Harvey Capital Management Inc. Invests $943,000 in Agnico Eagle Mines Limited (NYSE:AEM)

Harvey Capital Management Inc. bought a new position in shares of Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 17,198 shares of the mining company's stock, valued at approximately $943,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Blair William & Co. IL boosted its position in Agnico Eagle Mines by 5.9% during the third quarter. Blair William & Co. IL now owns 23,718 shares of the mining company's stock valued at $1,078,000 after acquiring an additional 1,313 shares during the last quarter. Raymond James & Associates boosted its position in shares of Agnico Eagle Mines by 15.5% during the 4th quarter. Raymond James & Associates now owns 364,440 shares of the mining company's stock worth $19,990,000 after purchasing an additional 48,782 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of Agnico Eagle Mines by 5.7% during the 3rd quarter. Wellington Management Group LLP now owns 632,403 shares of the mining company's stock worth $28,752,000 after purchasing an additional 34,072 shares in the last quarter. ANTIPODES PARTNERS Ltd bought a new position in shares of Agnico Eagle Mines during the 4th quarter worth about $41,610,000. Finally, Sprott Inc. boosted its position in shares of Agnico Eagle Mines by 4.1% during the 3rd quarter. Sprott Inc. now owns 1,412,300 shares of the mining company's stock worth $65,249,000 after purchasing an additional 55,032 shares in the last quarter. Institutional investors own 68.34% of the company's stock.

Agnico Eagle Mines Stock Performance

Shares of Agnico Eagle Mines stock traded down $0.22 during mid-day trading on Friday, hitting $61.45. 5,718,276 shares of the stock were exchanged, compared to its average volume of 3,236,674. Agnico Eagle Mines Limited has a 12 month low of $43.22 and a 12 month high of $64.19. The company has a 50-day simple moving average of $53.62 and a 200 day simple moving average of $51.33. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.74 and a current ratio of 2.09. The company has a market capitalization of $30.64 billion, a P/E ratio of 14.95, a P/E/G ratio of 0.93 and a beta of 1.06.

Agnico Eagle Mines (NYSE:AEM - Get Free Report) TSE: AEM last posted its earnings results on Friday, February 16th. The mining company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.48 by $0.09. Agnico Eagle Mines had a net margin of 29.29% and a return on equity of 5.54%. The firm had revenue of $1.76 billion for the quarter, compared to analysts' expectations of $1.72 billion. During the same quarter last year, the firm earned $0.41 EPS. The company's quarterly revenue was up 26.9% compared to the same quarter last year. Sell-side analysts anticipate that Agnico Eagle Mines Limited will post 2.47 earnings per share for the current fiscal year.

Agnico Eagle Mines Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $1.60 annualized dividend and a dividend yield of 2.60%. Agnico Eagle Mines's payout ratio is currently 38.93%.

Wall Street Analysts Forecast Growth

AEM has been the topic of a number of research analyst reports. CIBC cut their price objective on shares of Agnico Eagle Mines from $72.00 to $69.00 and set an "outperform" rating on the stock in a research report on Wednesday, February 7th. Raymond James increased their price objective on shares of Agnico Eagle Mines from $66.00 to $71.00 and gave the stock an "outperform" rating in a research report on Friday, January 12th. TD Securities dropped their price target on shares of Agnico Eagle Mines from $64.00 to $62.00 and set a "buy" rating on the stock in a research report on Wednesday, February 21st. Jefferies Financial Group started coverage on shares of Agnico Eagle Mines in a research report on Thursday, February 29th. They issued a "hold" rating and a $54.00 price target on the stock. Finally, National Bank Financial reaffirmed an "outperform overweight" rating on shares of Agnico Eagle Mines in a research report on Monday. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, Agnico Eagle Mines has an average rating of "Moderate Buy" and a consensus target price of $63.71.

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.