Vestcor Inc Cuts Holdings in Agnico Eagle Mines Limited $AEM

Vestcor Inc reduced its stake in shares of Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) by 32.2% in the third quarter, Holdings Channel reports. The fund owned 21,315 shares of the mining company’s stock after selling 10,100 shares during the quarter. Vestcor Inc’s holdings in Agnico Eagle Mines were worth $3,593,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in shares of Agnico Eagle Mines by 1.2% in the third quarter. Vanguard Group Inc. now owns 20,669,949 shares of the mining company’s stock worth $3,481,382,000 after buying an additional 252,043 shares in the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of Agnico Eagle Mines by 5.4% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 11,712,397 shares of the mining company’s stock valued at $1,974,242,000 after purchasing an additional 602,489 shares during the last quarter. TD Asset Management Inc increased its holdings in shares of Agnico Eagle Mines by 1.5% in the third quarter. TD Asset Management Inc now owns 9,500,193 shares of the mining company’s stock worth $1,600,436,000 after buying an additional 143,645 shares during the period. Mackenzie Financial Corp lifted its position in Agnico Eagle Mines by 1.9% in the second quarter. Mackenzie Financial Corp now owns 8,778,276 shares of the mining company’s stock valued at $1,046,468,000 after purchasing an additional 160,650 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its holdings in Agnico Eagle Mines by 38.8% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 8,296,796 shares of the mining company’s stock worth $987,398,000 after acquiring an additional 2,319,131 shares during the last quarter. 68.34% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently issued reports on AEM. Erste Group Bank raised shares of Agnico Eagle Mines from a “hold” rating to a “buy” rating in a research note on Thursday, March 5th. Zacks Research upgraded shares of Agnico Eagle Mines from a “hold” rating to a “strong-buy” rating in a report on Friday, February 27th. Raymond James Financial reaffirmed an “outperform” rating and set a $225.00 price target on shares of Agnico Eagle Mines in a report on Wednesday, January 14th. TD Securities lifted their price objective on Agnico Eagle Mines from $241.00 to $251.00 and gave the stock a “buy” rating in a report on Tuesday, March 3rd. Finally, Wall Street Zen downgraded shares of Agnico Eagle Mines from a “strong-buy” rating to a “buy” rating in a research report on Saturday, January 31st. Four analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Agnico Eagle Mines currently has a consensus rating of “Buy” and a consensus price target of $234.91.

Agnico Eagle Mines Trading Up 1.0%

AEM stock opened at $227.05 on Wednesday. The firm’s fifty day simple moving average is $209.71 and its two-hundred day simple moving average is $179.94. Agnico Eagle Mines Limited has a twelve month low of $94.77 and a twelve month high of $255.24. The company has a quick ratio of 1.33, a current ratio of 2.02 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $113.76 billion, a price-to-earnings ratio of 25.57 and a beta of 0.61.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last released its earnings results on Thursday, February 12th. The mining company reported $2.69 earnings per share for the quarter, topping analysts’ consensus estimates of $2.56 by $0.13. The business had revenue of $3.53 billion for the quarter, compared to analyst estimates of $3.40 billion. Agnico Eagle Mines had a return on equity of 18.09% and a net margin of 37.47%.The business’s revenue was up 60.3% compared to the same quarter last year. During the same quarter last year, the firm posted $1.26 earnings per share. As a group, analysts anticipate that Agnico Eagle Mines Limited will post 4.63 earnings per share for the current year.

Agnico Eagle Mines Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Monday, March 2nd will be issued 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 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date is Monday, March 2nd. Agnico Eagle Mines’s dividend payout ratio (DPR) is currently 20.27%.

Agnico Eagle Mines Company 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.