TD Asset Management Inc Increases Position in Agnico Eagle Mines Limited $AEM

Key Points

• TD Asset Management increased its stake in Agnico Eagle Mines by 1.7% in the fourth quarter, adding 165,263 shares to bring its holdings to 9,665,456 shares worth about $1.64 billion.
• Institutional ownership remains very high, with hedge funds and other investors holding 68.34% of the stock. Other major holders such as Vanguard, Capital World Investors, and Norges Bank also boosted or initiated positions.
• Agnico Eagle Mines reported strong quarterly results, beating EPS estimates with $3.40 per share on revenue of $4 billion, while analysts currently view the stock as a Moderate Buy with a consensus target price of $236.08.

TD Asset Management Inc raised its position in Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 1.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,665,456 shares of the mining company's stock after purchasing an additional 165,263 shares during the period. Agnico Eagle Mines accounts for 1.3% of TD Asset Management Inc's investment portfolio, making the stock its 15th largest holding. TD Asset Management Inc owned approximately 1.93% of Agnico Eagle Mines worth $1,641,239,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. grew its position in Agnico Eagle Mines by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 20,979,666 shares of the mining company's stock worth $3,557,772,000 after purchasing an additional 309,717 shares during the last quarter. Capital World Investors lifted its stake in shares of Agnico Eagle Mines by 20.0% in the 3rd quarter. Capital World Investors now owns 20,765,804 shares of the mining company's stock worth $3,497,470,000 after acquiring an additional 3,462,968 shares during the period. Arrowstreet Capital Limited Partnership lifted its stake in shares of Agnico Eagle Mines by 3.5% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 8,589,745 shares of the mining company's stock worth $1,447,494,000 after acquiring an additional 292,949 shares during the period. Norges Bank acquired a new stake in shares of Agnico Eagle Mines in the 4th quarter worth $1,367,783,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Agnico Eagle Mines by 0.7% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 6,392,420 shares of the mining company's stock worth $1,076,423,000 after acquiring an additional 44,597 shares during the period. 68.34% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. Weiss Ratings downgraded shares of Agnico Eagle Mines from a "buy (b+)" rating to a "buy (b)" rating in a report on Wednesday, May 13th. TD Securities lifted their price target on shares of Agnico Eagle Mines from $241.00 to $251.00 and gave the stock a "buy" rating in a report on Tuesday, March 3rd. UBS Group cut their price objective on shares of Agnico Eagle Mines from $240.00 to $210.00 and set a "neutral" rating for the company in a research report on Friday, March 27th. Zacks Research downgraded shares of Agnico Eagle Mines from a "strong-buy" rating to a "hold" rating in a research note on Monday, March 30th. Finally, Barclays assumed coverage on shares of Agnico Eagle Mines in a research note on Thursday, May 21st. They set an "overweight" rating and a $213.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, Agnico Eagle Mines currently has a consensus rating of "Moderate Buy" and a consensus target price of $236.08.

Agnico Eagle Mines Stock Performance

Shares of AEM opened at $171.60 on Thursday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.18 and a current ratio of 3.15. The company has a market capitalization of $85.88 billion, a price-to-earnings ratio of 16.13, a PEG ratio of 3.94 and a beta of 0.56. The company's 50 day simple moving average is $194.59 and its 200 day simple moving average is $194.69. Agnico Eagle Mines Limited has a 1 year low of $114.60 and a 1 year high of $255.24.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last announced its quarterly earnings data on Thursday, April 30th. The mining company reported $3.40 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $4 billion for the quarter, compared to the consensus estimate of $3.96 billion. During the same quarter in the prior year, the firm posted $1.53 earnings per share. The company's quarterly revenue was up 66.1% compared to the same quarter last year. On average, sell-side analysts predict that Agnico Eagle Mines Limited will post 13.18 EPS for the current year.

Agnico Eagle Mines 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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