Canoe Financial LP Boosts Holdings in Agnico Eagle Mines Limited $AEM

Canoe Financial LP increased its position in shares of Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) by 19.5% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,129,144 shares of the mining company’s stock after purchasing an additional 184,177 shares during the quarter. Agnico Eagle Mines makes up approximately 2.7% of Canoe Financial LP’s holdings, making the stock its 9th biggest holding. Canoe Financial LP’s holdings in Agnico Eagle Mines were worth $190,140,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Agnico Eagle Mines by 3.1% during the second quarter. Vanguard Group Inc. now owns 20,417,906 shares of the mining company’s stock worth $2,432,603,000 after buying an additional 614,437 shares during the last quarter. TD Asset Management Inc boosted its holdings in shares of Agnico Eagle Mines by 3.6% in the 2nd quarter. TD Asset Management Inc now owns 9,356,548 shares of the mining company’s stock worth $1,112,500,000 after acquiring an additional 323,252 shares in the last quarter. Mackenzie Financial Corp grew its position in Agnico Eagle Mines by 1.9% during the 2nd quarter. Mackenzie Financial Corp now owns 8,778,276 shares of the mining company’s stock worth $1,046,468,000 after acquiring an additional 160,650 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position in Agnico Eagle Mines by 38.8% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 8,296,796 shares of the mining company’s stock worth $987,398,000 after acquiring an additional 2,319,131 shares during the last quarter. Finally, Norges Bank acquired a new stake in Agnico Eagle Mines during the 2nd quarter valued at $938,644,000. 68.34% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have commented on AEM shares. Citigroup boosted their price objective on Agnico Eagle Mines from $140.00 to $198.00 and gave the stock a “buy” rating in a research note on Wednesday, October 15th. Bank of America lifted their price target on Agnico Eagle Mines from $209.00 to $226.00 and gave the company a “buy” rating in a report on Thursday, October 16th. Jefferies Financial Group set a $189.00 price objective on shares of Agnico Eagle Mines in a report on Sunday, December 7th. Royal Bank Of Canada downgraded shares of Agnico Eagle Mines from an “outperform” rating to a “sector perform” rating and boosted their target price for the stock from $185.00 to $205.00 in a research note on Wednesday, December 10th. Finally, Wall Street Zen lowered shares of Agnico Eagle Mines from a “strong-buy” rating to a “buy” rating in a research report on Sunday, November 30th. Six investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $201.60.

Agnico Eagle Mines Stock Up 0.2%

Shares of NYSE:AEM opened at $181.58 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.12 and a quick ratio of 1.31. The stock has a market cap of $91.10 billion, a price-to-earnings ratio of 26.51, a P/E/G ratio of 0.66 and a beta of 0.64. The company has a 50 day moving average of $167.39 and a 200-day moving average of $148.69. Agnico Eagle Mines Limited has a one year low of $76.91 and a one year high of $187.50.

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

Agnico Eagle Mines 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.