Elevation Point Wealth Partners LLC Makes New Investment in Agnico Eagle Mines Limited $AEM

Elevation Point Wealth Partners LLC purchased a new stake in Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 10,504 shares of the mining company’s stock, valued at approximately $1,630,000.

Several other institutional investors have also modified their holdings of the business. Deutsche Bank AG purchased a new stake in shares of Agnico Eagle Mines during the second quarter worth $1,362,158,000. Norges Bank purchased a new position in Agnico Eagle Mines in the fourth quarter valued at $1,367,783,000. Van ECK Associates Corp boosted its holdings in Agnico Eagle Mines by 21.6% in the fourth quarter. Van ECK Associates Corp now owns 17,225,477 shares of the mining company’s stock valued at $2,920,258,000 after purchasing an additional 3,062,705 shares during the period. Alberta Investment Management Corp acquired a new position in Agnico Eagle Mines during the 4th quarter worth $194,195,000. Finally, Employees Provident Fund Board purchased a new stake in Agnico Eagle Mines during the 4th quarter worth about $183,341,000. Institutional investors and hedge funds own 68.34% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. ATB Cormark Capital Markets raised Agnico Eagle Mines from a “hold” rating to an “outperform” rating in a research report on Monday, May 4th. Scotia cut their target price on shares of Agnico Eagle Mines from $280.00 to $278.00 and set a “sector outperform” rating on the stock in a research note on Friday, July 3rd. Wall Street Zen downgraded shares of Agnico Eagle Mines from a “buy” rating to a “hold” rating in a research note on Sunday, July 12th. Bank of America lowered their price target on shares of Agnico Eagle Mines from $302.00 to $240.00 and set a “buy” rating for the company in a report on Thursday, July 9th. Finally, Citigroup reduced their price objective on shares of Agnico Eagle Mines from $256.00 to $200.00 and set a “buy” rating on the stock in a report on Monday, July 27th. 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 MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $226.00.

Agnico Eagle Mines Trading Up 0.4%

AEM opened at $217.02 on Monday. Agnico Eagle Mines Limited has a one year low of $133.80 and a one year high of $255.24. The company has a market cap of $110.01 billion, a P/E ratio of 18.56, a PEG ratio of 2.69 and a beta of 0.61. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.02 and a current ratio of 2.86. The business’s 50-day simple moving average is $161.03 and its 200-day simple moving average is $186.68.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last posted its earnings results on Wednesday, July 29th. The mining company reported $3.05 earnings per share for the quarter, topping the consensus estimate of $2.89 by $0.16. The firm had revenue of $3.77 billion during the quarter, compared to analysts’ expectations of $3.78 billion. Agnico Eagle Mines had a return on equity of 22.04% and a net margin of 40.44%.The firm’s revenue was up 35.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.94 earnings per share. As a group, equities research analysts expect that Agnico Eagle Mines Limited will post 11.56 EPS for the current fiscal year.

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.