Tocqueville Asset Management L.P. Makes New Investment in Agnico Eagle Mines Limited $AEM

Key Points

• Tocqueville Asset Management purchased 8,183 shares of Agnico Eagle Mines in the second quarter, worth approximately $1.27 million. Institutional investors collectively own 68.34% of the company.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $226.00, despite several recent target reductions and one downgrade to “hold.”
• Agnico Eagle’s latest quarterly results exceeded expectations, reporting $3.05 in EPS versus a $2.89 estimate, while revenue rose 35% year over year to $3.77 billion.

Tocqueville Asset Management L.P. purchased a new position in shares of Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 8,183 shares of the mining company's stock, valued at approximately $1,269,000.

Other hedge funds have also recently modified their holdings of the company. Capital World Investors grew its holdings in 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 valued at $3,618,730,000 after purchasing an additional 572,473 shares during the period. Vanguard Group Inc. increased its position in Agnico Eagle Mines by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 20,979,666 shares of the mining company's stock worth $3,557,772,000 after buying an additional 309,717 shares in the last quarter. Van ECK Associates Corp raised its stake in shares of Agnico Eagle Mines by 21.6% in the fourth quarter. Van ECK Associates Corp now owns 17,225,477 shares of the mining company's stock worth $2,920,258,000 after buying an additional 3,062,705 shares during the period. TD Asset Management Inc raised its stake in shares of Agnico Eagle Mines by 1.7% in the fourth quarter. TD Asset Management Inc now owns 9,665,456 shares of the mining company's stock worth $1,641,239,000 after buying an additional 165,263 shares during the period. Finally, Deutsche Bank AG purchased a new position in shares of Agnico Eagle Mines during the 2nd quarter valued at about $1,362,158,000. Institutional investors own 68.34% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on AEM shares. Wall Street Zen lowered shares of Agnico Eagle Mines from a "buy" rating to a "hold" rating in a report on Sunday, July 12th. Jefferies Financial Group upgraded shares of Agnico Eagle Mines from a "hold" rating to a "buy" rating and raised their target price for the stock from $187.00 to $200.00 in a research note on Monday, July 6th. Barclays lowered their price target on shares of Agnico Eagle Mines from $210.00 to $188.00 and set an "overweight" rating on the stock in a report on Wednesday, July 15th. Canadian Imperial Bank of Commerce set a $285.00 price target on shares of Agnico Eagle Mines in a research report on Thursday, July 16th. Finally, Scotia reduced their price objective on shares of Agnico Eagle Mines from $280.00 to $278.00 and set a "sector outperform" rating for the company in a research note on Friday, July 3rd. Twelve investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $226.00.

Agnico Eagle Mines Stock Up 1.8%

NYSE AEM opened at $211.40 on Friday. Agnico Eagle Mines Limited has a 12 month low of $133.80 and a 12 month high of $255.24. The company has a current ratio of 2.86, a quick ratio of 2.02 and a debt-to-equity ratio of 0.01. The stock has a market cap of $107.16 billion, a PE ratio of 18.08, a P/E/G ratio of 2.58 and a beta of 0.60. The stock's 50 day moving average is $159.95 and its 200 day moving average is $186.50.

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