Sumitomo Life Insurance Co. Grows Stake in Agnico Eagle Mines Limited $AEM

Sumitomo Life Insurance Co. increased its holdings in shares of Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) by 287.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,166 shares of the mining company’s stock after purchasing an additional 14,959 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Agnico Eagle Mines were worth $3,420,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in AEM. Sumitomo Mitsui Trust Group Inc. grew its holdings in Agnico Eagle Mines by 42.9% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 65,404 shares of the mining company’s stock valued at $11,088,000 after buying an additional 19,647 shares in the last quarter. TD Asset Management Inc grew its holdings in Agnico Eagle Mines by 1.5% during the 3rd quarter. TD Asset Management Inc now owns 9,500,193 shares of the mining company’s stock valued at $1,600,436,000 after buying an additional 143,645 shares in the last quarter. Gunderson Capital Management Inc. grew its holdings in Agnico Eagle Mines by 187.6% during the 4th quarter. Gunderson Capital Management Inc. now owns 48,104 shares of the mining company’s stock valued at $8,155,000 after buying an additional 31,378 shares in the last quarter. TB Alternative Assets Ltd. grew its holdings in Agnico Eagle Mines by 34.2% during the 4th quarter. TB Alternative Assets Ltd. now owns 229,630 shares of the mining company’s stock valued at $38,929,000 after buying an additional 58,490 shares in the last quarter. Finally, Cannell & Spears LLC grew its holdings in Agnico Eagle Mines by 15.0% during the 3rd quarter. Cannell & Spears LLC now owns 559,751 shares of the mining company’s stock valued at $94,352,000 after buying an additional 72,932 shares in the last quarter. Hedge funds and other institutional investors own 68.34% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Canadian Imperial Bank of Commerce raised their price target on Agnico Eagle Mines from C$304.00 to C$310.00 and gave the company an “outperform” rating in a report on Tuesday, May 26th. Weiss Ratings cut Agnico Eagle Mines from a “buy (b+)” rating to a “buy (b)” rating in a report on Wednesday, May 13th. Erste Group Bank cut Agnico Eagle Mines from a “buy” rating to a “hold” rating in a report on Tuesday, March 24th. UBS Group cut their price target on Agnico Eagle Mines from $240.00 to $210.00 and set a “neutral” rating for the company in a report on Friday, March 27th. Finally, Wall Street Zen cut Agnico Eagle Mines from a “buy” rating to a “hold” rating in a report on Saturday. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Agnico Eagle Mines has an average rating of “Moderate Buy” and an average price target of $236.08.

Agnico Eagle Mines Price Performance

NYSE:AEM opened at $162.70 on Friday. The firm has a market capitalization of $81.43 billion, a price-to-earnings ratio of 15.29, a PEG ratio of 3.46 and a beta of 0.56. Agnico Eagle Mines Limited has a 1 year low of $114.60 and a 1 year high of $255.24. The business has a 50 day simple moving average of $190.08 and a 200-day simple moving average of $194.36. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.15 and a quick ratio of 2.18.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last posted its quarterly earnings data on Thursday, April 30th. The mining company reported $3.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.19 by $0.21. The business had revenue of $4 billion during the quarter, compared to analyst estimates of $3.96 billion. Agnico Eagle Mines had a return on equity of 21.09% and a net margin of 39.46%.The company’s revenue for the quarter was up 66.1% on a year-over-year basis. During the same period last year, the company earned $1.53 EPS. Equities analysts forecast that Agnico Eagle Mines Limited will post 13.2 EPS 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.