Picton Mahoney Asset Management Trims Stock Position in Agnico Eagle Mines Limited $AEM

Picton Mahoney Asset Management trimmed its stake in Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) by 9.9% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,017,406 shares of the mining company’s stock after selling 112,344 shares during the period. Agnico Eagle Mines comprises approximately 1.5% of Picton Mahoney Asset Management’s investment portfolio, making the stock its 6th biggest position. Picton Mahoney Asset Management owned approximately 0.20% of Agnico Eagle Mines worth $171,323,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of AEM. Norges Bank acquired a new stake in shares of Agnico Eagle Mines in the second quarter valued at about $938,644,000. Arrowstreet Capital Limited Partnership boosted its holdings in Agnico Eagle Mines by 38.8% in the second quarter. Arrowstreet Capital Limited Partnership now owns 8,296,796 shares of the mining company’s stock valued at $987,398,000 after acquiring an additional 2,319,131 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its position in Agnico Eagle Mines by 48.3% during the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 4,528,022 shares of the mining company’s stock valued at $538,506,000 after purchasing an additional 1,474,385 shares during the period. Invesco Ltd. increased its position in Agnico Eagle Mines by 53.1% during the 2nd quarter. Invesco Ltd. now owns 4,164,046 shares of the mining company’s stock valued at $495,230,000 after purchasing an additional 1,444,746 shares during the period. Finally, Geode Capital Management LLC raised its holdings in Agnico Eagle Mines by 21.1% during the 2nd quarter. Geode Capital Management LLC now owns 4,136,535 shares of the mining company’s stock worth $501,717,000 after purchasing an additional 722,117 shares during the last quarter. 68.34% of the stock is owned by institutional investors and hedge funds.

Agnico Eagle Mines Price Performance

AEM stock opened at $234.36 on Wednesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.02 and a quick ratio of 1.33. The company’s 50-day moving average is $204.97 and its 200-day moving average is $176.74. The stock has a market capitalization of $117.42 billion, a PE ratio of 26.39 and a beta of 0.61. Agnico Eagle Mines Limited has a 1 year low of $94.37 and a 1 year high of $255.24.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last posted its quarterly earnings results on Thursday, February 12th. The mining company reported $2.69 earnings per share for the quarter, topping analysts’ consensus estimates of $2.56 by $0.13. The business had revenue of $3.53 billion for the quarter, compared to the consensus estimate of $3.40 billion. Agnico Eagle Mines had a return on equity of 18.09% and a net margin of 37.47%.The firm’s revenue for the quarter was up 60.3% on a year-over-year basis. During the same period in the prior year, the business earned $1.26 EPS. Equities research analysts expect that Agnico Eagle Mines Limited will post 4.63 EPS for the current fiscal year.

Agnico Eagle Mines Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Monday, March 2nd will be issued a $0.45 dividend. The ex-dividend date is Monday, March 2nd. This represents a $1.80 dividend on an annualized basis and a dividend yield of 0.8%. This is an increase from Agnico Eagle Mines’s previous quarterly dividend of $0.40. Agnico Eagle Mines’s dividend payout ratio (DPR) is 20.27%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on AEM. Canadian Imperial Bank of Commerce set a $296.00 price objective on shares of Agnico Eagle Mines and gave the stock an “outperform” rating in a research report on Wednesday, February 4th. Raymond James Financial reaffirmed an “outperform” rating and set a $225.00 price target on shares of Agnico Eagle Mines in a research report on Wednesday, January 14th. Citigroup lifted their price objective on Agnico Eagle Mines from $198.00 to $256.00 and gave the stock a “buy” rating in a research report on Thursday, January 15th. Erste Group Bank downgraded Agnico Eagle Mines from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, February 18th. Finally, Wall Street Zen cut Agnico Eagle Mines from a “strong-buy” rating to a “buy” rating in a research note on Saturday, January 31st. Four analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Agnico Eagle Mines currently has a consensus rating of “Buy” and an average target price of $234.91.

About Agnico Eagle Mines

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.