Agnico Eagle Mines Limited $AEM Shares Sold by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company reduced its holdings in Agnico Eagle Mines Limited by 8.9%, owning approximately 3.6 million shares worth $394.8 million as of the latest filing.
• Other institutional investors, such as the Canada Pension Plan Investment Board, have increased their positions in Agnico Eagle Mines, with Canada Pension Plan boosting its holdings by 57.4%.
• Agnico Eagle Mines reported a quarterly earnings per share of $1.94, surpassing analysts' expectations, along with a revenue increase of 35.6% year-over-year.

The Manufacturers Life Insurance Company decreased its stake in Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 8.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,627,775 shares of the mining company's stock after selling 354,218 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.72% of Agnico Eagle Mines worth $394,817,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of AEM. Brighton Jones LLC boosted its position in Agnico Eagle Mines by 11.5% during the fourth quarter. Brighton Jones LLC now owns 3,216 shares of the mining company's stock worth $252,000 after purchasing an additional 331 shares in the last quarter. Marshall Wace LLP purchased a new position in Agnico Eagle Mines during the fourth quarter worth approximately $422,000. Tower Research Capital LLC TRC boosted its position in Agnico Eagle Mines by 147.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,828 shares of the mining company's stock worth $143,000 after purchasing an additional 1,089 shares in the last quarter. Integrated Wealth Concepts LLC boosted its position in Agnico Eagle Mines by 6.0% during the fourth quarter. Integrated Wealth Concepts LLC now owns 6,668 shares of the mining company's stock worth $522,000 after purchasing an additional 379 shares in the last quarter. Finally, Northern Trust Corp boosted its position in Agnico Eagle Mines by 66.4% during the fourth quarter. Northern Trust Corp now owns 419,827 shares of the mining company's stock worth $32,835,000 after purchasing an additional 167,490 shares in the last quarter. Hedge funds and other institutional investors own 68.34% of the company's stock.

Agnico Eagle Mines Trading Up 0.8%

Agnico Eagle Mines stock traded up $1.25 during trading on Wednesday, reaching $148.99. 1,566,519 shares of the company were exchanged, compared to its average volume of 2,929,150. Agnico Eagle Mines Limited has a 52-week low of $75.17 and a 52-week high of $149.94. The company has a market capitalization of $74.91 billion, a P/E ratio of 25.34, a PEG ratio of 0.99 and a beta of 0.45. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.03 and a quick ratio of 1.16. The stock's 50 day simple moving average is $128.08 and its two-hundred day simple moving average is $116.78.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last announced its quarterly earnings data on Wednesday, July 30th. The mining company reported $1.94 EPS for the quarter, topping analysts' consensus estimates of $1.83 by $0.11. Agnico Eagle Mines had a return on equity of 13.79% and a net margin of 30.63%.The firm had revenue of $2.86 billion for the quarter, compared to the consensus estimate of $2.46 billion. During the same quarter last year, the business posted $1.07 earnings per share. The firm's revenue was up 35.6% compared to the same quarter last year. On average, equities research analysts expect that Agnico Eagle Mines Limited will post 4.63 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have issued reports on AEM. 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. National Bankshares reiterated an "outperform" rating on shares of Agnico Eagle Mines in a research report on Tuesday, June 24th. TD Securities upgraded Agnico Eagle Mines to a "strong-buy" rating in a research report on Thursday, July 17th. Royal Bank Of Canada raised their target price on Agnico Eagle Mines from $115.00 to $145.00 and gave the company an "outperform" rating in a research report on Wednesday, June 4th. Finally, CIBC restated an "outperform" rating on shares of Agnico Eagle Mines in a research report on Tuesday, July 15th. Five equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, Agnico Eagle Mines currently has a consensus rating of "Buy" and an average target price of $136.90.

Agnico Eagle Mines 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.