Picton Mahoney Asset Management Reduces Holdings in Agnico Eagle Mines Limited $AEM

Picton Mahoney Asset Management cut its holdings in shares of Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) by 9.9% in the 3rd quarter, HoldingsChannel reports. The fund owned 1,017,406 shares of the mining company’s stock after selling 112,344 shares during the period. Agnico Eagle Mines makes up approximately 1.5% of Picton Mahoney Asset Management’s investment portfolio, making the stock its 6th biggest holding. Picton Mahoney Asset Management’s holdings in Agnico Eagle Mines were worth $171,323,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the business. Brighton Jones LLC increased its holdings in Agnico Eagle Mines by 11.5% during the 4th quarter. Brighton Jones LLC now owns 3,216 shares of the mining company’s stock worth $252,000 after purchasing an additional 331 shares in the last quarter. AQR Capital Management LLC lifted its holdings in shares of Agnico Eagle Mines by 36.4% in the first quarter. AQR Capital Management LLC now owns 19,829 shares of the mining company’s stock valued at $2,150,000 after purchasing an additional 5,293 shares in the last quarter. Sivia Capital Partners LLC boosted its position in shares of 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 valued at $379,000 after buying an additional 1,160 shares during the last quarter. Envestnet Asset Management Inc. grew its holdings in Agnico Eagle Mines by 4.4% during the second quarter. Envestnet Asset Management Inc. now owns 231,267 shares of the mining company’s stock worth $27,505,000 after buying an additional 9,725 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd bought a new stake in Agnico Eagle Mines during the second quarter worth $356,000. Institutional investors own 68.34% of the company’s stock.

Agnico Eagle Mines Price Performance

Shares of NYSE:AEM opened at $234.36 on Wednesday. The company has a market capitalization of $117.42 billion, a P/E ratio of 26.39 and a beta of 0.61. The company’s 50-day moving average is $204.97 and its 200 day moving average is $176.74. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.33 and a current ratio of 2.02. Agnico Eagle Mines Limited has a fifty-two week low of $94.37 and a fifty-two week 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 EPS for the quarter, topping the consensus estimate of $2.56 by $0.13. The business had revenue of $3.53 billion for the quarter, compared to analyst estimates of $3.40 billion. Agnico Eagle Mines had a net margin of 37.47% and a return on equity of 18.09%. The company’s revenue for the quarter was up 60.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.26 earnings per share. On average, equities research analysts forecast that Agnico Eagle Mines Limited will post 4.63 earnings per share for the current year.

Agnico Eagle Mines Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Monday, March 2nd will be paid a $0.45 dividend. The ex-dividend date is Monday, March 2nd. This is a positive change from Agnico Eagle Mines’s previous quarterly dividend of $0.40. This represents a $1.80 annualized dividend and a yield of 0.8%. Agnico Eagle Mines’s dividend payout ratio (DPR) is currently 20.27%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on AEM shares. Weiss Ratings cut Agnico Eagle Mines from a “buy (a-)” rating to a “buy (b)” rating in a research note on Monday, January 12th. Zacks Research upgraded shares of Agnico Eagle Mines from a “hold” rating to a “strong-buy” rating in a report on Friday, February 27th. Citigroup boosted their price target on shares of Agnico Eagle Mines from $198.00 to $256.00 and gave the stock a “buy” rating in a report on Thursday, January 15th. TD Securities upped their price objective on shares of Agnico Eagle Mines from $241.00 to $251.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Agnico Eagle Mines from $248.00 to $235.00 and set a “neutral” rating for the company in a research note on Wednesday, February 18th. Four research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Agnico Eagle Mines has a consensus rating of “Buy” and a consensus price target of $234.91.

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.