TD Waterhouse Canada Inc. Trims Stock Position in Agnico Eagle Mines Limited $AEM

Key Points

• TD Waterhouse Canada reduced its Agnico Eagle Mines position by 4% in the second quarter, selling 145,706 shares. It still held 3.52 million shares valued at approximately $546.7 million, representing about 0.70% of the company and 1.5% of its portfolio.
• Agnico Eagle reported quarterly EPS of $3.05, beating estimates of $2.89, while revenue rose 35% year over year to $3.77 billion. The company posted a 40.44% net margin and 22.04% return on equity.
• Analysts maintain a generally positive outlook, with 12 Buy, four Hold, and one Sell rating. The stock has a “Moderate Buy” consensus and an average price target of $226.00.

TD Waterhouse Canada Inc. cut its holdings in shares of Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 4.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,524,193 shares of the mining company's stock after selling 145,706 shares during the period. Agnico Eagle Mines comprises approximately 1.5% of TD Waterhouse Canada Inc.'s investment portfolio, making the stock its 18th biggest holding. TD Waterhouse Canada Inc. owned approximately 0.70% of Agnico Eagle Mines worth $546,718,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Nykredit A S purchased a new position in shares of Agnico Eagle Mines during the 2nd quarter valued at about $32,165,000. XML Financial LLC grew its holdings in Agnico Eagle Mines by 11.1% during the second quarter. XML Financial LLC now owns 2,994 shares of the mining company's stock worth $464,000 after acquiring an additional 300 shares during the period. Nwam LLC grew its holdings in Agnico Eagle Mines by 3.6% during the second quarter. Nwam LLC now owns 32,282 shares of the mining company's stock worth $5,008,000 after acquiring an additional 1,130 shares during the period. Headlands Technologies LLC purchased a new position in Agnico Eagle Mines during the second quarter valued at approximately $467,000. Finally, Quantitative Investment Management LLC purchased a new position in Agnico Eagle Mines during the second quarter valued at approximately $3,638,000. 68.34% of the stock is owned by hedge funds and other institutional investors.

Agnico Eagle Mines Stock Up 5.4%

Agnico Eagle Mines stock opened at $207.24 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.86 and a quick ratio of 2.02. The stock has a market capitalization of $105.05 billion, a PE ratio of 17.73, a price-to-earnings-growth ratio of 2.45 and a beta of 0.67. The business has a 50 day simple moving average of $168.77 and a 200-day simple moving average of $186.93. Agnico Eagle Mines Limited has a 12 month low of $134.38 and a 12 month high of $255.24.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last released its quarterly earnings results on Wednesday, July 29th. The mining company reported $3.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.89 by $0.16. The firm had revenue of $3.77 billion for the quarter, compared to analysts' expectations of $3.78 billion. Agnico Eagle Mines had a net margin of 40.44% and a return on equity of 22.04%. The firm's revenue for the quarter was up 35.0% compared to the same quarter last year. During the same quarter last year, the company earned $1.94 EPS. On average, analysts anticipate that Agnico Eagle Mines Limited will post 11.56 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Jefferies Financial Group upgraded Agnico Eagle Mines from a "hold" rating to a "buy" rating and upped their price objective for the stock from $187.00 to $200.00 in a research report on Monday, July 6th. Weiss Ratings downgraded shares of Agnico Eagle Mines from a "buy (b)" rating to a "buy (b-)" rating in a report on Thursday, July 2nd. Bank of America dropped their price target on shares of Agnico Eagle Mines from $302.00 to $240.00 and set a "buy" rating on the stock in a research report on Thursday, July 9th. JPMorgan Chase & Co. lifted their price objective on shares of Agnico Eagle Mines from $175.00 to $179.00 and gave the company a "neutral" rating in a report on Monday, August 3rd. Finally, Barclays decreased their price objective on shares of Agnico Eagle Mines from $210.00 to $188.00 and set an "overweight" rating for the company in a research report on Wednesday, July 15th. Twelve research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $226.00.

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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