Oak Harvest Investment Services Reduces Holdings in Agnico Eagle Mines Limited $AEM

Key Points

• Oak Harvest Investment Services cut its stake in Agnico Eagle Mines (NYSE:AEM) by 28.1% in Q4, selling 30,399 shares and ending the period with 77,744 shares worth $13.18 million, about 0.5% of its portfolio and its 16th largest holding.
• Agnico Eagle posted strong results—$2.69 EPS versus a $2.56 consensus and revenue of $3.53 billion (up 60.3% YoY)—and raised its quarterly dividend to $0.45 ($1.80 annual, ~0.8% yield).
• Analysts are broadly positive with an average rating of "Moderate Buy" and a mean target of $237.30, while institutional investors hold about 68.34% of the stock.

Oak Harvest Investment Services lowered its position in Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 28.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 77,744 shares of the mining company's stock after selling 30,399 shares during the period. Agnico Eagle Mines makes up approximately 0.5% of Oak Harvest Investment Services' investment portfolio, making the stock its 16th largest holding. Oak Harvest Investment Services' holdings in Agnico Eagle Mines were worth $13,180,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of AEM. True Wealth Design LLC boosted its position in Agnico Eagle Mines by 381.3% in the third quarter. True Wealth Design LLC now owns 154 shares of the mining company's stock valued at $26,000 after buying an additional 122 shares during the last quarter. Blue Bell Private Wealth Management LLC boosted its holdings in Agnico Eagle Mines by 59.7% during the third quarter. Blue Bell Private Wealth Management LLC now owns 198 shares of the mining company's stock worth $33,000 after buying an additional 74 shares in the last quarter. MCF Advisors LLC purchased a new stake in Agnico Eagle Mines during the third quarter worth $34,000. Abound Wealth Management boosted its holdings in Agnico Eagle Mines by 99.0% during the fourth quarter. Abound Wealth Management now owns 209 shares of the mining company's stock worth $35,000 after buying an additional 104 shares in the last quarter. Finally, Lodestone Wealth Management LLC purchased a new stake in Agnico Eagle Mines during the fourth quarter worth $35,000. Hedge funds and other institutional investors own 68.34% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. UBS Group lowered their price target on shares of Agnico Eagle Mines from $240.00 to $210.00 and set a "neutral" rating on the stock in a report on Friday, March 27th. Citigroup upped their target price 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 target price on Agnico Eagle Mines and gave the stock an "outperform" rating in a research note on Wednesday, February 4th. Raymond James Financial reaffirmed an "outperform" rating and set a $225.00 target price on shares of Agnico Eagle Mines in a research note on Wednesday, January 14th. Finally, TD Securities upped their target price on Agnico Eagle Mines from $241.00 to $251.00 and gave the stock a "buy" rating in a research note on Tuesday, March 3rd. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $237.30.

Agnico Eagle Mines Stock Performance

NYSE:AEM opened at $220.23 on Friday. The company's 50-day moving average price is $214.87 and its 200-day moving average price is $189.87. The company has a current ratio of 2.02, a quick ratio of 1.33 and a debt-to-equity ratio of 0.01. The company has a market cap of $110.34 billion, a P/E ratio of 24.80 and a beta of 0.71. Agnico Eagle Mines Limited has a twelve month low of $103.38 and a twelve month high of $255.24.

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 earnings per share for the quarter, topping the consensus estimate of $2.56 by $0.13. Agnico Eagle Mines had a net margin of 37.47% and a return on equity of 18.09%. The firm had revenue of $3.53 billion for the quarter, compared to the consensus estimate of $3.40 billion. During the same period last year, the firm posted $1.26 earnings per share. The company's revenue for the quarter was up 60.3% on a year-over-year basis. On average, sell-side analysts forecast that Agnico Eagle Mines Limited will post 4.63 earnings per share for the current fiscal year.

Agnico Eagle Mines Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Monday, March 2nd were paid 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 dividend on an annualized basis and a dividend yield of 0.8%. Agnico Eagle Mines's dividend payout ratio is 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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