Agnico Eagle Mines Limited $AEM Shares Acquired by Investment Management Corp of Ontario

Investment Management Corp of Ontario increased its stake in Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) by 84.2% during the 4th quarter, Holdings Channel reports. The fund owned 89,814 shares of the mining company’s stock after purchasing an additional 41,065 shares during the quarter. Investment Management Corp of Ontario’s holdings in Agnico Eagle Mines were worth $15,226,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Acumen Wealth Advisors LLC acquired a new stake in shares of Agnico Eagle Mines in the fourth quarter valued at $26,000. Abound Wealth Management raised its stake in shares of Agnico Eagle Mines by 99.0% in the fourth quarter. Abound Wealth Management now owns 209 shares of the mining company’s stock valued at $35,000 after acquiring an additional 104 shares in the last quarter. Lodestone Wealth Management LLC acquired a new stake in shares of Agnico Eagle Mines in the fourth quarter valued at $35,000. Jessup Wealth Management Inc acquired a new stake in shares of Agnico Eagle Mines in the fourth quarter valued at $35,000. Finally, Caitlin John LLC acquired a new stake in shares of Agnico Eagle Mines in the third quarter valued at $36,000. 68.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

AEM has been the topic of several analyst reports. Zacks Research cut shares of Agnico Eagle Mines from a “strong-buy” rating to a “hold” rating in a report on Monday, March 30th. Barclays initiated coverage on shares of Agnico Eagle Mines in a report on Thursday, May 21st. They issued an “overweight” rating and a $213.00 target price on the stock. TD raised their target price on shares of Agnico Eagle Mines from $251.00 to $252.00 and gave the company a “buy” rating in a report on Tuesday, April 21st. Weiss Ratings cut shares of Agnico Eagle Mines from a “buy (b+)” rating to a “buy (b)” rating in a report on Wednesday, May 13th. Finally, Wall Street Zen cut shares of Agnico Eagle Mines from a “buy” rating to a “hold” rating in a report on Saturday, June 13th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $236.08.

Agnico Eagle Mines Stock Performance

Shares of AEM opened at $173.08 on Thursday. The stock has a 50 day moving average price of $187.98 and a 200 day moving average price of $194.62. The company has a quick ratio of 2.18, a current ratio of 3.15 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $86.42 billion, a price-to-earnings ratio of 16.27, a price-to-earnings-growth ratio of 3.86 and a beta of 0.56. Agnico Eagle Mines Limited has a 52-week low of $114.60 and a 52-week high of $255.24.

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

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.