PenderFund Capital Management Ltd. Makes New Investment in Agnico Eagle Mines Limited $AEM

Key Points

• PenderFund Capital Management initiated a position in Agnico Eagle Mines, purchasing 7,302 shares valued at approximately $1.14 million. Institutional investors collectively own 68.34% of the company.
• Agnico Eagle reported quarterly earnings of $3.05 per share, beating estimates of $2.89, while revenue rose 35% year over year to $3.77 billion. Analysts expect full-year earnings of $11.56 per share.
• The stock recently traded at $215.35, with analysts assigning a “Moderate Buy” consensus rating and an average price target of $226.00, despite mixed individual rating changes.

PenderFund Capital Management Ltd. purchased a new position in shares of Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 7,302 shares of the mining company's stock, valued at approximately $1,135,000.

A number of other hedge funds have also recently modified their holdings of AEM. Brighton Jones LLC lifted its position in Agnico Eagle Mines by 11.5% during the fourth quarter. Brighton Jones LLC now owns 3,216 shares of the mining company's stock valued at $252,000 after purchasing an additional 331 shares in the last quarter. AQR Capital Management LLC increased its position in Agnico Eagle Mines by 36.4% in the first quarter. AQR Capital Management LLC now owns 19,829 shares of the mining company's stock worth $2,150,000 after buying an additional 5,293 shares in the last quarter. Sivia Capital Partners LLC increased its position in Agnico Eagle Mines by 57.2% in the second quarter. Sivia Capital Partners LLC now owns 3,188 shares of the mining company's stock worth $379,000 after buying an additional 1,160 shares in the last quarter. Rhumbline Advisers raised its stake in shares of Agnico Eagle Mines by 8.0% in the second quarter. Rhumbline Advisers now owns 1,810 shares of the mining company's stock worth $215,000 after buying an additional 134 shares during the period. Finally, EverSource Wealth Advisors LLC raised its stake in shares of Agnico Eagle Mines by 25.2% in the second quarter. EverSource Wealth Advisors LLC now owns 929 shares of the mining company's stock worth $110,000 after buying an additional 187 shares during the period. Institutional investors own 68.34% of the company's stock.

Agnico Eagle Mines Stock Up 0.6%

Shares of AEM opened at $215.35 on Friday. The business's 50 day moving average is $164.70 and its 200 day moving average is $187.31. The company has a current ratio of 2.86, a quick ratio of 2.02 and a debt-to-equity ratio of 0.01. Agnico Eagle Mines Limited has a 12-month low of $134.38 and a 12-month high of $255.24. The company has a market capitalization of $109.16 billion, a PE ratio of 18.42, a price-to-earnings-growth ratio of 2.66 and a beta of 0.60.

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 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 business had revenue of $3.77 billion during the quarter, compared to the consensus estimate of $3.78 billion. During the same period in the prior year, the company posted $1.94 EPS. The firm's revenue for the quarter was up 35.0% compared to the same quarter last year. Research analysts expect that Agnico Eagle Mines Limited will post 11.56 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Zacks Research downgraded Agnico Eagle Mines from a "hold" rating to a "strong sell" rating in a research note on Friday, July 17th. JPMorgan Chase & Co. raised their target price on shares of Agnico Eagle Mines from $175.00 to $179.00 and gave the stock a "neutral" rating in a research note on Monday, August 3rd. Barclays lowered their price target on shares of Agnico Eagle Mines from $210.00 to $188.00 and set an "overweight" rating on the stock in a report on Wednesday, July 15th. Bank of America dropped their price target on shares of Agnico Eagle Mines from $302.00 to $240.00 and set a "buy" rating for the company in a research report on Thursday, July 9th. Finally, Wall Street Zen cut shares of Agnico Eagle Mines from a "buy" rating to a "hold" rating in a research note on Sunday, July 12th. Twelve investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Agnico Eagle Mines has an average rating of "Moderate Buy" and an average price target 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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