Wynnefield Capital Inc. Reduces Stock Position in Agnico Eagle Mines Limited $AEM

Key Points

• Wynnefield Capital Inc. has decreased its stake in Agnico Eagle Mines Limited by 44.4%, reducing its holdings to approximately 99,991 shares after selling 80,009 shares in the second quarter.
• Agnico Eagle Mines reported earnings per share (EPS) of $1.94 for the last quarter, exceeding analysts' expectations of $1.83, and showing a 35.6% increase in revenue year-over-year.
• Equities analysts have shown positive sentiment towards Agnico Eagle Mines, with several upgrades leading to a consensus price target of $141.40 and multiple analysts rating it as a "Buy" or "Strong Buy".

Wynnefield Capital Inc. lessened its holdings in shares of Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 44.4% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 99,991 shares of the mining company's stock after selling 80,009 shares during the period. Agnico Eagle Mines makes up approximately 7.0% of Wynnefield Capital Inc.'s holdings, making the stock its 5th largest position. Wynnefield Capital Inc.'s holdings in Agnico Eagle Mines were worth $11,892,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. DAVENPORT & Co LLC acquired a new position in shares of Agnico Eagle Mines during the first quarter worth approximately $226,000. Bank of New York Mellon Corp raised its stake in Agnico Eagle Mines by 1.2% during the 1st quarter. Bank of New York Mellon Corp now owns 485,317 shares of the mining company's stock valued at $52,613,000 after purchasing an additional 5,717 shares during the last quarter. Private Trust Co. NA raised its stake in Agnico Eagle Mines by 454.9% during the 1st quarter. Private Trust Co. NA now owns 283 shares of the mining company's stock valued at $31,000 after purchasing an additional 232 shares during the last quarter. Golden State Wealth Management LLC bought a new stake in Agnico Eagle Mines in the 1st quarter valued at $34,000. Finally, OneDigital Investment Advisors LLC acquired a new stake in Agnico Eagle Mines in the 1st quarter worth $234,000. Institutional investors own 68.34% of the company's stock.

Agnico Eagle Mines Stock Performance

NYSE AEM opened at $158.10 on Thursday. Agnico Eagle Mines Limited has a 1-year low of $75.17 and a 1-year high of $164.64. The company has a 50 day moving average of $139.40 and a 200-day moving average of $122.97. The company has a current ratio of 2.03, a quick ratio of 1.16 and a debt-to-equity ratio of 0.03. The firm has a market cap of $79.49 billion, a price-to-earnings ratio of 26.89, a PEG ratio of 1.09 and a beta of 0.45.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last released its quarterly earnings results on Wednesday, July 30th. The mining company reported $1.94 EPS 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 period in the prior year, the company earned $1.07 EPS. Agnico Eagle Mines's revenue for the quarter was up 35.6% on a year-over-year basis. On average, equities analysts forecast that Agnico Eagle Mines Limited will post 4.63 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Raymond James Financial upgraded Agnico Eagle Mines to a "moderate buy" rating and set a $130.00 price target on the stock in a research note on Monday, June 30th. TD Securities upgraded Agnico Eagle Mines to a "strong-buy" rating in a research note on Thursday, July 17th. Royal Bank Of Canada raised their target price 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. CIBC reissued an "outperform" rating on shares of Agnico Eagle Mines in a report on Tuesday, July 15th. Finally, Bank of America increased their price objective on shares of Agnico Eagle Mines from $170.00 to $173.00 and gave the company a "buy" rating in a research note on Monday, June 23rd. Five research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $141.40.

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.

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