The Manufacturers Life Insurance Company Raises Stake in Agnico Eagle Mines Limited $AEM

Key Points

• The Manufacturers Life Insurance Company increased its Agnico Eagle Mines stake by 9.0% in the first quarter, adding 338,486 shares to own 4.09 million shares valued at approximately $829.9 million. Institutional investors collectively own 68.34% of AEM.
• 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 $225.69, despite several analysts recently lowering their targets.
• Agnico Eagle reported strong quarterly results, posting $3.40 in EPS versus the $3.19 consensus and $4 billion in revenue, up 66.1% year over year. Shares opened at $145.89, well below their 12-month high of $255.24.

The Manufacturers Life Insurance Company raised its holdings in Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 9.0% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 4,091,837 shares of the mining company's stock after purchasing an additional 338,486 shares during the quarter. Agnico Eagle Mines comprises approximately 0.7% of The Manufacturers Life Insurance Company's portfolio, making the stock its 21st largest holding. The Manufacturers Life Insurance Company owned about 0.82% of Agnico Eagle Mines worth $829,916,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Capital World Investors boosted its stake in shares of Agnico Eagle Mines by 2.8% during the fourth quarter. Capital World Investors now owns 21,338,277 shares of the mining company's stock worth $3,618,730,000 after buying an additional 572,473 shares during the period. Vanguard Group Inc. raised its stake 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 valued at $3,557,772,000 after acquiring an additional 309,717 shares during the last quarter. Van ECK Associates Corp raised its stake in Agnico Eagle Mines by 21.6% during 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 acquiring an additional 3,062,705 shares during the last quarter. TD Asset Management Inc raised its stake in Agnico Eagle Mines by 1.7% during 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 acquiring an additional 165,263 shares during the last quarter. Finally, Mackenzie Financial Corp lifted its position 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 acquiring an additional 332,797 shares during the period. 68.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on AEM shares. Bank of America lowered their target price on Agnico Eagle Mines from $302.00 to $240.00 and set a "buy" rating on the stock in a research note on Thursday, July 9th. Barclays decreased their price target on Agnico Eagle Mines from $210.00 to $188.00 and set an "overweight" rating for the company in a report on Wednesday, July 15th. Scotiabank lowered their price objective on shares of Agnico Eagle Mines from $278.00 to $260.00 and set a "sector outperform" rating on the stock in a research report on Tuesday, July 14th. Citigroup dropped their price objective on shares of Agnico Eagle Mines from $256.00 to $200.00 and set a "buy" rating on the stock in a research note on Monday. Finally, ATB Cormark Capital Markets upgraded shares of Agnico Eagle Mines from a "hold" rating to an "outperform" rating in a research report on Monday, May 4th. Twelve analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $225.69.

Agnico Eagle Mines Price Performance

Shares of AEM opened at $145.89 on Tuesday. The company has a current ratio of 3.15, a quick ratio of 2.18 and a debt-to-equity ratio of 0.01. The stock's 50 day moving average is $159.78 and its two-hundred day moving average is $190.32. Agnico Eagle Mines Limited has a twelve month low of $122.32 and a twelve month high of $255.24. The firm has a market capitalization of $74.05 billion, a PE ratio of 13.71, a P/E/G ratio of 2.21 and a beta of 0.60.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last issued its earnings results on Thursday, April 30th. The mining company reported $3.40 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.19 by $0.21. The business had revenue of $4 billion during the quarter, compared to the consensus estimate 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 prior year, the business posted $1.53 EPS. Research analysts anticipate that Agnico Eagle Mines Limited will post 11.83 earnings per share for the current 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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