Sumitomo Mitsui Trust Group Inc. Has $15.53 Million Position in Agnico Eagle Mines Limited $AEM

Key Points

• Sumitomo Mitsui Trust Group increased its stake in Agnico Eagle Mines by 17% in the first quarter, holding 76,532 shares valued at about $15.53 million.
• Other major institutions also added to their positions, and 68.34% of the stock is owned by institutional investors and hedge funds.
• Analysts remain generally positive on AEM, with a Moderate Buy consensus and an average price target of $236.77, even though some firms recently trimmed targets or downgraded ratings.

Sumitomo Mitsui Trust Group Inc. increased its stake in shares of Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 17.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 76,532 shares of the mining company's stock after acquiring an additional 11,128 shares during the quarter. Sumitomo Mitsui Trust Group Inc.'s holdings in Agnico Eagle Mines were worth $15,534,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the stock. Capital World Investors boosted its position in shares of Agnico Eagle Mines by 2.8% during the 4th quarter. Capital World Investors now owns 21,338,277 shares of the mining company's stock worth $3,618,730,000 after purchasing an additional 572,473 shares in the last quarter. Vanguard Group Inc. increased its position in Agnico Eagle Mines by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 20,979,666 shares of the mining company's stock valued at $3,557,772,000 after buying an additional 309,717 shares in the last quarter. Van ECK Associates Corp increased its position in Agnico Eagle Mines by 21.6% in the 4th quarter. Van ECK Associates Corp now owns 17,225,477 shares of the mining company's stock valued at $2,920,258,000 after buying an additional 3,062,705 shares in the last quarter. TD Asset Management Inc increased its position in Agnico Eagle Mines by 1.7% in the 4th quarter. TD Asset Management Inc now owns 9,665,456 shares of the mining company's stock valued at $1,641,239,000 after buying an additional 165,263 shares in the last quarter. Finally, Mackenzie Financial Corp raised its stake in Agnico Eagle Mines by 4.0% during the 4th quarter. Mackenzie Financial Corp now owns 8,687,624 shares of the mining company's stock worth $1,489,509,000 after buying an additional 332,797 shares during the period. 68.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on AEM shares. Canadian Imperial Bank of Commerce raised their price objective on Agnico Eagle Mines from C$304.00 to C$310.00 and gave the company an "outperform" rating in a research note on Tuesday, May 26th. UBS Group lowered their target price on Agnico Eagle Mines from $210.00 to $170.00 and set a "neutral" rating on the stock in a research report on Tuesday, June 30th. Weiss Ratings cut Agnico Eagle Mines from a "buy (b)" rating to a "buy (b-)" rating in a report on Thursday, July 2nd. Wall Street Zen downgraded shares of Agnico Eagle Mines from a "buy" rating to a "hold" rating in a research report on Sunday. Finally, Bank of America decreased their price target on shares of Agnico Eagle Mines from $302.00 to $240.00 and set a "buy" rating for the company in a research note on Thursday, July 9th. Twelve investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $236.77.

Agnico Eagle Mines Price Performance

Shares of NYSE AEM opened at $144.29 on Wednesday. The stock has a market cap of $73.24 billion, a price-to-earnings ratio of 13.56, a PEG ratio of 1.88 and a beta of 0.60. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.18 and a current ratio of 3.15. Agnico Eagle Mines Limited has a fifty-two week low of $116.83 and a fifty-two week high of $255.24. The firm's 50-day simple moving average is $168.50 and its 200 day simple moving average is $192.40.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last issued its quarterly earnings data on Thursday, April 30th. The mining company reported $3.40 EPS for the quarter, topping analysts' consensus estimates of $3.19 by $0.21. The firm had revenue of $4 billion during the quarter, compared to analyst estimates of $3.96 billion. Agnico Eagle Mines had a return on equity of 21.09% and a net margin of 39.46%.The company's revenue for the quarter was up 66.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.53 EPS. As a group, research analysts anticipate that Agnico Eagle Mines Limited will post 12.44 earnings per share for the current fiscal year.

About Agnico Eagle Mines

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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