Bank of Nova Scotia Sells 201,326 Shares of Agnico Eagle Mines Limited $AEM

Bank of Nova Scotia reduced its stake in Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) by 8.5% during the 2nd quarter, HoldingsChannel reports. The firm owned 2,168,380 shares of the mining company’s stock after selling 201,326 shares during the quarter. Agnico Eagle Mines makes up approximately 0.5% of Bank of Nova Scotia’s holdings, making the stock its 29th biggest holding. Bank of Nova Scotia’s holdings in Agnico Eagle Mines were worth $258,268,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of AEM. Brown Advisory Inc. boosted its stake in Agnico Eagle Mines by 2.4% in the 2nd quarter. Brown Advisory Inc. now owns 3,378 shares of the mining company’s stock valued at $402,000 after buying an additional 79 shares in the last quarter. Cadinha & Co. LLC lifted its holdings in shares of Agnico Eagle Mines by 2.8% during the second quarter. Cadinha & Co. LLC now owns 3,211 shares of the mining company’s stock valued at $382,000 after acquiring an additional 86 shares during the period. City State Bank boosted its stake in shares of Agnico Eagle Mines by 69.2% in the 2nd quarter. City State Bank now owns 269 shares of the mining company’s stock valued at $32,000 after purchasing an additional 110 shares in the last quarter. Wedbush Securities Inc. boosted its stake in shares of Agnico Eagle Mines by 2.3% in the 2nd quarter. Wedbush Securities Inc. now owns 5,003 shares of the mining company’s stock valued at $595,000 after purchasing an additional 113 shares in the last quarter. Finally, Rhumbline Advisers grew its holdings in shares of Agnico Eagle Mines by 8.0% in the 2nd quarter. Rhumbline Advisers now owns 1,810 shares of the mining company’s stock worth $215,000 after purchasing an additional 134 shares during the last quarter. Institutional investors own 68.34% of the company’s stock.

Agnico Eagle Mines Stock Down 1.5%

NYSE AEM opened at $168.82 on Monday. The stock has a market capitalization of $84.69 billion, a P/E ratio of 24.65, a price-to-earnings-growth ratio of 0.61 and a beta of 0.64. Agnico Eagle Mines Limited has a 52 week low of $76.91 and a 52 week high of $187.50. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.31 and a current ratio of 2.12. The stock has a fifty day moving average of $166.98 and a 200-day moving average of $143.93.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last posted its quarterly earnings results on Wednesday, October 29th. The mining company reported $2.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.76 by $0.40. The business had revenue of $3.07 billion for the quarter, compared to analysts’ expectations of $2.93 billion. Agnico Eagle Mines had a return on equity of 15.64% and a net margin of 32.62%.During the same quarter last year, the business earned $1.14 earnings per share. On average, equities research analysts forecast that Agnico Eagle Mines Limited will post 4.63 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on AEM shares. CIBC boosted their price target on shares of Agnico Eagle Mines from $165.00 to $231.00 and gave the company an “outperformer” rating in a research report on Friday, October 10th. TD Securities boosted their target price on Agnico Eagle Mines from $154.00 to $195.00 and gave the stock a “buy” rating in a report on Wednesday, October 8th. Citigroup raised their price target on Agnico Eagle Mines from $140.00 to $198.00 and gave the company a “buy” rating in a report on Wednesday, October 15th. UBS Group boosted their price objective on Agnico Eagle Mines from $180.00 to $190.00 and gave the stock a “neutral” rating in a research note on Monday, December 1st. Finally, Zacks Research upgraded Agnico Eagle Mines from a “hold” rating to a “strong-buy” rating in a report on Thursday. Six analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $195.60.

Agnico Eagle Mines Profile

Agnico Eagle Mines Limited, a gold mining company, exploration, development, and production of precious metals. It explores for gold. The company's mines are located in Canada, Australia, Finland and Mexico, with exploration and development activities in Canada, Australia, Europe, Latin America, and the United States.