Public Employees Retirement System of Ohio Decreases Position in Agnico Eagle Mines Limited $AEM

Key Points

• Public Employees Retirement System of Ohio cut its stake in Agnico Eagle Mines by 5.7% in the first quarter, selling 39,623 shares and leaving it with 654,890 shares valued at about $132.7 million.
• Agnico Eagle Mines reported better-than-expected quarterly results, with EPS of $3.40 versus $3.19 expected and revenue of $4.0 billion, up 66.1% year over year.
• Despite the strong earnings, the stock has faced pressure: it was down 1.8% in trading and several analysts recently turned more cautious, including downgrades and lower price targets from firms such as Wall Street Zen, RBC, and Barclays.

Public Employees Retirement System of Ohio reduced its stake in shares of Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 5.7% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 654,890 shares of the mining company's stock after selling 39,623 shares during the quarter. Public Employees Retirement System of Ohio owned 0.13% of Agnico Eagle Mines worth $132,749,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. Brighton Jones LLC grew its position in Agnico Eagle Mines by 11.5% in the fourth quarter. Brighton Jones LLC now owns 3,216 shares of the mining company's stock valued at $252,000 after acquiring an additional 331 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of Agnico Eagle Mines by 36.4% during the first quarter. AQR Capital Management LLC now owns 19,829 shares of the mining company's stock worth $2,150,000 after purchasing an additional 5,293 shares in the last quarter. Sivia Capital Partners LLC lifted its position in shares of Agnico Eagle Mines by 57.2% during the second quarter. Sivia Capital Partners LLC now owns 3,188 shares of the mining company's stock worth $379,000 after purchasing an additional 1,160 shares in the last quarter. Rhumbline Advisers boosted 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 valued at $215,000 after purchasing an additional 134 shares during the period. Finally, EverSource Wealth Advisors LLC boosted 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 valued at $110,000 after purchasing an additional 187 shares during the period. 68.34% of the stock is currently owned by hedge funds and other institutional investors.

Agnico Eagle Mines Stock Down 1.8%

AEM stock opened at $144.43 on Friday. The company has a current ratio of 3.15, a quick ratio of 2.18 and a debt-to-equity ratio of 0.01. The firm has a 50 day simple moving average of $161.15 and a 200-day simple moving average of $190.77. The company has a market capitalization of $73.31 billion, a P/E ratio of 13.57, a PEG ratio of 2.20 and a beta of 0.60. Agnico Eagle Mines Limited has a twelve month low of $122.32 and a twelve month high of $255.24.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last posted its quarterly earnings results on Thursday, April 30th. The mining company reported $3.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.19 by $0.21. Agnico Eagle Mines had a net margin of 39.46% and a return on equity of 21.09%. The firm had revenue of $4 billion for the quarter, compared to analysts' expectations of $3.96 billion. During the same period in the prior year, the company posted $1.53 earnings per share. The firm's quarterly revenue was up 66.1% on a year-over-year basis. On average, equities research analysts predict that Agnico Eagle Mines Limited will post 12.09 earnings per share for the current fiscal year.

Agnico Eagle Mines News Summary

Here are the key news stories impacting Agnico Eagle Mines this week:

• Negative Sentiment: Zacks labeled AEM a “Bear of the Day,” saying earnings estimates have been cut as gold retreats, which weighs on near-term sentiment for the miner. Bear of the Day: Agnico Eagle Mines (AEM)
• Negative Sentiment: Another Zacks note said Agnico Eagle does not have the right setup for a likely earnings beat ahead of next week’s report, reinforcing caution around the upcoming results. Agnico Eagle Mines (AEM) Reports Next Week: Wall Street Expects Earnings Growth
• Negative Sentiment: JPMorgan reportedly lowered expectations for Agnico Eagle Mines, adding to the day’s bearish analyst tone. JPMorgan Chase & Co. Has Lowered Expectations for Agnico Eagle Mines NYSE: AEM Stock Price
• Negative Sentiment: A separate market wrap noted AEM fell more than the broader market, signaling selling pressure alongside the weaker sector backdrop. Agnico Eagle Mines (AEM) Dips More Than Broader Market: What You Should Know

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on AEM shares. Wall Street Zen downgraded shares of Agnico Eagle Mines from a "buy" rating to a "hold" rating in a research note on Sunday, July 12th. Royal Bank Of Canada decreased their price objective on shares of Agnico Eagle Mines from $230.00 to $210.00 and set a "sector perform" rating for the company in a research report on Thursday, July 9th. ATB Cormark Capital Markets upgraded Agnico Eagle Mines from a "hold" rating to an "outperform" rating in a research note on Monday, May 4th. Barclays dropped their target price on Agnico Eagle Mines from $210.00 to $188.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 15th. Finally, TD boosted their price target on Agnico Eagle Mines from $251.00 to $252.00 and gave the stock a "buy" rating in a research note on Tuesday, April 21st. Twelve analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Agnico Eagle Mines currently has an average rating of "Moderate Buy" and an average target price of $230.00.

About Agnico Eagle Mines

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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