Bank of New York Mellon Corp Grows Stock Position in Agnico Eagle Mines Limited $AEM

Bank of New York Mellon Corp boosted its holdings in Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) by 17.6% during the first quarter, Holdings Channel.com reports. The fund owned 935,829 shares of the mining company’s stock after acquiring an additional 140,008 shares during the period. Bank of New York Mellon Corp’s holdings in Agnico Eagle Mines were worth $189,955,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Capital World Investors raised its position in Agnico Eagle Mines by 2.8% during the fourth quarter. Capital World Investors now owns 21,338,277 shares of the mining company’s stock worth $3,618,730,000 after acquiring an additional 572,473 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Agnico Eagle Mines by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 20,979,666 shares of the mining company’s stock valued at $3,557,772,000 after purchasing an additional 309,717 shares during the last quarter. Van ECK Associates Corp grew its position in shares of Agnico Eagle Mines by 21.6% in the fourth quarter. Van ECK Associates Corp now owns 17,225,477 shares of the mining company’s stock valued at $2,920,258,000 after purchasing an additional 3,062,705 shares during the last quarter. TD Asset Management Inc increased its stake in shares of Agnico Eagle Mines by 1.7% during the 4th quarter. TD Asset Management Inc now owns 9,665,456 shares of the mining company’s stock worth $1,641,239,000 after purchasing an additional 165,263 shares in the last quarter. Finally, Mackenzie Financial Corp increased its stake in shares of Agnico Eagle Mines by 4.0% during the 4th quarter. Mackenzie Financial Corp now owns 8,687,624 shares of the mining company’s stock worth $1,489,509,000 after purchasing an additional 332,797 shares in the last quarter. 68.34% of the stock is currently owned by hedge funds and other institutional investors.

Agnico Eagle Mines Price Performance

Agnico Eagle Mines stock opened at $136.89 on Friday. Agnico Eagle Mines Limited has a 1 year low of $117.65 and a 1 year high of $255.24. The firm has a 50 day moving average price of $165.41 and a 200 day moving average price of $191.42. The company has a market cap of $69.48 billion, a price-to-earnings ratio of 12.87, a PEG ratio of 1.81 and a beta of 0.60. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.18 and a current ratio of 3.15.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last posted its quarterly earnings results on Thursday, April 30th. The mining company reported $3.40 earnings per share for the quarter, topping analysts’ consensus estimates of $3.19 by $0.21. The company had revenue of $4 billion for the quarter, compared to the consensus estimate of $3.96 billion. Agnico Eagle Mines had a net margin of 39.46% and a return on equity of 21.09%. Agnico Eagle Mines’s revenue was up 66.1% on a year-over-year basis. During the same quarter last year, the firm posted $1.53 earnings per share. Sell-side analysts predict that Agnico Eagle Mines Limited will post 12.29 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on AEM. Scotiabank reduced their target price on Agnico Eagle Mines from $278.00 to $260.00 and set a “sector outperform” rating on the stock in a research note on Tuesday, July 14th. Citigroup reiterated a “positive” rating on shares of Agnico Eagle Mines in a report on Wednesday. JPMorgan Chase & Co. raised their price target on Agnico Eagle Mines from $220.00 to $222.00 and gave the stock a “neutral” rating in a research report on Monday, May 4th. Erste Group Bank cut Agnico Eagle Mines from a “buy” rating to a “hold” rating in a report on Tuesday, March 24th. Finally, UBS Group reduced their price objective on Agnico Eagle Mines from $210.00 to $170.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 30th. Twelve research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, Agnico Eagle Mines presently has an average rating of “Moderate Buy” and a consensus price target of $233.62.

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.