Red Cedar Investment Management LLC Makes New Investment in Agnico Eagle Mines Limited (NYSE:AEM)

Red Cedar Investment Management LLC bought a new stake in Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 26,457 shares of the mining company's stock, valued at approximately $2,868,000.

Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in shares of Agnico Eagle Mines by 1.7% in the fourth quarter. Vanguard Group Inc. now owns 19,865,285 shares of the mining company's stock valued at $1,554,180,000 after buying an additional 331,087 shares in the last quarter. Capital World Investors boosted its holdings in Agnico Eagle Mines by 41.9% during the 4th quarter. Capital World Investors now owns 13,952,061 shares of the mining company's stock valued at $1,091,550,000 after acquiring an additional 4,121,164 shares during the period. Deutsche Bank AG boosted its holdings in Agnico Eagle Mines by 0.7% during the 4th quarter. Deutsche Bank AG now owns 11,916,739 shares of the mining company's stock valued at $932,008,000 after acquiring an additional 87,410 shares during the period. Norges Bank acquired a new position in Agnico Eagle Mines in the 4th quarter valued at about $573,446,000. Finally, Arrowstreet Capital Limited Partnership grew its position in Agnico Eagle Mines by 81.0% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,051,473 shares of the mining company's stock valued at $551,339,000 after acquiring an additional 3,155,927 shares in the last quarter. Hedge funds and other institutional investors own 68.34% of the company's stock.

Agnico Eagle Mines Stock Up 1.2%

NYSE AEM traded up $1.42 during trading on Thursday, reaching $120.12. 1,409,345 shares of the company's stock were exchanged, compared to its average volume of 2,605,155. The company has a 50 day moving average price of $117.35 and a two-hundred day moving average price of $103.63. The stock has a market cap of $60.46 billion, a P/E ratio of 25.56, a price-to-earnings-growth ratio of 0.89 and a beta of 0.50. Agnico Eagle Mines Limited has a 1 year low of $66.78 and a 1 year high of $126.76. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.20 and a current ratio of 2.37.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last issued its earnings results on Thursday, April 24th. The mining company reported $1.53 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.14. The business had revenue of $2.38 billion for the quarter, compared to analyst estimates of $2.27 billion. Agnico Eagle Mines had a return on equity of 12.09% and a net margin of 26.48%. The business's quarterly revenue was up 34.9% on a year-over-year basis. During the same quarter last year, the company earned $0.76 EPS. On average, equities research analysts anticipate that Agnico Eagle Mines Limited will post 4.63 EPS for the current fiscal year.

Agnico Eagle Mines Announces Dividend

The business also recently disclosed a dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 2nd were given a dividend of $0.40 per share. The ex-dividend date was Friday, May 30th. This represents a dividend yield of 1.36%. Agnico Eagle Mines's dividend payout ratio is presently 34.04%.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Royal Bank Of Canada increased their price target 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. Lake Street Capital reiterated a "buy" rating on shares of Agnico Eagle Mines in a report on Monday, June 23rd. Scotiabank restated an "outperform" rating on shares of Agnico Eagle Mines in a research note on Monday, April 14th. Bank of America upped their price objective on Agnico Eagle Mines from $170.00 to $173.00 and gave the stock a "buy" rating in a research report on Monday, June 23rd. Finally, Citigroup lifted their target price on Agnico Eagle Mines from $100.00 to $140.00 and gave the company a "buy" rating in a report on Monday, March 31st. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $130.50.

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.