $37,000 after buying an additional 329 shares during the period. Hexagon Capital Partners LLC grew its holdings in shares of Agnico Eagle Mines by 31.1% during the first quarter. Hexagon Capital Partners LLC now owns 367 shares of the mining company's stock valued at $40,000 after buying an additional 87 shares in the last quarter. Finally, Continuum Advisory LLC raised its position in Agnico Eagle Mines by 47.0% during the first quarter. Continuum Advisory LLC now owns 397 shares of the mining company's stock valued at $43,000 after buying an additional 127 shares during the period. 68.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

AEM has been the topic of several research analyst reports. Raymond James Financial raised Agnico Eagle Mines to a "moderate buy" rating and set a $130.00 target price on the stock in a research note on Monday, June 30th. TD Securities upgraded shares of Agnico Eagle Mines to a "strong-buy" rating in a research note on Thursday, July 17th. BMO Capital Markets began coverage on shares of Agnico Eagle Mines in a report on Wednesday, April 16th. They set an "outperform" rating and a $181.00 price target on the stock. National Bankshares reaffirmed an "outperform" rating on shares of Agnico Eagle Mines in a research note on Tuesday, June 24th. Finally, CIBC restated an "outperform" rating on shares of Agnico Eagle Mines in a research note on Tuesday, July 15th. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and five have assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $136.90.

Agnico Eagle Mines Stock Performance

NYSE:AEM traded up $1.04 during midday trading on Thursday, reaching $124.41. The stock had a trading volume of 2,292,875 shares, compared to its average volume of 2,992,530. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.37 and a quick ratio of 1.20. Agnico Eagle Mines Limited has a 1-year low of $69.72 and a 1-year high of $129.77. The firm's fifty day simple moving average is $120.74 and its 200-day simple moving average is $109.38. The stock has a market capitalization of $62.55 billion, a P/E ratio of 26.47, a PEG ratio of 0.91 and a beta of 0.50.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last announced its quarterly earnings data on Wednesday, July 30th. The mining company reported $1.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.37. Agnico Eagle Mines had a net margin of 26.48% and a return on equity of 12.09%. The business had revenue of $2.86 billion for the quarter, compared to the consensus estimate of $2.46 billion. During the same quarter last year, the company posted $1.07 earnings per share. Agnico Eagle Mines's quarterly revenue was up 35.6% on a year-over-year basis. On average, equities research analysts forecast that Agnico Eagle Mines Limited will post 4.63 EPS for the current fiscal year.

Agnico Eagle Mines Dividend Announcement

The company also recently disclosed a dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 2nd were given a $0.40 dividend. The ex-dividend date of this dividend was Friday, May 30th. This represents a dividend yield of 1.36%. Agnico Eagle Mines's dividend payout ratio is currently 34.04%.

About Agnico Eagle Mines

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.