Agnico Eagle Mines Limited $AEM Shares Sold by Bank of Nova Scotia

Bank of Nova Scotia lowered its position in Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) by 4.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,069,884 shares of the mining company’s stock after selling 98,496 shares during the quarter. Agnico Eagle Mines accounts for approximately 0.6% of Bank of Nova Scotia’s holdings, making the stock its 24th biggest holding. Bank of Nova Scotia’s holdings in Agnico Eagle Mines were worth $348,545,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Brighton Jones LLC boosted its position in shares of Agnico Eagle Mines by 11.5% in the 4th quarter. Brighton Jones LLC now owns 3,216 shares of the mining company’s stock worth $252,000 after buying an additional 331 shares in the last quarter. AQR Capital Management LLC increased its holdings in Agnico Eagle Mines by 36.4% during the 1st quarter. AQR Capital Management LLC now owns 19,829 shares of the mining company’s stock valued at $2,150,000 after acquiring an additional 5,293 shares in the last quarter. Sivia Capital Partners LLC raised its position in Agnico Eagle Mines by 57.2% during the second quarter. Sivia Capital Partners LLC now owns 3,188 shares of the mining company’s stock worth $379,000 after acquiring an additional 1,160 shares during the last quarter. Savant Capital LLC raised its position in Agnico Eagle Mines by 27.4% during the second quarter. Savant Capital LLC now owns 5,855 shares of the mining company’s stock worth $696,000 after acquiring an additional 1,261 shares during the last quarter. Finally, Prospera Financial Services Inc lifted its holdings in shares of Agnico Eagle Mines by 5.3% in the second quarter. Prospera Financial Services Inc now owns 3,391 shares of the mining company’s stock valued at $403,000 after purchasing an additional 170 shares in the last quarter. Institutional investors and hedge funds own 68.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Erste Group Bank upgraded shares of Agnico Eagle Mines from a “hold” rating to a “buy” rating in a research report on Thursday, March 5th. Zacks Research upgraded Agnico Eagle Mines from a “hold” rating to a “strong-buy” rating in a research report on Friday, February 27th. Wall Street Zen cut Agnico Eagle Mines from a “strong-buy” rating to a “buy” rating in a report on Saturday, January 31st. Canadian Imperial Bank of Commerce set a $296.00 price target on Agnico Eagle Mines and gave the stock an “outperform” rating in a research report on Wednesday, February 4th. Finally, Weiss Ratings cut Agnico Eagle Mines from a “buy (a-)” rating to a “buy (b)” rating in a report on Monday, January 12th. Four research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Agnico Eagle Mines currently has a consensus rating of “Buy” and an average price target of $234.91.

Agnico Eagle Mines Stock Performance

Shares of NYSE AEM opened at $207.39 on Friday. The company has a 50-day simple moving average of $212.49 and a 200-day simple moving average of $181.29. 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 has a market cap of $103.91 billion, a PE ratio of 23.36 and a beta of 0.61. Agnico Eagle Mines Limited has a 12 month low of $94.77 and a 12 month high of $255.24.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last announced its quarterly earnings data on Thursday, February 12th. The mining company reported $2.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.56 by $0.13. Agnico Eagle Mines had a net margin of 37.47% and a return on equity of 18.09%. The business had revenue of $3.53 billion for the quarter, compared to the consensus estimate of $3.40 billion. During the same quarter in the prior year, the firm posted $1.26 earnings per share. The company’s quarterly revenue was up 60.3% compared to the same quarter last year. On average, equities analysts anticipate that Agnico Eagle Mines Limited will post 4.63 earnings per share for the current year.

Agnico Eagle Mines Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Monday, March 2nd will be paid a dividend of $0.45 per share. The ex-dividend date of this dividend is Monday, March 2nd. This represents a $1.80 dividend on an annualized basis and a dividend yield of 0.9%. This is a boost from Agnico Eagle Mines’s previous quarterly dividend of $0.40. Agnico Eagle Mines’s dividend payout ratio is currently 20.27%.

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.