Sumitomo Life Insurance Co. Buys Shares of 14,255 Agnico Eagle Mines Limited $AEM

Key Points

• Sumitomo Life Insurance acquired 14,255 shares of Agnico Eagle Mines in the second quarter, valued at approximately $2.2 million. Other institutional investors also initiated positions, and institutions now own 68.34% of the stock.
• Agnico Eagle reported quarterly adjusted earnings of $3.05 per share, exceeding estimates of $2.89, while revenue rose 35% year over year to $3.77 billion. Analysts expect full-year earnings of $11.56 per share.
• Analyst sentiment remains generally positive, with 12 Buy, four Hold, and one Sell rating, resulting in a “Moderate Buy” consensus and an average price target of $226.

Sumitomo Life Insurance Co. acquired a new stake in Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 14,255 shares of the mining company's stock, valued at approximately $2,212,000.

A number of other hedge funds also recently added to or reduced their stakes in AEM. Korea Investment CORP acquired a new stake in shares of Agnico Eagle Mines in the second quarter valued at $73,041,000. EP Wealth Advisors LLC purchased a new stake in Agnico Eagle Mines during the second quarter worth approximately $639,000. Ieq Capital LLC purchased a new stake in shares of Agnico Eagle Mines during the 2nd quarter worth approximately $1,450,000. Callan Family Office LLC purchased a new stake in Agnico Eagle Mines in the second quarter valued at $209,000. Finally, Keating Financial Advisory Services Inc. purchased a new stake in shares of Agnico Eagle Mines in the 2nd quarter valued at about $47,000. 68.34% of the stock is currently owned by institutional investors and hedge funds.

Agnico Eagle Mines Price Performance

AEM opened at $217.02 on Friday. The stock has a market capitalization of $110.01 billion, a PE ratio of 18.56, a P/E/G ratio of 2.64 and a beta of 0.60. The company's 50 day simple moving average is $161.03 and its 200 day simple moving average is $186.71. Agnico Eagle Mines Limited has a 1 year low of $133.80 and a 1 year high of $255.24. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.02 and a current ratio of 2.86.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last released its quarterly earnings data on Wednesday, July 29th. The mining company reported $3.05 EPS for the quarter, topping analysts' consensus estimates of $2.89 by $0.16. Agnico Eagle Mines had a return on equity of 22.04% and a net margin of 40.44%.The business had revenue of $3.77 billion during the quarter, compared to the consensus estimate of $3.78 billion. During the same period in the prior year, the firm posted $1.94 EPS. The business's revenue for the quarter was up 35.0% on a year-over-year basis. As a group, sell-side analysts expect that Agnico Eagle Mines Limited will post 11.56 EPS for the current year.

Wall Street Analysts Forecast Growth

AEM has been the subject of a number of recent research reports. JPMorgan Chase & Co. increased their price target on shares of Agnico Eagle Mines from $175.00 to $179.00 and gave the stock a "neutral" rating in a research note on Monday, August 3rd. Wall Street Zen cut Agnico Eagle Mines from a "buy" rating to a "hold" rating in a report on Sunday, July 12th. Royal Bank Of Canada decreased their price objective on shares of Agnico Eagle Mines from $230.00 to $210.00 and set a "sector perform" rating on the stock in a report on Thursday, July 9th. Weiss Ratings downgraded Agnico Eagle Mines from a "buy (b)" rating to a "buy (b-)" rating in a research report on Thursday, July 2nd. Finally, Scotia reduced their price target 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. Twelve equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $226.00.

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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