Purpose Unlimited Inc. Takes Position in Agnico Eagle Mines Limited $AEM

Purpose Unlimited Inc. purchased a new stake in shares of Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 3,427 shares of the mining company’s stock, valued at approximately $581,000.

A number of other hedge funds also recently added to or reduced their stakes in AEM. Acumen Wealth Advisors LLC purchased a new stake in Agnico Eagle Mines during the 4th quarter valued at $26,000. Abound Wealth Management increased its holdings in shares of Agnico Eagle Mines by 99.0% in the 4th quarter. Abound Wealth Management now owns 209 shares of the mining company’s stock worth $35,000 after purchasing an additional 104 shares in the last quarter. Lodestone Wealth Management LLC purchased a new position in shares of Agnico Eagle Mines in the fourth quarter worth $35,000. Jessup Wealth Management Inc purchased a new position in shares of Agnico Eagle Mines in the fourth quarter worth $35,000. Finally, Caitlin John LLC bought a new position in shares of Agnico Eagle Mines during the third quarter valued at $36,000. 68.34% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on AEM. Canadian Imperial Bank of Commerce increased their price objective on Agnico Eagle Mines from C$304.00 to C$310.00 and gave the company an “outperform” rating in a research report on Tuesday, May 26th. Weiss Ratings cut shares of Agnico Eagle Mines from a “buy (b+)” rating to a “buy (b)” rating in a research note on Wednesday, May 13th. Wall Street Zen lowered shares of Agnico Eagle Mines from a “buy” rating to a “hold” rating in a research note on Saturday, June 13th. UBS Group decreased their price objective on shares of Agnico Eagle Mines from $240.00 to $210.00 and set a “neutral” rating for the company in a report on Friday, March 27th. Finally, Barclays initiated coverage on shares of Agnico Eagle Mines in a research report on Thursday, May 21st. They set an “overweight” rating and a $213.00 price objective on the stock. 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 stock. According to data from MarketBeat, Agnico Eagle Mines has an average rating of “Moderate Buy” and a consensus target price of $236.08.

Agnico Eagle Mines Price Performance

Shares of NYSE:AEM opened at $166.63 on Monday. The company has a quick ratio of 2.18, a current ratio of 3.15 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $84.58 billion, a PE ratio of 15.66, a price-to-earnings-growth ratio of 3.66 and a beta of 0.56. The firm’s 50 day moving average price is $186.15 and its 200-day moving average price is $194.53. Agnico Eagle Mines Limited has a twelve month low of $114.60 and a twelve month high of $255.24.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last announced its earnings results on Thursday, April 30th. The mining company reported $3.40 earnings per share (EPS) for the quarter, beating 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 company had revenue of $4 billion during the quarter, compared to analyst estimates of $3.96 billion. During the same period in the previous year, the business posted $1.53 earnings per share. The firm’s quarterly revenue was up 66.1% compared to the same quarter last year. Equities research analysts expect that Agnico Eagle Mines Limited will post 13.2 EPS for the current year.

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.