Mackenzie Financial Corp Trims Holdings in Agnico Eagle Mines Limited $AEM

Mackenzie Financial Corp lessened its position in Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) by 4.8% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 8,354,827 shares of the mining company’s stock after selling 423,449 shares during the period. Agnico Eagle Mines accounts for 1.7% of Mackenzie Financial Corp’s investment portfolio, making the stock its 9th biggest position. Mackenzie Financial Corp owned approximately 1.66% of Agnico Eagle Mines worth $1,406,894,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Brighton Jones LLC grew its position in shares of Agnico Eagle Mines by 11.5% in the 4th quarter. Brighton Jones LLC now owns 3,216 shares of the mining company’s stock worth $252,000 after buying an additional 331 shares during the period. AQR Capital Management LLC raised its stake in shares of Agnico Eagle Mines by 36.4% in the first quarter. AQR Capital Management LLC now owns 19,829 shares of the mining company’s stock worth $2,150,000 after purchasing an additional 5,293 shares during the last quarter. Sivia Capital Partners LLC lifted its stake in Agnico Eagle Mines by 57.2% during the 2nd quarter. Sivia Capital Partners LLC now owns 3,188 shares of the mining company’s stock valued at $379,000 after acquiring an additional 1,160 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Agnico Eagle Mines by 5.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 512,862 shares of the mining company’s stock valued at $60,995,000 after buying an additional 27,545 shares during the period. Finally, Savant Capital LLC boosted its position in Agnico Eagle Mines by 27.4% in the second quarter. Savant Capital LLC now owns 5,855 shares of the mining company’s stock worth $696,000 after purchasing an additional 1,261 shares during the last quarter. 68.34% of the stock is owned by hedge funds and other institutional investors.

Agnico Eagle Mines Stock Up 1.0%

Shares of NYSE AEM opened at $227.05 on Wednesday. The stock has a market capitalization of $113.76 billion, a PE ratio of 25.57 and a beta of 0.61. The stock’s fifty day simple moving average is $209.71 and its two-hundred day simple moving average is $179.94. Agnico Eagle Mines Limited has a 12-month low of $94.77 and a 12-month high of $255.24. The company has a current ratio of 2.02, a quick ratio of 1.33 and a debt-to-equity ratio of 0.01.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last announced its earnings results on Thursday, February 12th. The mining company reported $2.69 earnings per share for the quarter, topping the consensus estimate of $2.56 by $0.13. Agnico Eagle Mines had a return on equity of 18.09% and a net margin of 37.47%.The firm had revenue of $3.53 billion for the quarter, compared to the consensus estimate of $3.40 billion. During the same period in the previous year, the business earned $1.26 EPS. The firm’s revenue for the quarter was up 60.3% on a year-over-year basis. As a group, analysts expect that Agnico Eagle Mines Limited will post 4.63 EPS for the current fiscal year.

Agnico Eagle Mines Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Monday, March 2nd will be issued a dividend of $0.45 per share. The ex-dividend date is Monday, March 2nd. This represents a $1.80 dividend on an annualized basis and a dividend yield of 0.8%. This is an increase from Agnico Eagle Mines’s previous quarterly dividend of $0.40. Agnico Eagle Mines’s payout ratio is 20.27%.

Analysts Set New Price Targets

Several analysts have issued reports on AEM shares. TD Securities boosted their price target on Agnico Eagle Mines from $241.00 to $251.00 and gave the company a “buy” rating in a report on Tuesday, March 3rd. Canadian Imperial Bank of Commerce set a $296.00 price target on Agnico Eagle Mines and gave the company an “outperform” rating in a report on Wednesday, February 4th. Raymond James Financial reissued an “outperform” rating and set a $225.00 price objective on shares of Agnico Eagle Mines in a research note on Wednesday, January 14th. JPMorgan Chase & Co. reduced their target price on shares of Agnico Eagle Mines from $248.00 to $235.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 18th. Finally, Scotiabank reiterated an “outperform” rating and set a $280.00 target price on shares of Agnico Eagle Mines in a research report on Tuesday, February 17th. Four equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $234.91.

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.