PenderFund Capital Management Ltd. Takes Position in Agnico Eagle Mines Limited $AEM

PenderFund Capital Management Ltd. bought a new position in Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 7,302 shares of the mining company’s stock, valued at approximately $1,135,000.

Other hedge funds also recently made changes to their positions in the company. Almitas Capital LLC purchased a new stake in shares of Agnico Eagle Mines during the 2nd quarter worth approximately $1,246,000. Parvin Asset Management LLC purchased a new stake in Agnico Eagle Mines during the second quarter valued at $3,080,000. Pure Financial Advisors LLC bought a new position in Agnico Eagle Mines during the second quarter valued at $404,000. Corient Private Wealth LP bought a new position in Agnico Eagle Mines during the second quarter valued at $7,120,000. Finally, Ausdal Financial Partners Inc. bought a new position in Agnico Eagle Mines during the second quarter valued at $277,000. 68.34% of the stock is currently owned by hedge funds and other institutional investors.

Agnico Eagle Mines Stock Up 0.6%

NYSE AEM opened at $215.35 on Friday. The company has a quick ratio of 2.02, a current ratio of 2.86 and a debt-to-equity ratio of 0.01. Agnico Eagle Mines Limited has a 52 week low of $134.38 and a 52 week high of $255.24. The firm has a market capitalization of $109.16 billion, a price-to-earnings ratio of 18.42, a PEG ratio of 2.66 and a beta of 0.60. The company has a fifty day moving average of $164.70 and a two-hundred day moving average of $187.31.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last announced its 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 business had revenue of $3.77 billion for the quarter, compared to the consensus estimate of $3.78 billion. Agnico Eagle Mines had a net margin of 40.44% and a return on equity of 22.04%. The business’s revenue for the quarter was up 35.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.94 earnings per share. On average, analysts predict that Agnico Eagle Mines Limited will post 11.56 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Bank of America reduced their target price on shares of Agnico Eagle Mines from $302.00 to $240.00 and set a “buy” rating on the stock in a report on Thursday, July 9th. Jefferies Financial Group raised shares of Agnico Eagle Mines from a “hold” rating to a “buy” rating and increased their price target for the company from $187.00 to $200.00 in a report on Monday, July 6th. Scotiabank dropped their price target on Agnico Eagle Mines from $278.00 to $260.00 and set a “sector outperform” rating for the company in a research report on Tuesday, July 14th. Scotia reduced their price objective on Agnico Eagle Mines from $280.00 to $278.00 and set a “sector outperform” rating on the stock in a research note on Friday, July 3rd. Finally, 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 report on Thursday, July 9th. Twelve analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $226.00.

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.