Shell Asset Management Co. Trims Stake in Agnico Eagle Mines Limited $AEM

Key Points

• Shell Asset Management Co. has reduced its stake in Agnico Eagle Mines Limited by 9.6%, resulting in ownership of 114,827 shares valued at approximately $13.65 million.
• Agnico Eagle Mines reported a quarterly earnings per share (EPS) of $1.94, surpassing estimates of $1.83, with revenues of $2.86 billion, exceeding expectations by $400 million.
• Analysts remain optimistic, with a consensus rating of "Buy" for Agnico Eagle Mines, and new price targets being set following strong performance.

Shell Asset Management Co. decreased its position in shares of Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 9.6% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 114,827 shares of the mining company's stock after selling 12,136 shares during the quarter. Shell Asset Management Co.'s holdings in Agnico Eagle Mines were worth $13,654,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of AEM. Brighton Jones LLC increased its position in Agnico Eagle Mines by 11.5% during 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 during the last quarter. GAMMA Investing LLC boosted its position in shares of Agnico Eagle Mines by 10,740.0% in the first quarter. GAMMA Investing LLC now owns 1,626 shares of the mining company's stock worth $176,000 after purchasing an additional 1,611 shares during the period. Sivia Capital Partners LLC purchased a new position in shares of Agnico Eagle Mines during the 1st quarter valued at $220,000. Park Avenue Securities LLC bought a new position in Agnico Eagle Mines in the 1st quarter worth $407,000. Finally, Capital Investment Advisors LLC bought a new position in shares of Agnico Eagle Mines during the 1st quarter valued at about $255,000. 68.34% of the stock is owned by hedge funds and other institutional investors.

Agnico Eagle Mines Trading Up 0.6%

NYSE AEM opened at $170.45 on Tuesday. The company has a 50 day moving average price of $146.31 and a 200 day moving average price of $126.83. Agnico Eagle Mines Limited has a 52 week low of $75.17 and a 52 week high of $172.21. The firm has a market cap of $85.70 billion, a PE ratio of 28.99, a price-to-earnings-growth ratio of 1.14 and a beta of 0.46. The company has a quick ratio of 1.16, a current ratio of 2.03 and a debt-to-equity ratio of 0.03.

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 the consensus estimate of $2.46 billion. Agnico Eagle Mines had a net margin of 30.63% and a return on equity of 13.79%. Agnico Eagle Mines's quarterly revenue was up 35.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.07 EPS. As a group, sell-side analysts forecast that Agnico Eagle Mines Limited will post 4.63 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms recently commented on AEM. Lake Street Capital reiterated a "buy" rating on shares of Agnico Eagle Mines in a research report on Monday, June 23rd. TD Securities upgraded shares of Agnico Eagle Mines to a "strong-buy" rating in a research report on Thursday, July 17th. CIBC reiterated an "outperform" rating on shares of Agnico Eagle Mines in a research report on Tuesday, July 15th. National Bankshares restated an "outperform" rating on shares of Agnico Eagle Mines in a report on Tuesday, June 24th. Finally, Weiss Ratings restated a "buy (a)" rating on shares of Agnico Eagle Mines in a research report on Saturday, September 27th. Seven investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $141.40.

About Agnico Eagle Mines

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.

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