K.J. Harrison & Partners Inc Makes New Investment in Agnico Eagle Mines Limited $AEM

K.J. Harrison & Partners Inc bought a new position in Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 44,645 shares of the mining company’s stock, valued at approximately $6,923,000. Agnico Eagle Mines comprises approximately 1.0% of K.J. Harrison & Partners Inc’s investment portfolio, making the stock its 26th biggest position.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in shares of Agnico Eagle Mines by 1.1% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 5,266 shares of the mining company’s stock valued at $893,000 after acquiring an additional 59 shares during the period. PNC Financial Services Group Inc. lifted its stake in Agnico Eagle Mines by 0.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 14,284 shares of the mining company’s stock worth $2,422,000 after purchasing an additional 63 shares during the period. Syon Capital LLC boosted its stake in Agnico Eagle Mines by 1.8% in the 4th quarter. Syon Capital LLC now owns 3,675 shares of the mining company’s stock valued at $623,000 after buying an additional 65 shares in the last quarter. CIBC Private Wealth Group LLC boosted its stake in shares of Agnico Eagle Mines by 1.6% in the 4th quarter. CIBC Private Wealth Group LLC now owns 4,289 shares of the mining company’s stock valued at $728,000 after purchasing an additional 67 shares in the last quarter. Finally, Rossby Financial LCC boosted its position in Agnico Eagle Mines by 1.1% in the fourth quarter. Rossby Financial LCC now owns 7,061 shares of the mining company’s stock valued at $1,197,000 after buying an additional 74 shares in the last quarter. Institutional investors and hedge funds own 68.34% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on AEM. Bank of America reduced their price objective on Agnico Eagle Mines from $302.00 to $240.00 and set a “buy” rating on the stock in a research note on Thursday, July 9th. ATB Cormark Capital Markets raised shares of Agnico Eagle Mines from a “hold” rating to an “outperform” rating in a research note on Monday, May 4th. TD boosted their target price on Agnico Eagle Mines from $251.00 to $252.00 and gave the stock a “buy” rating in a research report on Tuesday, April 21st. Barclays decreased 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 report on Wednesday, July 15th. Finally, Jefferies Financial Group raised Agnico Eagle Mines from a “hold” rating to a “buy” rating and increased their target price for the stock from $187.00 to $200.00 in a research note on Monday, July 6th. Twelve equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Agnico Eagle Mines presently has an average rating of “Moderate Buy” and an average target price of $226.00.

Agnico Eagle Mines Price Performance

Shares of NYSE AEM opened at $189.12 on Tuesday. The stock has a market capitalization of $95.86 billion, a price-to-earnings ratio of 16.18, a PEG ratio of 2.32 and a beta of 0.61. Agnico Eagle Mines Limited has a fifty-two week low of $130.04 and a fifty-two week high of $255.24. The business has a 50-day moving average of $157.21 and a 200-day moving average of $186.66. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.86 and a quick ratio of 2.02.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last released its quarterly earnings data on Wednesday, July 29th. The mining company reported $3.05 EPS for the quarter, beating the consensus estimate of $2.89 by $0.16. Agnico Eagle Mines had a return on equity of 22.04% and a net margin of 40.44%.The company had revenue of $3.77 billion during the quarter, compared to the consensus estimate of $3.78 billion. During the same quarter in the prior year, the firm posted $1.94 EPS. The firm’s revenue for the quarter was up 35.0% compared to the same quarter last year. As a group, sell-side analysts predict that Agnico Eagle Mines Limited will post 11.56 earnings per share 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.