Agnico Eagle Mines Limited $AEM Position Lowered by Merk Investments LLC

Merk Investments LLC trimmed its holdings in Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) by 15.2% in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 140,000 shares of the mining company’s stock after selling 25,000 shares during the quarter. Agnico Eagle Mines comprises approximately 7.3% of Merk Investments LLC’s portfolio, making the stock its 5th biggest position. Merk Investments LLC’s holdings in Agnico Eagle Mines were worth $23,598,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Norges Bank purchased a new stake in shares of Agnico Eagle Mines during the 2nd quarter valued at about $938,644,000. Capital World Investors raised its holdings in shares of Agnico Eagle Mines by 20.0% during the third quarter. Capital World Investors now owns 20,765,804 shares of the mining company’s stock valued at $3,497,470,000 after purchasing an additional 3,462,968 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its position in Agnico Eagle Mines by 38.8% during the second quarter. Arrowstreet Capital Limited Partnership now owns 8,296,796 shares of the mining company’s stock valued at $987,398,000 after purchasing an additional 2,319,131 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its stake in Agnico Eagle Mines by 48.3% during the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 4,528,022 shares of the mining company’s stock valued at $538,506,000 after buying an additional 1,474,385 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of Agnico Eagle Mines by 53.1% during the 2nd quarter. Invesco Ltd. now owns 4,164,046 shares of the mining company’s stock valued at $495,230,000 after buying an additional 1,444,746 shares during the period. Institutional investors own 68.34% of the company’s stock.

Agnico Eagle Mines Stock Performance

Shares of AEM opened at $209.95 on Tuesday. The business has a 50-day simple moving average of $213.19 and a two-hundred day simple moving average of $182.08. The company has a quick ratio of 1.33, a current ratio of 2.02 and a debt-to-equity ratio of 0.01. Agnico Eagle Mines Limited has a 52 week low of $94.77 and a 52 week high of $255.24. The stock has a market cap of $105.19 billion, a price-to-earnings ratio of 23.64 and a beta of 0.61.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last posted its quarterly earnings data on Thursday, February 12th. The mining company reported $2.69 earnings per share for the quarter, beating analysts’ consensus estimates of $2.56 by $0.13. The firm had revenue of $3.53 billion for the quarter, compared to analysts’ expectations of $3.40 billion. Agnico Eagle Mines had a return on equity of 18.09% and a net margin of 37.47%.The business’s quarterly revenue was up 60.3% on a year-over-year basis. During the same period in the previous year, the firm earned $1.26 EPS. On average, analysts expect that Agnico Eagle Mines Limited will post 4.63 EPS for the current year.

Agnico Eagle Mines Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Monday, March 2nd were issued a dividend of $0.45 per share. This is an increase from Agnico Eagle Mines’s previous quarterly dividend of $0.40. This represents a $1.80 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Monday, March 2nd. Agnico Eagle Mines’s payout ratio is presently 20.27%.

Wall Street Analyst Weigh In

Several analysts recently commented on AEM shares. Zacks Research raised Agnico Eagle Mines from a “hold” rating to a “strong-buy” rating in a report on Friday, February 27th. Citigroup raised their target price on Agnico Eagle Mines from $198.00 to $256.00 and gave the stock a “buy” rating in a research report on Thursday, January 15th. Jefferies Financial Group set a $189.00 price target on Agnico Eagle Mines in a research note on Sunday, December 7th. Raymond James Financial reissued an “outperform” rating and issued a $225.00 price objective on shares of Agnico Eagle Mines in a report on Wednesday, January 14th. Finally, Wall Street Zen cut shares of Agnico Eagle Mines from a “strong-buy” rating to a “buy” rating in a report on Saturday, January 31st. Four equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $234.91.

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.