Bank of Nova Scotia Acquires 390,875 Shares of Agnico Eagle Mines Limited $AEM

Bank of Nova Scotia boosted its holdings in Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) by 36.0% during the first quarter, Holdings Channel.com reports. The firm owned 1,475,764 shares of the mining company’s stock after acquiring an additional 390,875 shares during the quarter. Bank of Nova Scotia’s holdings in Agnico Eagle Mines were worth $299,480,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Brighton Jones LLC lifted its holdings in shares of Agnico Eagle Mines by 11.5% during the fourth quarter. Brighton Jones LLC now owns 3,216 shares of the mining company’s stock valued at $252,000 after purchasing an additional 331 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of Agnico Eagle Mines by 36.4% in the 1st quarter. AQR Capital Management LLC now owns 19,829 shares of the mining company’s stock worth $2,150,000 after buying an additional 5,293 shares during the last quarter. Sivia Capital Partners LLC grew its stake in shares of Agnico Eagle Mines by 57.2% in the 2nd quarter. Sivia Capital Partners LLC now owns 3,188 shares of the mining company’s stock worth $379,000 after buying an additional 1,160 shares during the last quarter. Rhumbline Advisers increased its position in Agnico Eagle Mines by 8.0% during the 2nd quarter. Rhumbline Advisers now owns 1,810 shares of the mining company’s stock valued at $215,000 after buying an additional 134 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its stake in Agnico Eagle Mines by 25.2% during the second quarter. EverSource Wealth Advisors LLC now owns 929 shares of the mining company’s stock valued at $110,000 after buying an additional 187 shares during the last quarter. Institutional investors own 68.34% of the company’s stock.

Key Stories Impacting Agnico Eagle Mines

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

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on AEM shares. Scotia dropped their target price on Agnico Eagle Mines from $280.00 to $278.00 and set a “sector outperform” rating on the stock in a report on Friday, July 3rd. Canadian Imperial Bank of Commerce set a $285.00 price target on Agnico Eagle Mines in a report on Thursday, July 16th. Barclays lowered their price target on Agnico Eagle Mines from $210.00 to $188.00 and set an “overweight” rating for the company in a research report on Wednesday, July 15th. Weiss Ratings cut shares of Agnico Eagle Mines from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, July 2nd. Finally, TD increased their price objective on shares of Agnico Eagle Mines from $251.00 to $252.00 and gave the company a “buy” rating in a research report on Tuesday, April 21st. Twelve research 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 MarketBeat, Agnico Eagle Mines has a consensus rating of “Moderate Buy” and an average target price of $230.00.

Agnico Eagle Mines Stock Performance

AEM stock opened at $144.43 on Friday. The stock has a market capitalization of $73.31 billion, a PE ratio of 13.57, a price-to-earnings-growth ratio of 2.20 and a beta of 0.60. Agnico Eagle Mines Limited has a 12-month low of $122.32 and a 12-month high of $255.24. The company has a current ratio of 3.15, a quick ratio of 2.18 and a debt-to-equity ratio of 0.01. The stock’s 50 day simple moving average is $161.15 and its 200 day simple moving average is $190.77.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last posted its earnings results on Thursday, April 30th. The mining company reported $3.40 EPS for the quarter, topping analysts’ consensus estimates of $3.19 by $0.21. The business had revenue of $4 billion during the quarter, compared to analyst estimates of $3.96 billion. Agnico Eagle Mines had a return on equity of 21.09% and a net margin of 39.46%.The company’s quarterly revenue was up 66.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.53 EPS. As a group, research analysts forecast that Agnico Eagle Mines Limited will post 12.09 earnings per share for the current fiscal 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.