Varma Mutual Pension Insurance Co Makes New $21.23 Million Investment in Agnico Eagle Mines Limited $AEM

Varma Mutual Pension Insurance Co purchased a new stake in shares of Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 136,652 shares of the mining company’s stock, valued at approximately $21,225,000.

Several other large investors have also added to or reduced their stakes in the company. Acumen Wealth Advisors LLC acquired a new position in shares of Agnico Eagle Mines in the fourth quarter valued at about $26,000. Dunhill Financial LLC acquired a new stake in shares of Agnico Eagle Mines during the second quarter worth about $31,000. Jessup Wealth Management Inc acquired a new stake in shares of Agnico Eagle Mines during the fourth quarter worth about $35,000. Allied Private Wealth LLC purchased a new stake in Agnico Eagle Mines in the second quarter valued at approximately $36,000. Finally, Banque Cantonale Vaudoise purchased a new stake in Agnico Eagle Mines in the fourth quarter valued at approximately $39,000. Hedge funds and other institutional investors own 68.34% of the company’s stock.

Agnico Eagle Mines Stock Up 2.3%

Shares of AEM opened at $217.02 on Friday. The company 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. Agnico Eagle Mines Limited has a 52 week low of $133.80 and a 52 week high of $255.24. The stock’s 50-day moving average price is $161.03 and its 200-day moving average price is $186.71. 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 (NYSE:AEM) (TSE:AEM) last announced its quarterly earnings results on Wednesday, July 29th. The mining company reported $3.05 earnings per share for the quarter, beating the consensus estimate of $2.89 by $0.16. Agnico Eagle Mines had a return on equity of 22.04% and a net margin of 40.44%.The company had revenue of $3.77 billion during the quarter, compared to analysts’ expectations of $3.78 billion. During the same period last year, the business earned $1.94 earnings per share. Agnico Eagle Mines’s quarterly revenue was up 35.0% on a year-over-year basis. On average, sell-side analysts predict that Agnico Eagle Mines Limited will post 11.56 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on AEM shares. Wall Street Zen downgraded shares of Agnico Eagle Mines from a “buy” rating to a “hold” rating in a report on Sunday, July 12th. Weiss Ratings cut shares of Agnico Eagle Mines from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, July 2nd. Royal Bank Of Canada dropped their price objective on shares of Agnico Eagle Mines from $230.00 to $210.00 and set a “sector perform” rating on the stock in a report 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, Barclays reduced their target price on shares of Agnico Eagle Mines from $210.00 to $188.00 and set an “overweight” rating for the company in a report on Wednesday, July 15th. Twelve analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $226.00.

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.