Harvey Capital Management Inc. Makes New $3.88 Million Investment in Agnico Eagle Mines Limited $AEM

Harvey Capital Management Inc. bought a new stake in Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) during the 2nd quarter, HoldingsChannel.com reports. The firm bought 24,983 shares of the mining company’s stock, valued at approximately $3,876,000.

A number of other institutional investors have also recently made changes to their positions in the company. Deutsche Bank AG purchased a new stake in shares of Agnico Eagle Mines during the second quarter worth approximately $1,362,158,000. Norges Bank purchased a new position in Agnico Eagle Mines in the 4th quarter valued at $1,367,783,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Agnico Eagle Mines in the 2nd quarter valued at $927,602,000. Bank of America Corp DE acquired a new stake in Agnico Eagle Mines during the 2nd quarter worth $844,096,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in Agnico Eagle Mines during the 2nd quarter worth $608,054,000. 68.34% of the stock is owned by institutional investors and hedge funds.

Agnico Eagle Mines Stock Up 0.6%

Shares of NYSE:AEM opened at $215.35 on Friday. The company has a quick ratio of 2.02, a current ratio of 2.86 and a debt-to-equity ratio of 0.01. The business has a fifty day moving average of $164.70 and a two-hundred day moving average of $187.31. The stock has a market cap of $109.16 billion, a P/E ratio of 18.42, a PEG ratio of 2.66 and a beta of 0.60. Agnico Eagle Mines Limited has a 52-week low of $134.38 and a 52-week high of $255.24.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last issued its earnings results on Wednesday, July 29th. The mining company reported $3.05 earnings per share (EPS) for the quarter, topping 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 business had revenue of $3.77 billion during the quarter, compared to the consensus estimate of $3.78 billion. During the same period last year, the company earned $1.94 EPS. The company’s revenue for the quarter was up 35.0% on a year-over-year basis. On average, research analysts expect that Agnico Eagle Mines Limited will post 11.56 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on AEM shares. Barclays reduced their target price on shares of Agnico Eagle Mines from $210.00 to $188.00 and set an “overweight” rating for the company in a research report on Wednesday, July 15th. 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 on the stock in a research report on Thursday, July 9th. JPMorgan Chase & Co. upped their price objective on shares of Agnico Eagle Mines from $175.00 to $179.00 and gave the company a “neutral” rating in a research note on Monday, August 3rd. Bank of America cut their price objective on shares of Agnico Eagle Mines from $302.00 to $240.00 and set a “buy” rating for the company in a report on Thursday, July 9th. Finally, Zacks Research lowered shares of Agnico Eagle Mines from a “hold” rating to a “strong sell” rating in a research note on Friday, July 17th. Twelve research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Agnico Eagle Mines has a consensus rating of “Moderate Buy” and an average target price of $226.00.

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.