Ninepoint Partners LP Makes New Investment in Agnico Eagle Mines Limited $AEM

Ninepoint Partners LP acquired a new position in shares of Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 59,850 shares of the mining company’s stock, valued at approximately $9,285,000. Agnico Eagle Mines comprises about 0.7% of Ninepoint Partners LP’s holdings, making the stock its 22nd biggest holding.

Several other large investors have also modified their holdings of the stock. K.J. Harrison & Partners Inc purchased a new stake in shares of Agnico Eagle Mines in the 2nd quarter valued at about $6,923,000. Annex Advisory Services LLC grew its stake in Agnico Eagle Mines by 70.5% during the 2nd quarter. Annex Advisory Services LLC now owns 29,007 shares of the mining company’s stock worth $4,500,000 after buying an additional 11,995 shares during the last quarter. BIP Wealth LLC acquired a new position in Agnico Eagle Mines during the second quarter worth approximately $1,167,000. RFG Advisory LLC acquired a new position in Agnico Eagle Mines during the fourth quarter worth approximately $1,122,000. Finally, Harvest Portfolios Group Inc. boosted its holdings in shares of Agnico Eagle Mines by 45.7% in the fourth quarter. Harvest Portfolios Group Inc. now owns 137,292 shares of the mining company’s stock valued at $23,282,000 after acquiring an additional 43,051 shares during the period. Institutional investors and hedge funds own 68.34% of the company’s stock.

Agnico Eagle Mines Stock Up 1.8%

Shares of Agnico Eagle Mines stock opened at $211.40 on Friday. Agnico Eagle Mines Limited has a one year low of $133.80 and a one year high of $255.24. The company has a market cap of $107.16 billion, a P/E ratio of 18.08, a PEG ratio of 2.58 and a beta of 0.60. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.02 and a current ratio of 2.86. The firm has a fifty day moving average of $159.95 and a two-hundred day moving average of $186.50.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last issued its quarterly 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. The business had revenue of $3.77 billion for the quarter, compared to analyst estimates of $3.78 billion. Agnico Eagle Mines had a net margin of 40.44% and a return on equity of 22.04%. The business’s revenue was up 35.0% compared to the same quarter last year. During the same period in the previous year, the business posted $1.94 earnings per share. On average, analysts forecast that Agnico Eagle Mines Limited will post 11.56 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently commented on AEM shares. Scotia cut their target price on shares of Agnico Eagle Mines from $280.00 to $278.00 and set a “sector outperform” rating on the stock in a report on Friday, July 3rd. Zacks Research downgraded shares of Agnico Eagle Mines from a “hold” rating to a “strong sell” rating in a research report on Friday, July 17th. Royal Bank Of Canada dropped their price objective on shares of Agnico Eagle Mines from $230.00 to $210.00 and set a “sector perform” rating on the stock in a research note on Thursday, July 9th. Barclays decreased 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 note on Wednesday, July 15th. Finally, Jefferies Financial Group raised Agnico Eagle Mines from a “hold” rating to a “buy” rating and raised their price target for the stock from $187.00 to $200.00 in a report on Monday, July 6th. Twelve investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average 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.