SEB Asset Management AB Invests $20.55 Million in Agnico Eagle Mines Limited $AEM

Key Points

• SEB Asset Management AB opened a new position in Agnico Eagle Mines during the first quarter, buying 101,566 shares worth about $20.55 million.
• The company’s latest quarterly results beat expectations, with EPS of $3.40 versus the $3.19 consensus and revenue of $4 billion, up 66.1% from a year earlier.
• Wall Street sentiment remains mostly positive: analysts still rate the stock a Moderate Buy, though several firms recently trimmed price targets, and the average target sits at $233.62.

SEB Asset Management AB acquired a new position in Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 101,566 shares of the mining company's stock, valued at approximately $20,551,000.

Other hedge funds have also recently made changes to their positions in the company. Brighton Jones LLC raised its stake in Agnico Eagle Mines by 11.5% in the 4th 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 during the period. AQR Capital Management LLC grew its position in shares of Agnico Eagle Mines by 36.4% in the first quarter. AQR Capital Management LLC now owns 19,829 shares of the mining company's stock valued at $2,150,000 after purchasing an additional 5,293 shares in the last quarter. Sivia Capital Partners LLC grew its position in shares of Agnico Eagle Mines by 57.2% in the second quarter. Sivia Capital Partners LLC now owns 3,188 shares of the mining company's stock valued at $379,000 after purchasing an additional 1,160 shares in the last quarter. Rhumbline Advisers grew its position 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 in the last quarter. Finally, EverSource Wealth Advisors LLC raised its stake in shares of Agnico Eagle Mines by 25.2% during the 2nd 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 institutional investors and hedge funds.

Agnico Eagle Mines Stock Performance

Agnico Eagle Mines stock opened at $136.89 on Monday. The company has a quick ratio of 2.18, a current ratio of 3.15 and a debt-to-equity ratio of 0.01. Agnico Eagle Mines Limited has a twelve month low of $117.65 and a twelve month high of $255.24. The firm has a fifty day simple moving average of $165.41 and a two-hundred day simple moving average of $191.56. The company has a market capitalization of $69.48 billion, a PE ratio of 12.87, a P/E/G ratio of 1.82 and a beta of 0.60.

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 EPS for the quarter, beating analysts' consensus estimates 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 company had revenue of $4 billion during the quarter, compared to analyst estimates of $3.96 billion. During the same period in the prior year, the business posted $1.53 EPS. The firm's revenue was up 66.1% compared to the same quarter last year. Research analysts expect that Agnico Eagle Mines Limited will post 12.29 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Scotia decreased their target price on shares of Agnico Eagle Mines from $280.00 to $278.00 and set a "sector outperform" rating on the stock in a report on Friday, July 3rd. Barclays lowered their price target on Agnico Eagle Mines from $210.00 to $188.00 and set an "overweight" rating on the stock in a report on Wednesday. Wall Street Zen lowered Agnico Eagle Mines from a "buy" rating to a "hold" rating in a report on Sunday, July 12th. Bank of America dropped their target price on shares of Agnico Eagle Mines from $302.00 to $240.00 and set a "buy" rating for the company in a research report on Thursday, July 9th. Finally, Canadian Imperial Bank of Commerce set a $285.00 price target on shares of Agnico Eagle Mines in a research note on Thursday. Twelve analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, Agnico Eagle Mines has an average rating of "Moderate Buy" and an average price target of $233.62.

Agnico Eagle Mines Company 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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