Oxbow Advisors LLC Buys Shares of 95,965 Agnico Eagle Mines Limited $AEM

Key Points

• Oxbow Advisors initiated a position in Agnico Eagle Mines by purchasing 95,965 shares worth approximately $14.9 million, making the stock 1.2% of its portfolio. Institutional investors collectively own 68.34% of the company.
• Agnico Eagle reported quarterly EPS of $3.05, exceeding estimates of $2.89, while revenue rose 35% year over year to $3.77 billion. The company posted a 40.44% net margin and 22.04% return on equity.
• Analysts maintain a generally positive view, with a consensus “Moderate Buy” rating and a $226 target price, although some firms recently lowered targets or downgraded the stock.

Oxbow Advisors LLC purchased a new position in shares of Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 95,965 shares of the mining company's stock, valued at approximately $14,887,000. Agnico Eagle Mines comprises approximately 1.2% of Oxbow Advisors LLC's investment portfolio, making the stock its 12th largest holding.

Other hedge funds and other institutional investors have also modified their holdings of the company. Capital World Investors lifted its stake 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 valued at $3,618,730,000 after buying an additional 572,473 shares during the period. Vanguard Group Inc. grew its stake in Agnico Eagle Mines by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 20,979,666 shares of the mining company's stock worth $3,557,772,000 after acquiring an additional 309,717 shares during the period. Van ECK Associates Corp grew its stake in Agnico Eagle Mines by 21.6% in the 4th quarter. Van ECK Associates Corp now owns 17,225,477 shares of the mining company's stock worth $2,920,258,000 after acquiring an additional 3,062,705 shares during the period. TD Asset Management Inc lifted its stake in shares of 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 worth $1,641,239,000 after purchasing an additional 165,263 shares during the period. Finally, Deutsche Bank AG purchased a new position in shares of Agnico Eagle Mines during the 2nd quarter worth $1,362,158,000. 68.34% of the stock is currently owned by hedge funds and other institutional investors.

Agnico Eagle Mines Stock Down 1.1%

Shares of NYSE:AEM opened at $186.79 on Wednesday. The stock has a 50-day simple moving average of $157.75 and a 200-day simple moving average of $186.40. The stock has a market capitalization of $94.68 billion, a P/E ratio of 15.98, a PEG ratio of 2.32 and a beta of 0.61. Agnico Eagle Mines Limited has a 1 year low of $130.04 and a 1 year high of $255.24. 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 posted its quarterly earnings results 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 firm had revenue of $3.77 billion for the quarter, compared to analyst estimates of $3.78 billion. Agnico Eagle Mines had a net margin of 40.44% and a return on equity of 22.04%. Agnico Eagle Mines's revenue for the quarter was up 35.0% compared to the same quarter last year. During the same quarter last year, the firm posted $1.94 earnings per share. Equities analysts forecast that Agnico Eagle Mines Limited will post 11.56 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on AEM shares. Barclays decreased their price objective on Agnico Eagle Mines from $210.00 to $188.00 and set an "overweight" rating on the stock in a report on Wednesday, July 15th. Scotiabank reduced their target price on Agnico Eagle Mines from $278.00 to $260.00 and set a "sector outperform" rating on the stock in a research report on Tuesday, July 14th. Wall Street Zen lowered Agnico Eagle Mines from a "buy" rating to a "hold" rating in a research note on Sunday, July 12th. Zacks Research lowered Agnico Eagle Mines from a "hold" rating to a "strong sell" rating in a research note on Friday, July 17th. Finally, ATB Cormark Capital Markets upgraded Agnico Eagle Mines from a "hold" rating to an "outperform" rating in a report on Monday, May 4th. Twelve equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Agnico Eagle Mines has an average rating of "Moderate Buy" and a consensus target price of $226.00.

Agnico Eagle Mines Company 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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