Agnico Eagle Mines Limited $AEM Shares Sold by Plato Investment Management Ltd

Key Points

• Plato Investment Management Ltd significantly reduced its stake in Agnico Eagle Mines Limited by 89.2%, owning only 4,121 shares worth $451,000 after selling over 34,000 shares in the first quarter.
• Numerous hedge funds have increased their investments, with Zurich Insurance Group raising its position by 32.6%, now owning over 509,000 shares valued at $55.2 million.
• Agnico Eagle Mines reported a 35.6% increase in quarterly revenue year-over-year, reaching $2.86 billion, alongside an earnings per share of $1.94, surpassing analysts' expectations.

Plato Investment Management Ltd trimmed its stake in shares of Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 89.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,121 shares of the mining company's stock after selling 34,148 shares during the period. Plato Investment Management Ltd's holdings in Agnico Eagle Mines were worth $451,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in Agnico Eagle Mines by 1.5% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 5,702 shares of the mining company's stock valued at $618,000 after acquiring an additional 85 shares during the last quarter. Hexagon Capital Partners LLC raised its position in Agnico Eagle Mines by 31.1% during the first quarter. Hexagon Capital Partners LLC now owns 367 shares of the mining company's stock worth $40,000 after acquiring an additional 87 shares during the last quarter. Laird Norton Wetherby Wealth Management LLC raised its position in Agnico Eagle Mines by 1.8% during the fourth quarter. Laird Norton Wetherby Wealth Management LLC now owns 6,944 shares of the mining company's stock worth $543,000 after acquiring an additional 120 shares during the last quarter. MassMutual Private Wealth & Trust FSB raised its position in Agnico Eagle Mines by 19.3% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 774 shares of the mining company's stock worth $84,000 after acquiring an additional 125 shares during the last quarter. Finally, Continuum Advisory LLC raised its position in Agnico Eagle Mines by 47.0% during the first quarter. Continuum Advisory LLC now owns 397 shares of the mining company's stock worth $43,000 after acquiring an additional 127 shares during the last quarter. 68.34% of the stock is currently owned by hedge funds and other institutional investors.

Agnico Eagle Mines Stock Down 1.0%

Shares of AEM stock traded down $1.49 on Tuesday, hitting $152.27. The stock had a trading volume of 2,329,589 shares, compared to its average volume of 2,931,334. The firm has a market capitalization of $76.57 billion, a price-to-earnings ratio of 25.88, a P/E/G ratio of 1.05 and a beta of 0.44. The stock's 50 day moving average is $133.94 and its 200-day moving average is $120.39. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.16 and a current ratio of 2.03. Agnico Eagle Mines Limited has a 52-week low of $75.17 and a 52-week high of $156.18.

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

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on AEM. Royal Bank Of Canada lifted their target price on shares of Agnico Eagle Mines from $115.00 to $145.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 4th. Zacks Research lowered shares of Agnico Eagle Mines from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, September 2nd. National Bankshares reissued an "outperform" rating on shares of Agnico Eagle Mines in a research report on Tuesday, June 24th. Raymond James Financial raised shares of Agnico Eagle Mines to a "moderate buy" rating and set a $130.00 price objective for the company in a research report on Monday, June 30th. Finally, CIBC reissued an "outperform" rating on shares of Agnico Eagle Mines in a research report on Tuesday, July 15th. Five research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $136.90.

Agnico Eagle Mines Company 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.