Raymond James Financial Inc. Sells 73,904 Shares of Agnico Eagle Mines Limited $AEM

Key Points

• Raymond James Financial Inc. reduced its stake in Agnico Eagle Mines by 11.0%, owning 597,403 shares valued at $64.76 million after selling 73,904 shares in Q1.
• Agnico Eagle Mines reported Q2 earnings of $1.94 EPS, exceeding analysts' estimates by $0.11, with revenue increasing 35.6% year-over-year to $2.86 billion.
• The company also declared a $0.40 per share dividend with a payout ratio of 27.21%, which signifies a substantial yield of 136.0% for shareholders.

Raymond James Financial Inc. reduced its stake in Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 11.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 597,403 shares of the mining company's stock after selling 73,904 shares during the period. Raymond James Financial Inc. owned about 0.12% of Agnico Eagle Mines worth $64,764,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. MJT & Associates Financial Advisory Group Inc. purchased a new position in Agnico Eagle Mines in the 1st quarter worth approximately $26,000. Cary Street Partners Investment Advisory LLC purchased a new position in Agnico Eagle Mines in the 1st quarter worth approximately $26,000. Private Trust Co. NA increased its stake in Agnico Eagle Mines by 454.9% in the 1st quarter. Private Trust Co. NA now owns 283 shares of the mining company's stock worth $31,000 after purchasing an additional 232 shares during the period. Golden State Wealth Management LLC purchased a new position in Agnico Eagle Mines in the 1st quarter worth approximately $34,000. Finally, Coppell Advisory Solutions LLC increased its stake in shares of Agnico Eagle Mines by 235.0% during the fourth quarter. Coppell Advisory Solutions LLC now owns 469 shares of the mining company's stock valued at $37,000 after buying an additional 329 shares during the period. 68.34% of the stock is owned by hedge funds and other institutional investors.

Agnico Eagle Mines Stock Up 2.2%

AEM stock traded up $2.97 during midday trading on Tuesday, hitting $139.59. The stock had a trading volume of 2,072,439 shares, compared to its average volume of 2,525,049. The firm has a market cap of $70.19 billion, a price-to-earnings ratio of 23.74, a price-to-earnings-growth ratio of 0.94 and a beta of 0.44. The business has a 50-day moving average of $125.96 and a two-hundred day moving average of $115.25. Agnico Eagle Mines Limited has a 52-week low of $75.17 and a 52-week high of $139.80. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.03 and a quick ratio of 1.16.

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

Analyst Ratings Changes

Several equities analysts have recently issued reports on AEM shares. Lake Street Capital reissued a "buy" rating on shares of Agnico Eagle Mines in a research note on Monday, June 23rd. TD Securities raised Agnico Eagle Mines to a "strong-buy" rating in a research note on Thursday, July 17th. Bank of America boosted their target price on Agnico Eagle Mines from $170.00 to $173.00 and gave the company a "buy" rating in a research note on Monday, June 23rd. CIBC reissued an "outperform" rating on shares of Agnico Eagle Mines in a research note on Tuesday, July 15th. Finally, National Bankshares reissued an "outperform" rating on shares of Agnico Eagle Mines in a research note on Tuesday, June 24th. Five investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $136.90.

Agnico Eagle Mines 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.