Lazard Asset Management LLC Lowers Stock Position in Agnico Eagle Mines Limited (NYSE:AEM)

Lazard Asset Management LLC cut its stake in shares of Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) by 19.9% during the first quarter, HoldingsChannel.com reports. The firm owned 132,566 shares of the mining company’s stock after selling 32,876 shares during the period. Lazard Asset Management LLC’s holdings in Agnico Eagle Mines were worth $7,907,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Bank of Nova Scotia Trust Co. increased its position in shares of Agnico Eagle Mines by 37.9% in the first quarter. Bank of Nova Scotia Trust Co. now owns 24,549 shares of the mining company’s stock valued at $1,464,000 after buying an additional 6,744 shares in the last quarter. Guardian Capital Advisors LP increased its stake in shares of Agnico Eagle Mines by 12.8% during the 1st quarter. Guardian Capital Advisors LP now owns 96,442 shares of the mining company’s stock worth $6,106,000 after purchasing an additional 10,972 shares in the last quarter. Canada Pension Plan Investment Board raised its position in shares of Agnico Eagle Mines by 9.9% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,714,537 shares of the mining company’s stock worth $102,334,000 after purchasing an additional 155,075 shares during the last quarter. Capital World Investors lifted its stake in Agnico Eagle Mines by 0.8% in the 1st quarter. Capital World Investors now owns 9,769,275 shares of the mining company’s stock valued at $582,529,000 after buying an additional 79,275 shares in the last quarter. Finally, LGT Group Foundation grew its holdings in Agnico Eagle Mines by 15.6% during the 1st quarter. LGT Group Foundation now owns 157,518 shares of the mining company’s stock valued at $9,397,000 after buying an additional 21,258 shares during the last quarter. Institutional investors and hedge funds own 68.34% of the company’s stock.

Wall Street Analyst Weigh In

AEM has been the topic of several analyst reports. Jefferies Financial Group raised their price target on shares of Agnico Eagle Mines from $59.00 to $66.00 and gave the stock a “hold” rating in a research note on Friday, July 12th. Citigroup raised their price objective on Agnico Eagle Mines from $65.00 to $80.00 and gave the stock a “buy” rating in a report on Tuesday, April 30th. TD Securities increased their target price on Agnico Eagle Mines from $74.00 to $78.00 and gave the stock a “buy” rating in a research report on Tuesday, April 30th. StockNews.com upgraded Agnico Eagle Mines from a “hold” rating to a “buy” rating in a report on Thursday, June 27th. Finally, CIBC raised their target price on shares of Agnico Eagle Mines from $81.00 to $101.00 and gave the stock an “outperformer” rating in a research report on Wednesday, July 10th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $76.88.

Agnico Eagle Mines Price Performance

AEM opened at $73.97 on Monday. The company has a fifty day simple moving average of $68.80 and a 200 day simple moving average of $60.61. Agnico Eagle Mines Limited has a twelve month low of $43.22 and a twelve month high of $77.04. The firm has a market cap of $37.00 billion, a price-to-earnings ratio of 77.26, a PEG ratio of 0.76 and a beta of 1.06. The company has a current ratio of 2.21, a quick ratio of 0.88 and a debt-to-equity ratio of 0.09.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last posted its quarterly earnings results on Thursday, April 25th. The mining company reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.16. Agnico Eagle Mines had a net margin of 6.79% and a return on equity of 6.09%. The firm had revenue of $1.83 billion for the quarter, compared to analysts’ expectations of $1.78 billion. During the same period in the prior year, the company posted $0.57 earnings per share. The firm’s quarterly revenue was up 21.2% on a year-over-year basis. Equities research analysts expect that Agnico Eagle Mines Limited will post 3.42 EPS for the current fiscal year.

Agnico Eagle Mines Company Profile

Agnico Eagle Mines Limited, a gold mining company, exploration, development, and production of precious metals. It explores for gold. The company's mines are located in Canada, Australia, Finland and Mexico, with exploration and development activities in Canada, Australia, Europe, Latin America, and the United States.