Connor Clark & Lunn Investment Management Ltd. Invests $927.60 Million in Agnico Eagle Mines Limited $AEM

Connor Clark & Lunn Investment Management Ltd. acquired a new position in Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 5,995,364 shares of the mining company’s stock, valued at approximately $927,602,000. Agnico Eagle Mines comprises about 1.8% of Connor Clark & Lunn Investment Management Ltd.’s holdings, making the stock its 7th biggest holding.

Several other large investors also recently added to or reduced their stakes in AEM. Brighton Jones LLC increased its holdings in 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 buying an additional 331 shares during the last quarter. AQR Capital Management LLC boosted its stake in shares of Agnico Eagle Mines by 36.4% during the 1st quarter. AQR Capital Management LLC now owns 19,829 shares of the mining company’s stock worth $2,150,000 after acquiring an additional 5,293 shares during the last quarter. Sivia Capital Partners LLC boosted its stake in shares of 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 worth $379,000 after acquiring an additional 1,160 shares during the last quarter. Rhumbline Advisers grew its position in shares of 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 acquiring an additional 134 shares during the period. Finally, EverSource Wealth Advisors LLC grew its position in shares of Agnico Eagle Mines by 25.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 929 shares of the mining company’s stock valued at $110,000 after acquiring an additional 187 shares during the period. 68.34% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently commented on AEM. Scotiabank decreased their target price on Agnico Eagle Mines from $278.00 to $260.00 and set a “sector outperform” rating on the stock in a report on Tuesday, July 14th. Scotia cut their price target on Agnico Eagle Mines from $280.00 to $278.00 and set a “sector outperform” rating for the company in a report on Friday, July 3rd. JPMorgan Chase & Co. upped their price target on Agnico Eagle Mines from $175.00 to $179.00 and gave the stock a “neutral” rating in a research report on Monday, August 3rd. Royal Bank Of Canada decreased their price objective on Agnico Eagle Mines from $230.00 to $210.00 and set a “sector perform” rating on the stock in a research note on Thursday, July 9th. Finally, Jefferies Financial Group raised Agnico Eagle Mines from a “hold” rating to a “buy” rating and lifted their price objective for the company from $187.00 to $200.00 in a research report on Monday, July 6th. Twelve research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $226.00.

Agnico Eagle Mines Trading Up 0.4%

Shares of Agnico Eagle Mines stock opened at $217.02 on Monday. The company has a market capitalization of $110.01 billion, a P/E ratio of 18.56, a P/E/G ratio of 2.69 and a beta of 0.61. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.02 and a current ratio of 2.86. The company has a fifty day moving average of $161.03 and a 200 day moving average of $186.68. Agnico Eagle Mines Limited has a fifty-two week low of $133.80 and a fifty-two week high of $255.24.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last issued its quarterly earnings results on Wednesday, July 29th. The mining company reported $3.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.89 by $0.16. The business had revenue of $3.77 billion during the quarter, compared to analyst estimates of $3.78 billion. Agnico Eagle Mines had a return on equity of 22.04% and a net margin of 40.44%.Agnico Eagle Mines’s revenue for the quarter was up 35.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.94 EPS. On average, sell-side analysts anticipate that Agnico Eagle Mines Limited will post 11.56 earnings per share for the current fiscal year.

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.