Vanguard Group Inc. Cuts Stock Position in Agnico Eagle Mines Limited (NYSE:AEM)

Key Points

• Vanguard Group Inc. has reduced its holdings in Agnico Eagle Mines Limited by 0.3%, selling 61,816 shares during the first quarter, resulting in ownership of approximately 19.8 million shares valued at over $2 billion.
• Agnico Eagle Mines reported a significant increase in revenue, posting $2.86 billion for the quarter, which is a 35.6% increase compared to the same period last year, and earnings per share of $1.94 exceeding analysts' estimates.
• The firm recently announced a $0.40 dividend with a dividend yield of 136.0%, reflecting a payout ratio of 27.21%.

Vanguard Group Inc. trimmed its position in Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 0.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,803,469 shares of the mining company's stock after selling 61,816 shares during the quarter. Vanguard Group Inc. owned about 3.93% of Agnico Eagle Mines worth $2,145,550,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Capital World Investors grew its holdings in shares of Agnico Eagle Mines by 41.9% in the fourth quarter. Capital World Investors now owns 13,952,061 shares of the mining company's stock valued at $1,091,550,000 after purchasing an additional 4,121,164 shares in the last quarter. Massachusetts Financial Services Co. MA increased its holdings in shares of Agnico Eagle Mines by 3.9% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 13,441,198 shares of the mining company's stock worth $1,457,160,000 after buying an additional 499,362 shares during the last quarter. Deutsche Bank AG raised its position in shares of Agnico Eagle Mines by 0.7% during the 4th quarter. Deutsche Bank AG now owns 11,916,739 shares of the mining company's stock valued at $932,008,000 after buying an additional 87,410 shares in the last quarter. TD Asset Management Inc raised its position in shares of Agnico Eagle Mines by 42.8% during the 1st quarter. TD Asset Management Inc now owns 9,033,296 shares of the mining company's stock valued at $978,553,000 after buying an additional 2,709,005 shares in the last quarter. Finally, Nuveen Asset Management LLC lifted its holdings in shares of Agnico Eagle Mines by 10.7% in the 4th quarter. Nuveen Asset Management LLC now owns 1,027,009 shares of the mining company's stock valued at $80,316,000 after acquiring an additional 99,148 shares during the last quarter. 68.34% of the stock is owned by hedge funds and other institutional investors.

Agnico Eagle Mines Trading Down 0.0%

Shares of NYSE:AEM traded down $0.06 on Tuesday, hitting $135.40. 1,936,868 shares of the company's stock were exchanged, compared to its average volume of 2,983,786. Agnico Eagle Mines Limited has a 12 month low of $75.17 and a 12 month high of $137.81. The stock has a market capitalization of $68.08 billion, a price-to-earnings ratio of 23.03, a price-to-earnings-growth ratio of 0.94 and a beta of 0.44. The business's 50 day simple moving average is $123.00 and its two-hundred day simple moving average is $112.28. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.03 and a quick ratio of 1.16.

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 for the quarter, topping the consensus estimate of $1.83 by $0.11. The business had revenue of $2.86 billion during the quarter, compared to the consensus estimate of $2.46 billion. Agnico Eagle Mines had a return on equity of 13.79% and a net margin of 30.63%. The business's revenue for the quarter was up 35.6% compared to the same quarter last year. During the same period last year, the company earned $1.07 earnings per share. Analysts anticipate that Agnico Eagle Mines Limited will post 4.63 EPS for the current fiscal year.

Agnico Eagle Mines Announces Dividend

The business also recently announced a dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 2nd were given a dividend of $0.40 per share. This represents a yield of 136.0%. The ex-dividend date of this dividend was Friday, May 30th. Agnico Eagle Mines's dividend payout ratio (DPR) is 27.21%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on AEM shares. CIBC reissued an "outperform" rating on shares of Agnico Eagle Mines in a research note on Tuesday, July 15th. Lake Street Capital restated a "buy" rating on shares of Agnico Eagle Mines in a research report on Monday, June 23rd. Royal Bank Of Canada raised their price target on Agnico Eagle Mines from $115.00 to $145.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 4th. National Bankshares restated an "outperform" rating on shares of Agnico Eagle Mines in a research report on Tuesday, June 24th. Finally, TD Securities upgraded Agnico Eagle Mines to a "strong-buy" rating in a research report on Thursday, July 17th. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and five have assigned a strong buy rating to the company. According to data from MarketBeat, Agnico Eagle Mines presently has a consensus rating of "Buy" and an average price target of $136.90.

About Agnico Eagle Mines

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.