Allianz Asset Management GmbH Reduces Position in Agnico Eagle Mines Limited $AEM

Allianz Asset Management GmbH cut its stake in shares of Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) by 6.6% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 452,046 shares of the mining company’s stock after selling 32,085 shares during the quarter. Allianz Asset Management GmbH’s holdings in Agnico Eagle Mines were worth $76,759,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in AEM. Norges Bank purchased a new stake in shares of Agnico Eagle Mines during the fourth quarter valued at $1,367,783,000. Capital World Investors grew its holdings in shares of Agnico Eagle Mines by 20.0% during the third quarter. Capital World Investors now owns 20,765,804 shares of the mining company’s stock valued at $3,497,470,000 after buying an additional 3,462,968 shares during the last quarter. Clearbridge Investments LLC grew its holdings in shares of Agnico Eagle Mines by 60.5% during the fourth quarter. Clearbridge Investments LLC now owns 2,149,463 shares of the mining company’s stock valued at $364,398,000 after buying an additional 810,543 shares during the last quarter. Lazard Asset Management LLC grew its holdings in shares of Agnico Eagle Mines by 566.2% during the third quarter. Lazard Asset Management LLC now owns 888,239 shares of the mining company’s stock valued at $149,593,000 after buying an additional 754,919 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its holdings in shares of Agnico Eagle Mines by 26,635.7% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 736,835 shares of the mining company’s stock valued at $124,916,000 after buying an additional 734,079 shares during the last quarter. 68.34% of the stock is owned by hedge funds and other institutional investors.

Agnico Eagle Mines Price Performance

NYSE:AEM opened at $152.12 on Thursday. Agnico Eagle Mines Limited has a one year low of $114.60 and a one year high of $255.24. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.18 and a current ratio of 3.15. The firm has a market cap of $76.13 billion, a price-to-earnings ratio of 14.30, a PEG ratio of 3.52 and a beta of 0.56. The firm’s fifty day moving average is $191.92 and its two-hundred day moving average is $194.60.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last posted its earnings results on Thursday, April 30th. The mining company reported $3.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.19 by $0.21. Agnico Eagle Mines had a net margin of 39.46% and a return on equity of 21.09%. The business had revenue of $4 billion for the quarter, compared to analyst estimates of $3.96 billion. During the same period in the prior year, the company posted $1.53 EPS. The company’s revenue for the quarter was up 66.1% on a year-over-year basis. Research analysts expect that Agnico Eagle Mines Limited will post 13.18 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts have commented on AEM shares. Scotiabank reaffirmed an “outperform” rating and issued a $280.00 price target on shares of Agnico Eagle Mines in a report on Tuesday, February 17th. Canadian Imperial Bank of Commerce upped their price target on shares of Agnico Eagle Mines from C$304.00 to C$310.00 and gave the company an “outperform” rating in a report on Tuesday, May 26th. Erste Group Bank lowered shares of Agnico Eagle Mines from a “buy” rating to a “hold” rating in a report on Tuesday, March 24th. Weiss Ratings lowered shares of Agnico Eagle Mines from a “buy (b+)” rating to a “buy (b)” rating in a report on Wednesday, May 13th. Finally, JPMorgan Chase & Co. upped their price target on shares of Agnico Eagle Mines from $220.00 to $222.00 and gave the company a “neutral” rating in a report on Monday, May 4th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $236.08.

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.