PCJ Investment Counsel Ltd. Raises Holdings in Agnico Eagle Mines Limited (NYSE:AEM)

Key Points

• PCJ Investment Counsel Ltd. increased its stake in Agnico Eagle Mines Limited by 19.6% in Q1, owning 34,450 shares valued at approximately $3.73 million.
• Agnico Eagle Mines reported Q2 earnings of $1.94 per share, exceeding estimates by $0.11, with a revenue increase of 35.6% year-over-year.
• The company recently announced a $0.40 dividend with a yield of 136.0%, reflecting a payout ratio of 27.21%.

PCJ Investment Counsel Ltd. raised its holdings in shares of Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 19.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 34,450 shares of the mining company's stock after purchasing an additional 5,640 shares during the period. Agnico Eagle Mines accounts for about 1.5% of PCJ Investment Counsel Ltd.'s holdings, making the stock its 22nd largest holding. PCJ Investment Counsel Ltd.'s holdings in Agnico Eagle Mines were worth $3,733,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Maryland State Retirement & Pension System raised its position in Agnico Eagle Mines by 17.5% during the 1st quarter. Maryland State Retirement & Pension System now owns 131,861 shares of the mining company's stock valued at $14,283,000 after purchasing an additional 19,681 shares during the last quarter. Ontario Teachers Pension Plan Board raised its position in Agnico Eagle Mines by 81.6% during the 1st quarter. Ontario Teachers Pension Plan Board now owns 31,020 shares of the mining company's stock valued at $3,361,000 after purchasing an additional 13,939 shares during the last quarter. ASR Vermogensbeheer N.V. bought a new position in Agnico Eagle Mines during the 1st quarter valued at approximately $1,574,000. Legacy Capital Group California Inc. bought a new position in Agnico Eagle Mines during the 1st quarter valued at approximately $304,000. Finally, Wealthspire Advisors LLC bought a new position in Agnico Eagle Mines during the 1st quarter valued at approximately $289,000. Institutional investors own 68.34% of the company's stock.

Agnico Eagle Mines Stock Down 0.1%

Shares of Agnico Eagle Mines stock traded down $0.12 during midday trading on Friday, hitting $135.66. The company had a trading volume of 2,239,790 shares, compared to its average volume of 2,703,854. 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 stock has a market capitalization of $68.21 billion, a P/E ratio of 23.07, a P/E/G ratio of 0.94 and a beta of 0.44. The company has a 50 day moving average of $122.78 and a 200 day moving average of $111.80. Agnico Eagle Mines Limited has a 52-week low of $72.78 and a 52-week high of $137.81.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last posted its quarterly earnings results on Wednesday, July 30th. The mining company reported $1.94 earnings per share for the quarter, topping the consensus estimate of $1.83 by $0.11. The company had revenue of $2.86 billion for the quarter, compared to the consensus estimate of $2.46 billion. Agnico Eagle Mines had a return on equity of 13.79% and a net margin of 30.63%. The firm's quarterly revenue was up 35.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.07 EPS. On average, equities analysts predict that Agnico Eagle Mines Limited will post 4.63 earnings per share for the current fiscal year.

Agnico Eagle Mines Dividend Announcement

The firm also recently announced a dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 2nd were paid a dividend of $0.40 per share. This represents a yield of 136.0%. The ex-dividend date was Friday, May 30th. Agnico Eagle Mines's dividend payout ratio (DPR) is currently 27.21%.

Wall Street Analyst Weigh In

A number of research firms have commented on AEM. CIBC reaffirmed an "outperform" rating on shares of Agnico Eagle Mines in a research report on Tuesday, July 15th. BMO Capital Markets assumed coverage on Agnico Eagle Mines in a report on Wednesday, April 16th. They set an "outperform" rating and a $181.00 target price on the stock. Lake Street Capital reiterated a "buy" rating on shares of Agnico Eagle Mines in a report on Monday, June 23rd. Royal Bank Of Canada upped their target price on Agnico Eagle Mines from $115.00 to $145.00 and gave the stock an "outperform" rating in a report on Wednesday, June 4th. Finally, Raymond James Financial upgraded Agnico Eagle Mines to a "moderate buy" rating and set a $130.00 target price on the stock in a report on Monday, June 30th. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and five have issued a strong buy rating to the stock. Based on data from MarketBeat, Agnico Eagle Mines presently has an average rating of "Buy" and an average target price of $136.90.

Agnico Eagle Mines Profile

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.