Franklin Resources Inc. Cuts Position in Agnico Eagle Mines Limited $AEM

Franklin Resources Inc. decreased its holdings in Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) by 2.9% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 993,996 shares of the mining company’s stock after selling 29,867 shares during the period. Franklin Resources Inc. owned approximately 0.20% of Agnico Eagle Mines worth $168,531,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in AEM. Norges Bank purchased a new stake in shares of Agnico Eagle Mines during the fourth quarter valued at approximately $1,367,783,000. Capital World Investors raised its stake in shares of Agnico Eagle Mines by 20.0% during the third quarter. Capital World Investors now owns 20,765,804 shares of the mining company’s stock valued at $3,497,470,000 after purchasing an additional 3,462,968 shares during the period. Clearbridge Investments LLC raised its stake in shares of Agnico Eagle Mines by 60.5% during the fourth quarter. Clearbridge Investments LLC now owns 2,149,463 shares of the mining company’s stock valued at $364,398,000 after purchasing an additional 810,543 shares during the period. Lazard Asset Management LLC raised its stake in shares of Agnico Eagle Mines by 566.2% during the third quarter. Lazard Asset Management LLC now owns 888,239 shares of the mining company’s stock valued at $149,593,000 after purchasing an additional 754,919 shares during the period. Finally, Northwestern Mutual Wealth Management Co. raised its stake in shares of Agnico Eagle Mines by 26,635.7% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 736,835 shares of the mining company’s stock valued at $124,916,000 after purchasing an additional 734,079 shares during the period. Hedge funds and other institutional investors own 68.34% of the company’s stock.

Agnico Eagle Mines Stock Down 1.5%

AEM stock opened at $159.65 on Wednesday. Agnico Eagle Mines Limited has a twelve month low of $114.60 and a twelve 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 company has a market capitalization of $79.90 billion, a P/E ratio of 15.00, a PEG ratio of 3.57 and a beta of 0.56. The firm has a 50 day simple moving average of $192.71 and a 200-day simple moving average of $194.65.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last released 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 net margin of 39.46% and a return on equity of 21.09%. The business had revenue of $4 billion during the quarter, compared to the consensus estimate of $3.96 billion. During the same quarter last year, the company earned $1.53 earnings per share. The business’s quarterly revenue was up 66.1% compared to the same quarter last year. On average, equities research analysts predict that Agnico Eagle Mines Limited will post 13.18 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on AEM shares. JPMorgan Chase & Co. lifted their price objective on shares of Agnico Eagle Mines from $220.00 to $222.00 and gave the company a “neutral” rating in a research note on Monday, May 4th. Erste Group Bank lowered shares of Agnico Eagle Mines from a “buy” rating to a “hold” rating in a research note on Tuesday, March 24th. Weiss Ratings lowered shares of Agnico Eagle Mines from a “buy (b+)” rating to a “buy (b)” rating in a research note on Wednesday, May 13th. TD Securities lifted their price objective on shares of Agnico Eagle Mines from $241.00 to $251.00 and gave the company a “buy” rating in a research note on Tuesday, March 3rd. Finally, Canadian Imperial Bank of Commerce lifted their price objective on shares of Agnico Eagle Mines from C$304.00 to C$310.00 and gave the company an “outperform” rating in a research note on Tuesday, May 26th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $236.08.

About Agnico Eagle Mines

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.