Te Ahumairangi Investment Management Ltd Makes New $4.85 Million Investment in Agnico Eagle Mines Limited $AEM

Te Ahumairangi Investment Management Ltd acquired 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 Securities and Exchange Commission (SEC). The institutional investor acquired 31,202 shares of the mining company’s stock, valued at approximately $4,846,000.

Several other large investors also recently made changes to their positions in the company. K.J. Harrison & Partners Inc acquired a new stake in Agnico Eagle Mines in the 2nd quarter valued at $6,923,000. BIP Wealth LLC acquired a new position in shares of Agnico Eagle Mines during the second quarter valued at about $1,167,000. Annex Advisory Services LLC increased its position in shares of Agnico Eagle Mines by 70.5% during the second quarter. Annex Advisory Services LLC now owns 29,007 shares of the mining company’s stock worth $4,500,000 after acquiring an additional 11,995 shares in the last quarter. RFG Advisory LLC bought a new position in Agnico Eagle Mines in the 4th quarter valued at about $1,122,000. Finally, Harvest Portfolios Group Inc. lifted its position in Agnico Eagle Mines by 45.7% in the 4th quarter. Harvest Portfolios Group Inc. now owns 137,292 shares of the mining company’s stock valued at $23,282,000 after acquiring an additional 43,051 shares in the last quarter. 68.34% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

AEM has been the subject of several analyst reports. ATB Cormark Capital Markets raised Agnico Eagle Mines from a “hold” rating to an “outperform” rating in a research note on Monday, May 4th. Weiss Ratings downgraded shares of Agnico Eagle Mines from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, July 2nd. Citigroup reduced their target price on shares of Agnico Eagle Mines from $256.00 to $200.00 and set a “buy” rating for the company in a research note on Monday, July 27th. JPMorgan Chase & Co. increased their target price on shares of Agnico Eagle Mines from $175.00 to $179.00 and gave the company a “neutral” rating in a report on Monday, August 3rd. Finally, Zacks Research cut shares of Agnico Eagle Mines from a “hold” rating to a “strong sell” rating in a report on Friday, July 17th. Twelve investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $226.00.

Agnico Eagle Mines Trading Up 0.4%

NYSE:AEM opened at $217.02 on Monday. The firm’s 50 day moving average is $161.03 and its 200 day moving average is $186.68. Agnico Eagle Mines Limited has a 12 month low of $133.80 and a 12 month high of $255.24. The stock has a market capitalization of $110.01 billion, a PE ratio of 18.56, a price-to-earnings-growth ratio of 2.69 and a beta of 0.61. The company has a current ratio of 2.86, a quick ratio of 2.02 and a debt-to-equity ratio of 0.01.

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

Agnico Eagle Mines Company Profile

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.