Agnico Eagle Mines Limited $AEM Position Increased by Northern Trust Corp

Key Points

• Northern Trust Corp increased its holdings in Agnico Eagle Mines by 8.7%, acquiring an additional 36,420 shares during the first quarter, bringing its total to 456,247 shares valued at approximately $49.46 million.
• Recent analyst reports have led to enhanced price targets for Agnico Eagle Mines, with Bank of America raising theirs from $170 to $173 and Royal Bank of Canada from $115 to $145.
• Agnico Eagle Mines has declared a dividend of $0.40 to be paid on September 15, representing a yield of 120.0%, with a payout ratio of 27.21%.

Northern Trust Corp boosted its position in Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 8.7% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 456,247 shares of the mining company's stock after acquiring an additional 36,420 shares during the period. Northern Trust Corp owned about 0.09% of Agnico Eagle Mines worth $49,462,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the business. MJT & Associates Financial Advisory Group Inc. acquired a new position in Agnico Eagle Mines in the first quarter valued at $26,000. Cary Street Partners Investment Advisory LLC acquired a new stake in shares of Agnico Eagle Mines in the first quarter worth $26,000. Private Trust Co. NA increased its position 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 acquiring an additional 232 shares in the last quarter. Golden State Wealth Management LLC acquired a new stake in shares of Agnico Eagle Mines in the first quarter worth $34,000. Finally, Dagco Inc. acquired a new stake in shares of Agnico Eagle Mines in the first quarter worth $39,000. Hedge funds and other institutional investors own 68.34% of the company's stock.

Analysts Set New Price Targets

AEM has been the subject of several recent research reports. Lake Street Capital reissued a "buy" rating on shares of Agnico Eagle Mines in a research report on Monday, June 23rd. Bank of America increased their target price on Agnico Eagle Mines from $170.00 to $173.00 and gave the company a "buy" rating in a research note on Monday, June 23rd. 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. Royal Bank Of Canada raised their price objective on Agnico Eagle Mines from $115.00 to $145.00 and gave the company an "outperform" rating in a research note on Wednesday, June 4th. Finally, TD Securities upgraded Agnico Eagle Mines to a "strong-buy" rating in a research note on Thursday, July 17th. Five equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and two have assigned a Hold rating to the company. Based on 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 $5.12 during trading hours on Monday, reaching $144.23. 2,801,181 shares of the stock were exchanged, compared to its average volume of 2,311,649. The company has a quick ratio of 1.16, a current ratio of 2.03 and a debt-to-equity ratio of 0.03. The firm has a 50 day simple moving average of $127.10 and a 200-day simple moving average of $116.22. Agnico Eagle Mines Limited has a 52 week low of $75.17 and a 52 week high of $144.78. The stock has a market capitalization of $72.52 billion, a P/E ratio of 24.53, a P/E/G ratio of 0.99 and a beta of 0.44.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last released its earnings results on Wednesday, July 30th. The mining company reported $1.94 EPS for the quarter, topping analysts' consensus estimates of $1.83 by $0.11. Agnico Eagle Mines had a return on equity of 13.79% and a net margin of 30.63%.The company 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 business posted $1.07 EPS. Agnico Eagle Mines's quarterly revenue was up 35.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Agnico Eagle Mines Limited will post 4.63 earnings per share for the current fiscal year.

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.