Advisors Capital Management LLC Buys 2,922 Shares of Agnico Eagle Mines Limited $AEM

Advisors Capital Management LLC increased its stake in Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) by 2.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 122,475 shares of the mining company’s stock after acquiring an additional 2,922 shares during the period. Advisors Capital Management LLC’s holdings in Agnico Eagle Mines were worth $20,644,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of AEM. True Wealth Design LLC increased its stake in Agnico Eagle Mines by 381.3% in the 3rd quarter. True Wealth Design LLC now owns 154 shares of the mining company’s stock worth $26,000 after purchasing an additional 122 shares during the period. Blue Bell Private Wealth Management LLC grew its holdings in shares of Agnico Eagle Mines by 59.7% in the third quarter. Blue Bell Private Wealth Management LLC now owns 198 shares of the mining company’s stock worth $33,000 after purchasing an additional 74 shares during the last quarter. MCF Advisors LLC bought a new position in shares of Agnico Eagle Mines in the third quarter worth approximately $34,000. Addison Advisors LLC increased its stake in shares of Agnico Eagle Mines by 94.1% in the third quarter. Addison Advisors LLC now owns 229 shares of the mining company’s stock worth $39,000 after buying an additional 111 shares during the period. Finally, Twin Peaks Wealth Advisors LLC bought a new stake in Agnico Eagle Mines during the 2nd quarter valued at $29,000. 68.34% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Royal Bank Of Canada lowered shares of Agnico Eagle Mines from an “outperform” rating to a “sector perform” rating and raised their price target for the stock from $185.00 to $205.00 in a report on Wednesday, December 10th. Scotiabank reiterated an “outperform” rating and set a $280.00 target price on shares of Agnico Eagle Mines in a report on Tuesday. Weiss Ratings downgraded Agnico Eagle Mines from a “buy (a-)” rating to a “buy (b)” rating in a report on Monday, January 12th. Jefferies Financial Group set a $189.00 price target on Agnico Eagle Mines in a research report on Sunday, December 7th. Finally, Wall Street Zen lowered Agnico Eagle Mines from a “strong-buy” rating to a “buy” rating in a research report on Saturday, January 31st. Three equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, Agnico Eagle Mines currently has a consensus rating of “Moderate Buy” and an average price target of $236.09.

Agnico Eagle Mines Stock Performance

Agnico Eagle Mines stock opened at $212.91 on Wednesday. Agnico Eagle Mines Limited has a fifty-two week low of $92.11 and a fifty-two week high of $225.00. The stock’s 50 day simple moving average is $191.50 and its two-hundred day simple moving average is $169.42. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.31 and a current ratio of 2.12. The stock has a market cap of $106.67 billion, a price-to-earnings ratio of 23.98, a PEG ratio of 0.51 and a beta of 0.63.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last announced its earnings results on Thursday, February 12th. The mining company reported $2.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.56 by $0.13. Agnico Eagle Mines had a return on equity of 18.53% and a net margin of 37.47%.The firm had revenue of $3.53 billion during the quarter, compared to analyst estimates of $3.40 billion. During the same quarter in the prior year, the company earned $1.26 EPS. The business’s revenue was up 60.3% compared to the same quarter last year. As a group, analysts expect that Agnico Eagle Mines Limited will post 4.63 earnings per share for the current fiscal year.

Agnico Eagle Mines Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Monday, March 2nd will be given a dividend of $0.45 per share. This is an increase from Agnico Eagle Mines’s previous quarterly dividend of $0.40. This represents a $1.80 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Monday, March 2nd. Agnico Eagle Mines’s payout ratio is 20.27%.

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.