Quantbot Technologies LP Acquires New Shares in Agnico Eagle Mines Limited $AEM

Key Points

• Quantbot Technologies acquired 6,370 shares of Agnico Eagle Mines in the second quarter, valued at approximately $988,000. Institutional investors collectively own 68.34% of the company.
• Analyst sentiment remains mostly positive, with 12 Buy ratings, four Holds and one Sell; the consensus rating is Moderate Buy with an average price target of $226, despite several recent target-price cuts.
• Agnico Eagle reported quarterly EPS of $3.05, beating estimates of $2.89, while revenue rose 35% year over year to $3.77 billion. Shares opened at $213.84, down 4.6%.

Quantbot Technologies LP acquired a new position in Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 6,370 shares of the mining company's stock, valued at approximately $988,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Capital World Investors raised its holdings in shares of Agnico Eagle Mines by 2.8% in the 4th quarter. Capital World Investors now owns 21,338,277 shares of the mining company's stock valued at $3,618,730,000 after purchasing an additional 572,473 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Agnico Eagle Mines by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 20,979,666 shares of the mining company's stock valued at $3,557,772,000 after purchasing an additional 309,717 shares in the last quarter. Van ECK Associates Corp boosted its stake in shares of Agnico Eagle Mines by 21.6% during the fourth quarter. Van ECK Associates Corp now owns 17,225,477 shares of the mining company's stock valued at $2,920,258,000 after purchasing an additional 3,062,705 shares in the last quarter. TD Asset Management Inc increased its holdings in Agnico Eagle Mines by 1.7% during the fourth quarter. TD Asset Management Inc now owns 9,665,456 shares of the mining company's stock valued at $1,641,239,000 after buying an additional 165,263 shares during the period. Finally, Deutsche Bank AG purchased a new position in Agnico Eagle Mines during the second quarter valued at approximately $1,362,158,000. 68.34% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Bank of America lowered their target price on Agnico Eagle Mines from $302.00 to $240.00 and set a "buy" rating for the company in a report on Thursday, July 9th. Royal Bank Of Canada cut their price target on Agnico Eagle Mines from $230.00 to $210.00 and set a "sector perform" rating on the stock in a report on Thursday, July 9th. Zacks Research lowered Agnico Eagle Mines from a "hold" rating to a "strong sell" rating in a research report on Friday, July 17th. Scotia decreased their price objective on Agnico Eagle Mines from $280.00 to $278.00 and set a "sector outperform" rating for the company in a research note on Friday, July 3rd. Finally, Barclays dropped their price objective 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. Twelve analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $226.00.

Agnico Eagle Mines Stock Down 4.6%

Shares of AEM stock opened at $213.84 on Thursday. Agnico Eagle Mines Limited has a 1-year low of $134.38 and a 1-year high of $255.24. The stock's fifty day moving average price is $163.73 and its 200 day moving average price is $187.18. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.86 and a quick ratio of 2.02. The company has a market cap of $108.40 billion, a price-to-earnings ratio of 18.29, a price-to-earnings-growth ratio of 2.79 and a beta of 0.60.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last announced its earnings results on Wednesday, July 29th. The mining company reported $3.05 earnings per share (EPS) for the quarter, beating 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 company had revenue of $3.77 billion for the quarter, compared to analyst estimates of $3.78 billion. During the same period in the prior year, the company posted $1.94 EPS. The firm's quarterly revenue was up 35.0% compared to the same quarter last year. On average, research analysts expect that Agnico Eagle Mines Limited will post 11.56 earnings per share for the current fiscal year.

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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