Agnico Eagle Mines Limited $AEM Shares Sold by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership trimmed its holdings in Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) by 21.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 6,745,089 shares of the mining company’s stock after selling 1,884,846 shares during the period. Agnico Eagle Mines accounts for about 0.7% of Arrowstreet Capital Limited Partnership’s investment portfolio, making the stock its 21st largest position. Arrowstreet Capital Limited Partnership’s holdings in Agnico Eagle Mines were worth $1,369,187,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Acumen Wealth Advisors LLC acquired a new stake in Agnico Eagle Mines during the 4th quarter valued at $26,000. Lodestone Wealth Management LLC acquired a new position in shares of Agnico Eagle Mines in the fourth quarter worth $35,000. Jessup Wealth Management Inc purchased a new stake in shares of Agnico Eagle Mines in the fourth quarter valued at $35,000. Abound Wealth Management lifted its position in shares of Agnico Eagle Mines by 99.0% in the fourth quarter. Abound Wealth Management now owns 209 shares of the mining company’s stock valued at $35,000 after acquiring an additional 104 shares in the last quarter. Finally, Bangor Savings Bank acquired a new stake in shares of Agnico Eagle Mines during the fourth quarter valued at $37,000. 68.34% of the stock is currently owned by hedge funds and other institutional investors.

Agnico Eagle Mines Trading Down 1.8%

NYSE:AEM opened at $144.43 on Friday. The business has a 50 day simple moving average of $161.15 and a 200 day simple moving average of $190.77. The firm has a market capitalization of $73.31 billion, a P/E ratio of 13.57, a P/E/G ratio of 2.20 and a beta of 0.60. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.15 and a quick ratio of 2.18. Agnico Eagle Mines Limited has a 12-month low of $122.32 and a 12-month high of $255.24.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last issued 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. Agnico Eagle Mines had a return on equity of 21.09% and a net margin of 39.46%.The firm had revenue of $4 billion for the quarter, compared to analysts’ expectations of $3.96 billion. During the same quarter last year, the business posted $1.53 EPS. Agnico Eagle Mines’s revenue was up 66.1% on a year-over-year basis. Equities research analysts predict that Agnico Eagle Mines Limited will post 12.09 EPS for the current year.

Agnico Eagle Mines News Roundup

Here are the key news stories impacting Agnico Eagle Mines this week:

• Negative Sentiment: Zacks labeled AEM a “Bear of the Day,” saying earnings estimates have been cut as gold retreats, which weighs on near-term sentiment for the miner. Bear of the Day: Agnico Eagle Mines (AEM)
• Negative Sentiment: Another Zacks note said Agnico Eagle does not have the right setup for a likely earnings beat ahead of next week’s report, reinforcing caution around the upcoming results. Agnico Eagle Mines (AEM) Reports Next Week: Wall Street Expects Earnings Growth
• Negative Sentiment: JPMorgan reportedly lowered expectations for Agnico Eagle Mines, adding to the day’s bearish analyst tone. JPMorgan Chase & Co. Has Lowered Expectations for Agnico Eagle Mines (NYSE:AEM) Stock Price
• Negative Sentiment: A separate market wrap noted AEM fell more than the broader market, signaling selling pressure alongside the weaker sector backdrop. Agnico Eagle Mines (AEM) Dips More Than Broader Market: What You Should Know

Analyst Ratings Changes

AEM has been the topic of a number of recent research reports. Citigroup restated a “positive” rating on shares of Agnico Eagle Mines in a report on Wednesday, July 15th. Scotiabank lowered their target price on shares of Agnico Eagle Mines from $278.00 to $260.00 and set a “sector outperform” rating for the company in a research note on Tuesday, July 14th. ATB Cormark Capital Markets raised Agnico Eagle Mines from a “hold” rating to an “outperform” rating in a research note on Monday, May 4th. JPMorgan Chase & Co. decreased their price objective on Agnico Eagle Mines from $222.00 to $175.00 and set a “neutral” rating on the stock in a report on Tuesday. Finally, Wall Street Zen lowered Agnico Eagle Mines from a “buy” rating to a “hold” rating in a research note on Sunday, July 12th. Twelve investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Agnico Eagle Mines currently has a consensus rating of “Moderate Buy” and a consensus price target of $230.00.

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.