USS Investment Management Ltd Cuts Stake in Agnico Eagle Mines Limited $AEM

Key Points

• USS Investment Management Ltd has reduced its stake in Agnico Eagle Mines Limited by 25.4%, selling 33,801 shares and holding 99,478 shares worth approximately $10.78 million.
• Several institutional investors have increased their stakes in Agnico Eagle Mines, with Northern Trust Corp boosting its position by 66.4% during the fourth quarter.
• Analysts remain optimistic, with five rating the stock as a Strong Buy and an average price target currently set at $136.90.

USS Investment Management Ltd lowered its position in shares of Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 25.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 99,478 shares of the mining company's stock after selling 33,801 shares during the period. USS Investment Management Ltd's holdings in Agnico Eagle Mines were worth $10,781,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in AEM. Brighton Jones LLC increased its stake in shares of Agnico Eagle Mines by 11.5% during the fourth quarter. Brighton Jones LLC now owns 3,216 shares of the mining company's stock valued at $252,000 after buying an additional 331 shares during the period. Northern Trust Corp increased its stake in shares of Agnico Eagle Mines by 66.4% during the fourth quarter. Northern Trust Corp now owns 419,827 shares of the mining company's stock valued at $32,835,000 after buying an additional 167,490 shares during the period. Mercer Global Advisors Inc. ADV purchased a new position in shares of Agnico Eagle Mines during the fourth quarter valued at $387,000. Benjamin Edwards Inc. increased its stake in shares of Agnico Eagle Mines by 2.0% during the fourth quarter. Benjamin Edwards Inc. now owns 5,472 shares of the mining company's stock valued at $428,000 after buying an additional 106 shares during the period. Finally, Captrust Financial Advisors increased its stake in shares of Agnico Eagle Mines by 6.5% during the fourth quarter. Captrust Financial Advisors now owns 5,663 shares of the mining company's stock valued at $443,000 after buying an additional 347 shares during the period. Hedge funds and other institutional investors own 68.34% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Bank of America raised their price target on Agnico Eagle Mines from $170.00 to $173.00 and gave the company a "buy" rating in a research note on Monday, June 23rd. CIBC reiterated an "outperform" rating on shares of Agnico Eagle Mines in a research note on Tuesday, July 15th. National Bankshares reiterated an "outperform" rating on shares of Agnico Eagle Mines in a research note on Tuesday, June 24th. Lake Street Capital reiterated a "buy" rating on shares of Agnico Eagle Mines in a research note on Monday, June 23rd. Finally, Raymond James Financial upgraded Agnico Eagle Mines to a "moderate buy" rating and set a $130.00 target price on the stock in a research note on Monday, June 30th. Five research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $136.90.

Agnico Eagle Mines Price Performance

AEM opened at $151.93 on Monday. Agnico Eagle Mines Limited has a 1 year low of $75.17 and a 1 year high of $152.75. The firm has a market capitalization of $76.39 billion, a PE ratio of 25.84, a price-to-earnings-growth ratio of 1.04 and a beta of 0.44. 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 business's 50-day moving average is $129.88 and its two-hundred day moving average is $118.01.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last issued its quarterly earnings results on Wednesday, July 30th. The mining company reported $1.94 earnings per share 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 business had revenue of $2.86 billion for the quarter, compared to analyst estimates of $2.46 billion. During the same quarter in the previous year, the firm earned $1.07 earnings per share. The company's revenue was up 35.6% on a year-over-year basis. Research analysts anticipate that Agnico Eagle Mines Limited will post 4.63 earnings per share for the current fiscal 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.

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