Man Group plc Takes Position in Agnico Eagle Mines Limited $AEM

Man Group plc purchased a new stake in shares of Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 292,007 shares of the mining company’s stock, valued at approximately $45,312,000.

A number of other hedge funds have also recently modified their holdings of the company. Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in Agnico Eagle Mines by 1.1% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 5,266 shares of the mining company’s stock worth $893,000 after purchasing an additional 59 shares during the period. PNC Financial Services Group Inc. grew its stake in shares of Agnico Eagle Mines by 0.4% in the 4th quarter. PNC Financial Services Group Inc. now owns 14,284 shares of the mining company’s stock valued at $2,422,000 after buying an additional 63 shares during the period. Syon Capital LLC grew its stake in shares of Agnico Eagle Mines by 1.8% in the 4th quarter. Syon Capital LLC now owns 3,675 shares of the mining company’s stock valued at $623,000 after buying an additional 65 shares during the period. CIBC Private Wealth Group LLC increased its holdings in shares of Agnico Eagle Mines by 1.6% during the 4th quarter. CIBC Private Wealth Group LLC now owns 4,289 shares of the mining company’s stock worth $728,000 after buying an additional 67 shares during the last quarter. Finally, Rossby Financial LCC raised its position in shares of Agnico Eagle Mines by 1.1% during the 4th quarter. Rossby Financial LCC now owns 7,061 shares of the mining company’s stock valued at $1,197,000 after buying an additional 74 shares during the period. Hedge funds and other institutional investors own 68.34% of the company’s stock.

Agnico Eagle Mines Price Performance

Shares of NYSE:AEM opened at $213.84 on Thursday. Agnico Eagle Mines Limited has a 52 week low of $134.38 and a 52 week high of $255.24. The company has a quick ratio of 2.02, a current ratio of 2.86 and a debt-to-equity ratio of 0.01. The business has a fifty day simple moving average of $163.73 and a 200-day simple moving average of $187.18. The company has a market cap of $108.40 billion, a P/E ratio of 18.29, a P/E/G ratio of 2.79 and a beta of 0.60.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last announced its quarterly earnings results on Wednesday, July 29th. The mining company reported $3.05 earnings per share for the quarter, beating 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 company had revenue of $3.77 billion for the quarter, compared to analyst estimates of $3.78 billion. During the same quarter last year, the business earned $1.94 EPS. Agnico Eagle Mines’s revenue for the quarter was up 35.0% on a year-over-year basis. Equities research analysts forecast that Agnico Eagle Mines Limited will post 11.56 EPS for the current year.

Wall Street Analysts Forecast Growth

AEM has been the topic of a number of research analyst reports. Weiss Ratings downgraded shares of Agnico Eagle Mines from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, July 2nd. Wall Street Zen cut shares of Agnico Eagle Mines from a “buy” rating to a “hold” rating in a report on Sunday, July 12th. UBS Group decreased their target price on Agnico Eagle Mines from $210.00 to $170.00 and set a “neutral” rating for the company in a research report on Tuesday, June 30th. Scotia lowered their price objective on shares of Agnico Eagle Mines from $280.00 to $278.00 and set a “sector outperform” rating on the stock in a research report on Friday, July 3rd. Finally, Jefferies Financial Group raised Agnico Eagle Mines from a “hold” rating to a “buy” rating and boosted their target price for the company from $187.00 to $200.00 in a report on Monday, July 6th. Twelve investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $226.00.

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.