Massachusetts Financial Services Co. MA Buys 602,489 Shares of Agnico Eagle Mines Limited $AEM

Massachusetts Financial Services Co. MA lifted its position in Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) by 5.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,712,397 shares of the mining company’s stock after purchasing an additional 602,489 shares during the period. Massachusetts Financial Services Co. MA owned about 2.33% of Agnico Eagle Mines worth $1,974,242,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently made changes to their positions in the business. Ninety One UK Ltd raised its holdings in shares of Agnico Eagle Mines by 386.5% in the third quarter. Ninety One UK Ltd now owns 188,189 shares of the mining company’s stock worth $31,703,000 after buying an additional 149,506 shares during the period. Addenda Capital Inc. grew its position in Agnico Eagle Mines by 2.3% in the 3rd quarter. Addenda Capital Inc. now owns 724,231 shares of the mining company’s stock valued at $122,076,000 after acquiring an additional 15,965 shares during the last quarter. Campbell & CO Investment Adviser LLC grew its position in Agnico Eagle Mines by 1,560.8% in the 3rd quarter. Campbell & CO Investment Adviser LLC now owns 48,677 shares of the mining company’s stock valued at $8,205,000 after acquiring an additional 45,746 shares during the last quarter. Schroder Investment Management Group increased its stake in Agnico Eagle Mines by 12.7% in the second quarter. Schroder Investment Management Group now owns 438,080 shares of the mining company’s stock worth $52,101,000 after purchasing an additional 49,480 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Agnico Eagle Mines by 2.7% during the second quarter. Charles Schwab Investment Management Inc. now owns 1,178,532 shares of the mining company’s stock worth $140,135,000 after purchasing an additional 31,087 shares during the last quarter. Institutional investors own 68.34% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on AEM. Royal Bank Of Canada cut shares of Agnico Eagle Mines from an “outperform” rating to a “sector perform” rating and upped their price target for the stock from $185.00 to $205.00 in a report on Wednesday, December 10th. Jefferies Financial Group set a $189.00 price objective on shares of Agnico Eagle Mines in a research report on Sunday, December 7th. Citigroup raised their target price on shares of Agnico Eagle Mines from $198.00 to $256.00 and gave the stock a “buy” rating in a research report on Thursday. Wall Street Zen downgraded shares of Agnico Eagle Mines from a “strong-buy” rating to a “buy” rating in a research note on Sunday, January 11th. Finally, Bank of America increased their price objective on Agnico Eagle Mines from $209.00 to $226.00 and gave the stock a “buy” rating in a research note on Thursday, October 16th. Five equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $211.70.

Agnico Eagle Mines Price Performance

NYSE AEM opened at $197.61 on Friday. The company has a market cap of $98.94 billion, a PE ratio of 28.85, a P/E/G ratio of 0.61 and a beta of 0.63. The firm’s 50 day moving average price is $174.19 and its 200-day moving average price is $155.92. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.31 and a current ratio of 2.12. Agnico Eagle Mines Limited has a 52-week low of $82.86 and a 52-week high of $201.95.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last announced its quarterly earnings results on Wednesday, October 29th. The mining company reported $2.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.76 by $0.40. The business had revenue of $3.07 billion for the quarter, compared to the consensus estimate of $2.93 billion. Agnico Eagle Mines had a return on equity of 15.64% and a net margin of 32.62%.During the same period last year, the business posted $1.14 EPS. Sell-side analysts forecast that Agnico Eagle Mines Limited will post 4.63 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.