Pictet Asset Management Holding SA Acquires 79,642 Shares of Agnico Eagle Mines Limited $AEM

Key Points

• Pictet Asset Management increased its stake in Agnico Eagle by 28.3% in Q4, buying 79,642 shares to hold 360,920 shares worth about $61.3 million (roughly 0.07% of the company).
• Agnico reported a strong quarter—EPS $2.69 vs. $2.56 expected and revenue $3.53B (up 60.3% YoY)—and raised its quarterly dividend to $0.45 ($1.80 annual, ~1.0% yield; payout ratio ~20.3%).
• Analysts hold a consensus of "Moderate Buy" with an average price target of $239.36; the stock has a market cap of about $94.7 billion and was trading down (~4.5%) near $189.16 at the latest open.

Pictet Asset Management Holding SA grew its stake in shares of Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 28.3% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 360,920 shares of the mining company's stock after purchasing an additional 79,642 shares during the period. Pictet Asset Management Holding SA owned about 0.07% of Agnico Eagle Mines worth $61,295,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. TD Waterhouse Canada Inc. increased its holdings in Agnico Eagle Mines by 13.4% during the 3rd quarter. TD Waterhouse Canada Inc. now owns 1,133,384 shares of the mining company's stock worth $192,951,000 after purchasing an additional 134,147 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in Agnico Eagle Mines by 42.9% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 65,404 shares of the mining company's stock worth $11,088,000 after purchasing an additional 19,647 shares in the last quarter. Ninety One UK Ltd increased its holdings in Agnico Eagle Mines by 386.5% during the 3rd quarter. Ninety One UK Ltd now owns 188,189 shares of the mining company's stock worth $31,703,000 after purchasing an additional 149,506 shares in the last quarter. Gunderson Capital Management Inc. increased its holdings in Agnico Eagle Mines by 187.6% during the 4th quarter. Gunderson Capital Management Inc. now owns 48,104 shares of the mining company's stock worth $8,155,000 after purchasing an additional 31,378 shares in the last quarter. Finally, Campbell & CO Investment Adviser LLC increased its holdings in Agnico Eagle Mines by 1,560.8% during the 3rd quarter. Campbell & CO Investment Adviser LLC now owns 48,677 shares of the mining company's stock worth $8,205,000 after purchasing an additional 45,746 shares in the last quarter. 68.34% of the stock is owned by institutional investors.

Agnico Eagle Mines Trading Down 4.5%

NYSE:AEM opened at $189.16 on Wednesday. The company has a current ratio of 2.02, a quick ratio of 1.33 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $94.68 billion, a PE ratio of 21.30, a price-to-earnings-growth ratio of 9.91 and a beta of 0.71. The firm's 50 day moving average is $213.24 and its 200 day moving average is $191.84. Agnico Eagle Mines Limited has a 12 month low of $103.38 and a 12 month high of $255.24.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last posted its quarterly earnings results on Thursday, February 12th. The mining company reported $2.69 EPS for the quarter, topping analysts' consensus estimates of $2.56 by $0.13. The company had revenue of $3.53 billion for the quarter, compared to analysts' expectations of $3.40 billion. Agnico Eagle Mines had a net margin of 37.47% and a return on equity of 18.09%. Agnico Eagle Mines's revenue was up 60.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.26 EPS. Sell-side analysts expect that Agnico Eagle Mines Limited will post 12.98 earnings per share for the current year.

Agnico Eagle Mines Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 16th. Investors of record on Monday, March 2nd were issued a $0.45 dividend. This is a boost from Agnico Eagle Mines's previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Monday, March 2nd. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.0%. Agnico Eagle Mines's payout ratio is presently 20.27%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on AEM shares. JPMorgan Chase & Co. decreased their price objective on Agnico Eagle Mines from $248.00 to $235.00 and set a "neutral" rating for the company in a report on Wednesday, February 18th. Scotiabank restated an "outperform" rating and issued a $280.00 target price on shares of Agnico Eagle Mines in a research note on Tuesday, February 17th. Zacks Research downgraded Agnico Eagle Mines from a "strong-buy" rating to a "hold" rating in a research note on Monday, March 30th. TD Securities boosted their target price on Agnico Eagle Mines from $241.00 to $251.00 and gave the stock a "buy" rating in a research note on Tuesday, March 3rd. Finally, Citigroup boosted their target price on Agnico Eagle Mines from $198.00 to $256.00 and gave the stock a "buy" rating in a research note on Thursday, January 15th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, Agnico Eagle Mines currently has a consensus rating of "Moderate Buy" and an average price target of $239.36.

Agnico Eagle Mines 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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