Agnico Eagle Mines Limited $AEM Stock: Crescent Grove Advisors LLC Lowers Position

Crescent Grove Advisors LLC lowered its position in shares of Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) by 19.9% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 20,840 shares of the mining company’s stock after selling 5,188 shares during the quarter. Crescent Grove Advisors LLC’s holdings in Agnico Eagle Mines were worth $3,819,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. Cardinal Point Capital Management ULC lifted its holdings in Agnico Eagle Mines by 8.7% in the third quarter. Cardinal Point Capital Management ULC now owns 77,014 shares of the mining company’s stock valued at $14,146,000 after acquiring an additional 6,178 shares during the period. Sage Private Wealth Group LLC acquired a new stake in shares of Agnico Eagle Mines in the 3rd quarter worth approximately $220,000. Magnus Financial Group LLC acquired a new position in Agnico Eagle Mines during the third quarter worth $201,000. Axxcess Wealth Management LLC increased its position in shares of Agnico Eagle Mines by 10.3% in the third quarter. Axxcess Wealth Management LLC now owns 5,770 shares of the mining company’s stock valued at $1,057,000 after buying an additional 541 shares in the last quarter. Finally, Canoe Financial LP raised its position in Agnico Eagle Mines by 130.5% during the third quarter. Canoe Financial LP now owns 986,414 shares of the mining company’s stock worth $178,066,000 after acquiring an additional 558,492 shares during the last quarter. Institutional investors and hedge funds own 68.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Royal Bank Of Canada upped their price objective on Agnico Eagle Mines from $210.00 to $225.00 and gave the company a “sector perform” rating in a research report on Wednesday, September 16th. Bank of America reduced their price target 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. Weiss Ratings upgraded Agnico Eagle Mines from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, October 14th. Scotiabank dropped their price objective on shares of Agnico Eagle Mines from $278.00 to $260.00 and set a “sector outperform” rating for the company in a research note on Tuesday, July 14th. Finally, Barclays raised their target price on shares of Agnico Eagle Mines from $188.00 to $218.00 and gave the stock an “overweight” rating in a research report on Monday. Thirteen investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, Agnico Eagle Mines has a consensus rating of “Moderate Buy” and a consensus target price of $225.23.

Agnico Eagle Mines Stock Up 0.6%

AEM stock opened at $187.29 on Thursday. The firm has a 50 day simple moving average of $195.46 and a 200-day simple moving average of $181.27. The company has a market capitalization of $94.95 billion, a P/E ratio of 16.02, a PEG ratio of 2.75 and a beta of 0.64. Agnico Eagle Mines Limited has a twelve month low of $134.38 and a twelve month high of $255.24. 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 announced its quarterly earnings data 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. Agnico Eagle Mines had a return on equity of 22.04% and a net margin of 40.44%. The firm had revenue of $3.80 billion during the quarter, compared to analyst estimates of $3.78 billion. During the same period in the previous year, the company earned $1.94 earnings per share. Agnico Eagle Mines’s quarterly revenue was up 35.0% on a year-over-year basis. On average, equities research analysts predict that Agnico Eagle Mines Limited will post 11.47 earnings per share for the current fiscal year.

About Agnico Eagle Mines

Agnico Eagle Mines Limited (NYSE:AEM) is a Canadian gold mining company engaged in the exploration, development and production of gold, as well as related activities such as mineral processing and mine-site reclamation. The company’s principal product is gold, with silver and other byproducts also recovered from certain operations.

Founded in 1957 through the merger of Agnico Mines and Eagle Mines, Agnico Eagle has grown into one of the world’s largest gold producers. Its operating portfolio is concentrated in established mining regions, including the Canadian provinces of Ontario and Quebec, Nunavut in northern Canada, and Finland.