Cadence Wealth Management LLC Makes New Investment in Agnico Eagle Mines Limited $AEM

Cadence Wealth Management LLC purchased a new stake in shares of Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) in the 2nd quarter, HoldingsChannel reports. The fund purchased 7,257 shares of the mining company’s stock, valued at approximately $1,126,000. Agnico Eagle Mines makes up about 0.5% of Cadence Wealth Management LLC’s holdings, making the stock its 26th largest holding.

A number of other institutional investors have also modified their holdings of AEM. K.J. Harrison & Partners Inc purchased a new stake in shares of Agnico Eagle Mines during the 2nd quarter valued at $6,923,000. BIP Wealth LLC purchased a new position in Agnico Eagle Mines during the 2nd quarter worth $1,167,000. Annex Advisory Services LLC grew its stake in Agnico Eagle Mines by 70.5% during the 2nd quarter. Annex Advisory Services LLC now owns 29,007 shares of the mining company’s stock worth $4,500,000 after buying an additional 11,995 shares during the last quarter. RFG Advisory LLC acquired a new position in Agnico Eagle Mines during the 4th quarter valued at about $1,122,000. Finally, Harvest Portfolios Group Inc. increased its position in Agnico Eagle Mines by 45.7% during the 4th quarter. Harvest Portfolios Group Inc. now owns 137,292 shares of the mining company’s stock valued at $23,282,000 after buying an additional 43,051 shares in the last quarter. 68.34% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on AEM shares. JPMorgan Chase & Co. increased their price target on Agnico Eagle Mines from $175.00 to $179.00 and gave the company a “neutral” rating in a research note on Monday, August 3rd. ATB Cormark Capital Markets upgraded Agnico Eagle Mines from a “hold” rating to an “outperform” rating in a research note on Monday, May 4th. Barclays cut their price objective on shares of Agnico Eagle Mines from $210.00 to $188.00 and set an “overweight” rating on the stock in a report on Wednesday, July 15th. Scotiabank decreased their price objective on shares of Agnico Eagle Mines from $278.00 to $260.00 and set a “sector outperform” rating for the company in a research report on Tuesday, July 14th. Finally, Wall Street Zen cut shares of Agnico Eagle Mines from a “buy” rating to a “hold” rating in a research note on Sunday, July 12th. 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 company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $226.00.

Agnico Eagle Mines Price Performance

NYSE AEM opened at $217.02 on Friday. The company has a market cap of $110.01 billion, a price-to-earnings ratio of 18.56, a PEG ratio of 2.69 and a beta of 0.60. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.86 and a quick ratio of 2.02. The stock’s fifty day moving average price is $161.03 and its 200 day moving average price is $186.71. Agnico Eagle Mines Limited has a 1 year low of $133.80 and a 1 year high of $255.24.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last issued its quarterly earnings results on Wednesday, July 29th. The mining company reported $3.05 EPS for the quarter, topping analysts’ consensus estimates 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 quarter in the previous year, the firm posted $1.94 EPS. The firm’s revenue was up 35.0% compared to the same quarter last year. As a group, equities research analysts forecast that Agnico Eagle Mines Limited will post 11.56 earnings per share for the current 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.