Parsons Capital Management Inc. RI Trims Position in Agnico Eagle Mines Limited $AEM

Key Points

• Parsons Capital Management Inc. RI reduced its stake in Agnico Eagle Mines Limited by 9.7% in the second quarter, selling 3,168 shares for a total holding of 29,660 shares valued at approximately $3.5 million.
• Institutional investors currently hold 68.34% of Agnico Eagle Mines' stock, with several firms either increasing or initiating their positions during the second quarter.
• Wall Street analysts have a generally positive outlook on Agnico Eagle Mines, with five analysts rating it as a Strong Buy and the stock currently having an average price target of $141.40.

Parsons Capital Management Inc. RI lessened its stake in Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 9.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 29,660 shares of the mining company's stock after selling 3,168 shares during the period. Parsons Capital Management Inc. RI's holdings in Agnico Eagle Mines were worth $3,527,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the stock. Consolidated Portfolio Review Corp purchased a new position in Agnico Eagle Mines in the 2nd quarter worth about $255,000. LBP AM SA increased its position in Agnico Eagle Mines by 52.6% during the 2nd quarter. LBP AM SA now owns 260,177 shares of the mining company's stock valued at $30,943,000 after purchasing an additional 89,691 shares during the period. Truist Financial Corp increased its position in Agnico Eagle Mines by 6.0% during the 2nd quarter. Truist Financial Corp now owns 44,413 shares of the mining company's stock valued at $5,282,000 after purchasing an additional 2,518 shares during the period. Lee Johnson Capital Management LLC purchased a new position in Agnico Eagle Mines during the 2nd quarter valued at about $4,228,000. Finally, Capital Investment Advisors LLC increased its position in Agnico Eagle Mines by 38.4% during the 2nd quarter. Capital Investment Advisors LLC now owns 3,263 shares of the mining company's stock valued at $388,000 after purchasing an additional 906 shares during the period. Hedge funds and other institutional investors own 68.34% of the company's stock.

Wall Street Analysts Forecast Growth

AEM has been the topic of a number of research reports. UBS Group raised their target price on shares of Agnico Eagle Mines from $125.00 to $160.00 and gave the company a "neutral" rating in a research report on Friday, September 19th. Lake Street Capital reissued a "buy" rating on shares of Agnico Eagle Mines in a research report on Monday, June 23rd. Royal Bank Of Canada raised their target price on shares of Agnico Eagle Mines from $115.00 to $145.00 and gave the company an "outperform" rating in a research report on Wednesday, June 4th. National Bankshares reissued an "outperform" rating on shares of Agnico Eagle Mines in a research report on Tuesday, June 24th. Finally, Bank of America raised their target price on shares of Agnico Eagle Mines from $170.00 to $173.00 and gave the company a "buy" rating in a research report on Monday, June 23rd. Five investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $141.40.

Agnico Eagle Mines Stock Up 1.0%

NYSE:AEM opened at $170.31 on Thursday. Agnico Eagle Mines Limited has a fifty-two week low of $75.17 and a fifty-two week high of $171.45. The stock has a market capitalization of $85.63 billion, a P/E ratio of 28.96, a P/E/G ratio of 1.13 and a beta of 0.46. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.16 and a current ratio of 2.03. The company's 50-day simple moving average is $143.69 and its 200-day simple moving average is $125.21.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last released its quarterly earnings results on Wednesday, July 30th. The mining company reported $1.94 earnings per share for the quarter, beating analysts' consensus estimates of $1.83 by $0.11. Agnico Eagle Mines had a net margin of 30.63% and a return on equity of 13.79%. The business had revenue of $2.86 billion for the quarter, compared to analysts' expectations of $2.46 billion. During the same period last year, the business earned $1.07 EPS. The company's revenue was up 35.6% compared to the same quarter last year. On average, equities analysts anticipate 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.

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