Te Ahumairangi Investment Management Ltd Sells 14,844 Shares of Agnico Eagle Mines Limited $AEM

Key Points

• Te Ahumairangi Investment Management Ltd sold 14,844 shares of Agnico Eagle Mines Limited, reducing its stake by 25% to a total of 44,598 shares.
• Agnico Eagle Mines reported a quarterly earnings per share of $1.94, exceeding expectations, with significant revenue growth of 35.6% year-over-year.
• Most analysts are optimistic about Agnico Eagle Mines, with a consensus rating of "Buy" and varied price targets, the highest being $145.00 from Royal Bank of Canada.

Te Ahumairangi Investment Management Ltd decreased its stake in shares of Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 25.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 44,598 shares of the mining company's stock after selling 14,844 shares during the period. Te Ahumairangi Investment Management Ltd's holdings in Agnico Eagle Mines were worth $4,831,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the business. Wealth Preservation Advisors LLC purchased a new stake in shares of Agnico Eagle Mines in the first quarter worth $225,000. FORA Capital LLC purchased a new stake in Agnico Eagle Mines in the first quarter worth $2,367,000. WealthTrust Axiom LLC grew its stake in Agnico Eagle Mines by 0.9% in the first quarter. WealthTrust Axiom LLC now owns 47,075 shares of the mining company's stock valued at $5,103,000 after purchasing an additional 414 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec grew its stake in shares of Agnico Eagle Mines by 14.8% during the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,049,196 shares of the mining company's stock worth $113,657,000 after acquiring an additional 135,260 shares during the last quarter. Finally, Synovus Financial Corp purchased a new stake in Agnico Eagle Mines in the first quarter valued at $237,000. Hedge funds and other institutional investors own 68.34% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on AEM. Bank of America boosted their target price on Agnico Eagle Mines from $170.00 to $173.00 and gave the company a "buy" rating in a research report on Monday, June 23rd. Royal Bank Of Canada lifted their price target on shares of Agnico Eagle Mines from $115.00 to $145.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 4th. Raymond James Financial upgraded Agnico Eagle Mines to a "moderate buy" rating and set a $130.00 price target on the stock in a research report on Monday, June 30th. CIBC reissued an "outperform" rating on shares of Agnico Eagle Mines in a research report on Tuesday, July 15th. Finally, National Bankshares reiterated an "outperform" rating on shares of Agnico Eagle Mines in a research report on Tuesday, June 24th. Five analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $136.90.

Agnico Eagle Mines Stock Performance

AEM traded up $3.53 on Tuesday, hitting $147.70. The company's stock had a trading volume of 5,524,090 shares, compared to its average volume of 2,933,432. The firm has a market cap of $74.27 billion, a P/E ratio of 25.12, a price-to-earnings-growth ratio of 0.99 and a beta of 0.44. The company's 50 day simple moving average is $127.53 and its 200-day simple moving average is $116.56. Agnico Eagle Mines Limited has a 12 month low of $75.17 and a 12 month high of $148.00. The company has a quick ratio of 1.16, a current ratio of 2.03 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 the consensus estimate of $1.83 by $0.11. Agnico Eagle Mines had a net margin of 30.63% and a return on equity of 13.79%. The business had revenue of $2.86 billion for the quarter, compared to analysts' expectations of $2.46 billion. During the same period last year, the company earned $1.07 earnings per share. The company's quarterly revenue was up 35.6% on a year-over-year basis. Analysts forecast that Agnico Eagle Mines Limited will post 4.63 EPS for the current year.

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.