Varma Mutual Pension Insurance Co Takes Position in Agnico Eagle Mines Limited $AEM

Key Points

• Varma Mutual Pension Insurance Co. acquired 136,652 shares of Agnico Eagle Mines in the second quarter, valued at approximately $21.2 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. Jefferies upgraded the stock to “buy,” while other firms set targets ranging from $179 to $285.
• Agnico Eagle Mines reported quarterly EPS of $3.05, exceeding estimates of $2.89, while revenue reached $3.77 billion and rose 35% year over year. Shares opened at $217.02, with a 52-week range of $133.80 to $255.24.

Varma Mutual Pension Insurance Co purchased a new position in Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 136,652 shares of the mining company's stock, valued at approximately $21,225,000.

Other hedge funds have also recently made changes to their positions in the company. Deutsche Bank AG bought a new position in Agnico Eagle Mines in the second quarter worth about $1,362,158,000. Norges Bank purchased a new stake in shares of Agnico Eagle Mines during the fourth quarter valued at about $1,367,783,000. Van ECK Associates Corp lifted its position in shares of Agnico Eagle Mines by 21.6% during the fourth quarter. Van ECK Associates Corp now owns 17,225,477 shares of the mining company's stock valued at $2,920,258,000 after buying an additional 3,062,705 shares during the last quarter. Alberta Investment Management Corp bought a new stake in shares of Agnico Eagle Mines in the 4th quarter valued at about $194,195,000. Finally, Employees Provident Fund Board bought a new stake in shares of Agnico Eagle Mines in the 4th quarter valued at about $183,341,000. 68.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on AEM. Jefferies Financial Group upgraded shares of Agnico Eagle Mines from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $187.00 to $200.00 in a research note on Monday, July 6th. Scotia lowered their target price 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. Canadian Imperial Bank of Commerce set a $285.00 price target on shares of Agnico Eagle Mines in a report on Thursday, July 16th. JPMorgan Chase & Co. upped their price target on Agnico Eagle Mines from $175.00 to $179.00 and gave the stock a "neutral" rating in a research report on Monday, August 3rd. Finally, Weiss Ratings downgraded Agnico Eagle Mines from a "buy (b)" rating to a "buy (b-)" rating in a research report on Thursday, July 2nd. Twelve research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $226.00.

Agnico Eagle Mines Price Performance

Shares of AEM stock opened at $217.02 on Friday. Agnico Eagle Mines Limited has a fifty-two week low of $133.80 and a fifty-two week high of $255.24. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.02 and a current ratio of 2.86. The firm has a market capitalization of $110.01 billion, a price-to-earnings ratio of 18.56, a PEG ratio of 2.69 and a beta of 0.60. The stock's 50-day simple moving average is $161.03 and its 200-day simple moving average is $186.71.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last announced its quarterly earnings data on Wednesday, July 29th. The mining company reported $3.05 EPS for the quarter, beating the consensus estimate of $2.89 by $0.16. The firm had revenue of $3.77 billion during the quarter, compared to analyst estimates of $3.78 billion. Agnico Eagle Mines had a net margin of 40.44% and a return on equity of 22.04%. Agnico Eagle Mines's revenue was up 35.0% on a year-over-year basis. During the same period last year, the firm posted $1.94 EPS. As a group, equities analysts forecast that Agnico Eagle Mines Limited will post 11.56 earnings per share for the current fiscal year.

Agnico Eagle Mines Company Profile

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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