The Manufacturers Life Insurance Company Invests $608.05 Million in Agnico Eagle Mines Limited $AEM

The Manufacturers Life Insurance Company purchased a new stake in shares of Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 3,921,023 shares of the mining company’s stock, valued at approximately $608,054,000.

Other institutional investors have also bought and sold shares of the company. Capital World Investors boosted its stake in Agnico Eagle Mines by 2.8% during the fourth quarter. Capital World Investors now owns 21,338,277 shares of the mining company’s stock worth $3,618,730,000 after buying an additional 572,473 shares during the period. Vanguard Group Inc. raised its stake in shares of Agnico Eagle Mines by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 20,979,666 shares of the mining company’s stock valued at $3,557,772,000 after acquiring an additional 309,717 shares during the period. Van ECK Associates Corp raised its stake in shares of 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 acquiring an additional 3,062,705 shares during the period. TD Asset Management Inc raised its stake in shares of Agnico Eagle Mines by 1.7% in the fourth quarter. TD Asset Management Inc now owns 9,665,456 shares of the mining company’s stock valued at $1,641,239,000 after acquiring an additional 165,263 shares during the period. Finally, Deutsche Bank AG bought a new stake in shares of Agnico Eagle Mines in the 2nd quarter worth about $1,362,158,000. Institutional investors own 68.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on AEM shares. Royal Bank Of Canada cut their price target 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. Scotiabank reduced their price objective on shares of Agnico Eagle Mines from $278.00 to $260.00 and set a “sector outperform” rating on the stock in a research report on Tuesday, July 14th. UBS Group decreased their price objective on shares of Agnico Eagle Mines from $210.00 to $170.00 and set a “neutral” rating for the company in a research note on Tuesday, June 30th. Barclays dropped their target price on Agnico Eagle Mines from $210.00 to $188.00 and set an “overweight” rating for the company in a research report on Wednesday, July 15th. Finally, Bank of America reduced their price target on Agnico Eagle Mines from $302.00 to $240.00 and set a “buy” rating on the stock in a report on Thursday, July 9th. 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 MarketBeat.com, Agnico Eagle Mines has a consensus rating of “Moderate Buy” and an average target price of $226.00.

Agnico Eagle Mines Price Performance

Agnico Eagle Mines stock opened at $217.76 on Tuesday. 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 has a market cap of $110.38 billion, a price-to-earnings ratio of 18.63, a price-to-earnings-growth ratio of 2.69 and a beta of 0.61. The firm has a 50-day moving average of $161.95 and a two-hundred day moving average of $186.83. Agnico Eagle Mines Limited has a 1 year low of $134.38 and a 1 year high of $255.24.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last issued its 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 net margin of 40.44% and a return on equity of 22.04%. The business had revenue of $3.77 billion for the quarter, compared to analyst estimates of $3.78 billion. During the same period last year, the company posted $1.94 earnings per share. The company’s quarterly revenue was up 35.0% compared to the same quarter last year. On average, research analysts forecast that Agnico Eagle Mines Limited will post 11.56 earnings per share for the current year.

Agnico Eagle Mines 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.