Mufg Securities Canada LTD. Trims Stake in Agnico Eagle Mines Limited $AEM

Mufg Securities Canada LTD. lowered its position in Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) by 3.2% in the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 719,467 shares of the mining company’s stock after selling 23,714 shares during the period. Agnico Eagle Mines accounts for about 3.0% of Mufg Securities Canada LTD.’s investment portfolio, making the stock its 12th largest holding. Mufg Securities Canada LTD.’s holdings in Agnico Eagle Mines were worth $111,608,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in AEM. Acumen Wealth Advisors LLC bought a new stake in shares of Agnico Eagle Mines during the fourth quarter valued at approximately $26,000. Dunhill Financial LLC bought a new position in Agnico Eagle Mines in the second quarter worth $31,000. Fiduciary Financial Advisors bought a new position in Agnico Eagle Mines in the second quarter worth $32,000. Jessup Wealth Management Inc purchased a new position in Agnico Eagle Mines during the fourth quarter valued at $35,000. Finally, University of Texas Texas AM Investment Management Co. lifted its position in Agnico Eagle Mines by 64.7% during the fourth quarter. University of Texas Texas AM Investment Management Co. now owns 229 shares of the mining company’s stock valued at $39,000 after buying an additional 90 shares during the period. Hedge funds and other institutional investors own 68.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on AEM shares. Scotia reduced their target price on shares of Agnico Eagle Mines from $280.00 to $278.00 and set a “sector outperform” rating on the stock in a research report on Friday, July 3rd. Barclays lowered their price target on shares of 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. UBS Group dropped their price objective on shares of Agnico Eagle Mines from $210.00 to $170.00 and set a “neutral” rating on the stock in a research note on Tuesday, June 30th. Weiss Ratings cut shares of Agnico Eagle Mines from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, July 2nd. Finally, Canadian Imperial Bank of Commerce set a $285.00 target price on shares of Agnico Eagle Mines in a research note on Thursday, July 16th. Twelve research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $226.00.

Agnico Eagle Mines Trading Down 1.5%

NYSE AEM opened at $203.16 on Tuesday. Agnico Eagle Mines Limited has a 12 month low of $134.38 and a 12 month high of $255.24. The stock has a market cap of $102.98 billion, a P/E ratio of 17.38, a P/E/G ratio of 2.56 and a beta of 0.61. The stock’s fifty day moving average price is $166.23 and its 200-day moving average price is $187.22. The company has a current ratio of 2.86, a quick ratio of 2.02 and a debt-to-equity ratio of 0.01.

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 for the quarter, beating the consensus estimate of $2.89 by $0.16. The firm had revenue of $3.77 billion during the quarter, compared to the consensus estimate of $3.78 billion. Agnico Eagle Mines had a return on equity of 22.04% and a net margin of 40.44%.The company’s revenue was up 35.0% on a year-over-year basis. During the same period last year, the company earned $1.94 earnings per share. As a group, equities analysts forecast that Agnico Eagle Mines Limited will post 11.56 EPS 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.