Agnico Eagle Mines Limited $AEM Stake Trimmed by Sprott Inc.

Key Points

• Sprott Inc. reduced its stake in Agnico Eagle Mines by 5.5%, holding 1,073,416 shares after selling 62,824 shares in Q1, representing approximately 6.3% of its investment portfolio.
• Agnico Eagle Mines reported a strong Q2 earnings result, with an EPS of $1.94, exceeding analyst expectations, and a revenue of $2.86 billion, up 35.6% year-over-year.
• Multiple brokerages have upgraded Agnico Eagle Mines' stock rating, with a consensus target price of $136.90 and five analysts rating it as a Strong Buy.

Sprott Inc. reduced its stake in Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 5.5% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,073,416 shares of the mining company's stock after selling 62,824 shares during the period. Agnico Eagle Mines accounts for about 6.3% of Sprott Inc.'s investment portfolio, making the stock its biggest holding. Sprott Inc. owned about 0.21% of Agnico Eagle Mines worth $116,334,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of AEM. MJT & Associates Financial Advisory Group Inc. acquired a new stake in Agnico Eagle Mines in the first quarter worth $26,000. Cary Street Partners Investment Advisory LLC acquired a new stake in Agnico Eagle Mines in the first quarter worth $26,000. Private Trust Co. NA increased its position in Agnico Eagle Mines by 454.9% in the first quarter. Private Trust Co. NA now owns 283 shares of the mining company's stock worth $31,000 after buying an additional 232 shares during the period. Golden State Wealth Management LLC acquired a new stake in Agnico Eagle Mines in the first quarter worth $34,000. Finally, Dagco Inc. acquired a new stake in Agnico Eagle Mines in the first quarter worth $39,000. 68.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. National Bankshares reaffirmed an "outperform" rating on shares of Agnico Eagle Mines in a research report on Tuesday, June 24th. Royal Bank Of Canada increased their target price on Agnico Eagle Mines from $115.00 to $145.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 4th. Bank of America increased their price target on Agnico Eagle Mines from $170.00 to $173.00 and gave the stock a "buy" rating in a research note on Monday, June 23rd. Lake Street Capital reissued a "buy" rating on shares of Agnico Eagle Mines in a report on Monday, June 23rd. Finally, Raymond James Financial raised Agnico Eagle Mines to a "moderate buy" rating and set a $130.00 price target on the stock in a report on Monday, June 30th. Five investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, Agnico Eagle Mines has a consensus rating of "Buy" and an average target price of $136.90.

Agnico Eagle Mines Price Performance

NYSE:AEM traded down $0.64 during mid-day trading on Wednesday, reaching $139.03. 714,724 shares of the stock were exchanged, compared to its average volume of 2,924,326. The business has a fifty day moving average price of $125.96 and a 200 day moving average price of $115.25. The firm has a market capitalization of $69.91 billion, a PE ratio of 23.63, a PEG ratio of 0.94 and a beta of 0.44. Agnico Eagle Mines Limited has a 1-year low of $75.17 and a 1-year high of $139.80. The company has a current ratio of 2.03, a quick ratio of 1.16 and a debt-to-equity ratio of 0.03.

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

Agnico Eagle Mines Dividend Announcement

The company also recently announced a dividend, which will be paid on Monday, September 15th. Investors of record on Wednesday, September 3rd will be issued a dividend of $0.40 per share. This represents a yield of 120.0%. The ex-dividend date of this dividend is Tuesday, September 2nd. Agnico Eagle Mines's payout ratio is presently 27.21%.

Agnico Eagle Mines Company 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.