Wellington Management Group LLP Invests $27.99 Million in Agnico Eagle Mines Limited $AEM

Key Points

• Wellington Management initiated a roughly $27.99 million position in Agnico Eagle Mines, purchasing 180,255 shares during the second quarter. Institutional investors collectively own 68.34% of the company.
• Analysts have lowered several price targets, but the stock retains a “Moderate Buy” consensus rating, with 12 buy ratings, four holds, one sell, and an average target price of $226.
• Agnico Eagle reported quarterly EPS of $3.05, exceeding estimates of $2.89, while revenue rose 35% year over year to $3.77 billion. Shares opened at $204.75, with a 52-week range of $134.38 to $255.24.

Wellington Management Group LLP bought a new stake in 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 & Exchange Commission. The fund bought 180,255 shares of the mining company's stock, valued at approximately $27,993,000.

A number of other large investors have also added to or reduced their stakes in the company. Brighton Jones LLC lifted 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 valued at $252,000 after acquiring an additional 331 shares during the last quarter. AQR Capital Management LLC lifted its holdings in shares of Agnico Eagle Mines by 36.4% during the 1st quarter. AQR Capital Management LLC now owns 19,829 shares of the mining company's stock valued at $2,150,000 after purchasing an additional 5,293 shares during the last quarter. Sivia Capital Partners LLC boosted its position in shares of Agnico Eagle Mines by 57.2% in the 2nd quarter. Sivia Capital Partners LLC now owns 3,188 shares of the mining company's stock worth $379,000 after purchasing an additional 1,160 shares in the last quarter. Rhumbline Advisers grew its stake in Agnico Eagle Mines by 8.0% during the 2nd quarter. Rhumbline Advisers now owns 1,810 shares of the mining company's stock worth $215,000 after buying an additional 134 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake in Agnico Eagle Mines by 25.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 929 shares of the mining company's stock worth $110,000 after buying an additional 187 shares during the last quarter. 68.34% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on AEM shares. Citigroup decreased their price target on Agnico Eagle Mines from $256.00 to $200.00 and set a "buy" rating for the company in a research note on Monday, July 27th. Scotiabank decreased their price objective on shares of Agnico Eagle Mines from $278.00 to $260.00 and set a "sector outperform" rating for the company in a research report on Tuesday, July 14th. Royal Bank Of Canada lowered their target price on shares of Agnico Eagle Mines from $230.00 to $210.00 and set a "sector perform" rating for the company in a research note on Thursday, July 9th. Zacks Research lowered shares of Agnico Eagle Mines from a "hold" rating to a "strong sell" rating in a research note on Friday, July 17th. Finally, UBS Group decreased their price target on shares of Agnico Eagle Mines from $210.00 to $170.00 and set a "neutral" rating for the company in a report on Tuesday, June 30th. Twelve research 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. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $226.00.

Agnico Eagle Mines Trading Down 1.1%

Shares of NYSE:AEM opened at $204.75 on Friday. The company has a quick ratio of 2.02, a current ratio of 2.86 and a debt-to-equity ratio of 0.01. Agnico Eagle Mines Limited has a 52-week low of $134.38 and a 52-week high of $255.24. The stock has a market cap of $103.79 billion, a price-to-earnings ratio of 17.51, a PEG ratio of 2.55 and a beta of 0.67. The business has a 50-day moving average price of $169.72 and a 200-day moving average price of $187.05.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last posted its quarterly earnings results on Wednesday, July 29th. The mining company reported $3.05 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.89 by $0.16. The company 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 for the quarter was up 35.0% compared to the same quarter last year. During the same period last year, the firm posted $1.94 EPS. Equities analysts predict that Agnico Eagle Mines Limited will post 11.56 EPS for the current 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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