Wealthfront Advisers LLC Purchases New Shares in Agnico Eagle Mines Limited $AEM

Wealthfront Advisers LLC acquired a new stake in shares of Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 3,224 shares of the mining company’s stock, valued at approximately $500,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Acumen Wealth Advisors LLC bought a new stake in shares of Agnico Eagle Mines during the 4th quarter valued at about $26,000. Dunhill Financial LLC purchased a new position in shares of Agnico Eagle Mines during the second quarter valued at about $31,000. Jessup Wealth Management Inc purchased a new position in shares of Agnico Eagle Mines during the fourth quarter valued at about $35,000. Allied Private Wealth LLC bought a new position in Agnico Eagle Mines in the second quarter worth about $36,000. Finally, Banque Cantonale Vaudoise bought a new position in Agnico Eagle Mines in the fourth quarter worth about $39,000. 68.34% of the stock is owned by hedge funds and other institutional investors.

Agnico Eagle Mines Stock Up 2.3%

Agnico Eagle Mines stock opened at $217.02 on Friday. Agnico Eagle Mines Limited has a 12 month low of $133.80 and a 12 month high of $255.24. The stock has a fifty day simple moving average of $161.03 and a two-hundred day simple moving average of $186.71. The company has a current ratio of 2.86, a quick ratio of 2.02 and a debt-to-equity ratio of 0.01. The firm has a market cap of $110.01 billion, a price-to-earnings ratio of 18.56, a PEG ratio of 2.64 and a beta of 0.60.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last announced its quarterly earnings results on Wednesday, July 29th. The mining company reported $3.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.89 by $0.16. Agnico Eagle Mines had a return on equity of 22.04% and a net margin of 40.44%.The firm had revenue of $3.77 billion for the quarter, compared to the consensus estimate of $3.78 billion. During the same period in the prior year, the company posted $1.94 earnings per share. The company’s quarterly revenue was up 35.0% on a year-over-year basis. Equities analysts predict that Agnico Eagle Mines Limited will post 11.56 EPS for the current fiscal year.

Analysts Set New Price Targets

AEM has been the topic of several research reports. Wall Street Zen cut Agnico Eagle Mines from a “buy” rating to a “hold” rating in a research report on Sunday, July 12th. Citigroup decreased their target price on Agnico Eagle Mines from $256.00 to $200.00 and set a “buy” rating for the company in a research report on Monday, July 27th. JPMorgan Chase & Co. increased their price objective on Agnico Eagle Mines from $175.00 to $179.00 and gave the stock a “neutral” rating in a report on Monday, August 3rd. Royal Bank Of Canada lowered their price target on shares of Agnico Eagle Mines from $230.00 to $210.00 and set a “sector perform” rating for the company in a research report on Thursday, July 9th. Finally, ATB Cormark Capital Markets upgraded Agnico Eagle Mines from a “hold” rating to an “outperform” rating in a research note on Monday, May 4th. Twelve investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $226.00.

Agnico Eagle Mines Company 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.