Te Ahumairangi Investment Management Ltd Takes Position in Agnico Eagle Mines Limited $AEM

Te Ahumairangi Investment Management Ltd bought a new stake in shares of Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) in the second quarter, Holdings Channel reports. The fund bought 31,202 shares of the mining company’s stock, valued at approximately $4,846,000.

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

Agnico Eagle Mines Price Performance

AEM opened at $217.02 on Monday. The stock’s 50 day simple moving average is $161.03 and its 200 day simple moving average is $186.68. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.86 and a quick ratio of 2.02. Agnico Eagle Mines Limited has a 1 year low of $133.80 and a 1 year high of $255.24. The firm has a market cap of $110.01 billion, a price-to-earnings ratio of 18.56, a PEG ratio of 2.69 and a beta of 0.61.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last announced its quarterly earnings data on Wednesday, July 29th. The mining company reported $3.05 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $3.78 billion. During the same quarter in the previous year, the company posted $1.94 earnings per share. The business’s revenue was up 35.0% on a year-over-year basis. As a group, analysts predict that Agnico Eagle Mines Limited will post 11.56 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Zacks Research lowered Agnico Eagle Mines from a “hold” rating to a “strong sell” rating in a research report on Friday, July 17th. Bank of America cut their target price on Agnico Eagle Mines from $302.00 to $240.00 and set a “buy” rating for the company in a research note on Thursday, July 9th. Jefferies Financial Group upgraded shares of Agnico Eagle Mines from a “hold” rating to a “buy” rating and increased their price target for the company from $187.00 to $200.00 in a research report on Monday, July 6th. Canadian Imperial Bank of Commerce set a $285.00 price target on shares of Agnico Eagle Mines in a research note on Thursday, July 16th. Finally, Wall Street Zen lowered shares of Agnico Eagle Mines from a “buy” rating to a “hold” rating in a report on Sunday, July 12th. Twelve equities research 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 MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target 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.