OMERS ADMINISTRATION Corp Takes $40.94 Million Position in Agnico Eagle Mines Limited $AEM

Key Points

• OMERS Administration Corp. initiated a $40.94 million position in Agnico Eagle Mines, purchasing 263,582 shares and owning approximately 0.05% of the company. Institutional investors collectively hold 68.34% of AEM’s outstanding stock.
• Analyst sentiment remains positive, with 12 Buy ratings, four Holds and one Sell; the stock carries a “Moderate Buy” consensus rating and an average price target of $226.
• Agnico Eagle reported quarterly earnings of $3.05 per share, exceeding estimates of $2.89, while revenue rose 35% year over year to $3.77 billion. Shares recently opened at $217.02, within a 52-week range of $133.80 to $255.24.

OMERS ADMINISTRATION Corp bought a new position in shares of Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 263,582 shares of the mining company's stock, valued at approximately $40,940,000. OMERS ADMINISTRATION Corp owned 0.05% of Agnico Eagle Mines at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Deutsche Bank AG bought a new stake in Agnico Eagle Mines in the 2nd quarter valued at $1,362,158,000. Norges Bank acquired a new stake in Agnico Eagle Mines during the 4th quarter valued at $1,367,783,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Agnico Eagle Mines during the second quarter worth $927,602,000. Van ECK Associates Corp boosted its position in Agnico Eagle Mines by 21.6% during the fourth quarter. Van ECK Associates Corp now owns 17,225,477 shares of the mining company's stock worth $2,920,258,000 after purchasing an additional 3,062,705 shares during the period. Finally, Bank of Nova Scotia bought a new position in Agnico Eagle Mines during the second quarter worth $234,829,000. 68.34% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on AEM shares. Canadian Imperial Bank of Commerce set a $285.00 price objective on shares of Agnico Eagle Mines in a research report on Thursday, July 16th. ATB Cormark Capital Markets raised shares of Agnico Eagle Mines from a "hold" rating to an "outperform" rating in a report on Monday, May 4th. Scotia reduced their target price on shares of 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. Citigroup decreased their price target on shares of Agnico Eagle Mines from $256.00 to $200.00 and set a "buy" rating on the stock in a research note on Monday, July 27th. Finally, Wall Street Zen cut shares of Agnico Eagle Mines from a "buy" rating to a "hold" rating in a report on Sunday, July 12th. Twelve investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Agnico Eagle Mines presently has an average rating of "Moderate Buy" and an average price target of $226.00.

Agnico Eagle Mines Stock Performance

AEM opened at $217.02 on Monday. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.86 and a quick ratio of 2.02. The business has a fifty day simple moving average of $161.03 and a 200 day simple moving average of $186.68. Agnico Eagle Mines Limited has a 1 year low of $133.80 and a 1 year high of $255.24. The company has a market capitalization of $110.01 billion, a PE ratio of 18.56, a price-to-earnings-growth ratio of 2.69 and a beta of 0.61.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last posted its quarterly earnings data on Wednesday, July 29th. The mining company reported $3.05 earnings per share for the quarter, topping the consensus estimate of $2.89 by $0.16. Agnico Eagle Mines had a return on equity of 22.04% and a net margin of 40.44%.The firm had revenue of $3.77 billion for the quarter, compared to analysts' expectations of $3.78 billion. During the same quarter last year, the business earned $1.94 EPS. The company's quarterly revenue was up 35.0% compared to the same quarter last year. Research analysts expect 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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