Korea Investment CORP Invests $73.04 Million in Agnico Eagle Mines Limited $AEM

Korea Investment CORP acquired a new position in Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 470,265 shares of the mining company’s stock, valued at approximately $73,041,000.

Other large investors also recently made changes to their positions in the company. Acumen Wealth Advisors LLC acquired a new position in shares of Agnico Eagle Mines during the fourth quarter worth approximately $26,000. Dunhill Financial LLC acquired a new position in Agnico Eagle Mines during the 2nd quarter worth $31,000. Jessup Wealth Management Inc acquired a new position in Agnico Eagle Mines during the 4th quarter worth $35,000. Allied Private Wealth LLC bought a new position in shares of Agnico Eagle Mines in the second quarter worth $36,000. Finally, Banque Cantonale Vaudoise bought a new position in shares of Agnico Eagle Mines in the fourth quarter worth $39,000. Institutional investors and hedge funds own 68.34% of the company’s stock.

Agnico Eagle Mines Stock Performance

AEM stock opened at $217.02 on Friday. Agnico Eagle Mines Limited has a 52 week low of $133.80 and a 52 week high of $255.24. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.02 and a current ratio of 2.86. The stock has a market cap of $110.01 billion, a P/E ratio of 18.56, a P/E/G ratio of 2.64 and a beta of 0.60. The firm has a 50 day simple moving average of $161.03 and a 200 day simple moving average of $186.71.

Agnico Eagle Mines (NYSE:AEM) (TSE:AEM) last posted its earnings results on Wednesday, July 29th. The mining company reported $3.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.89 by $0.16. The firm had revenue of $3.77 billion during the quarter, compared to analysts’ expectations of $3.78 billion. Agnico Eagle Mines had a net margin of 40.44% and a return on equity of 22.04%. The company’s revenue was up 35.0% compared to the same quarter last year. During the same period in the previous year, the company earned $1.94 earnings per share. Research analysts anticipate that Agnico Eagle Mines Limited will post 11.56 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on AEM. Wall Street Zen cut shares of Agnico Eagle Mines from a “buy” rating to a “hold” rating in a research note on Sunday, July 12th. Jefferies Financial Group raised shares of Agnico Eagle Mines from a “hold” rating to a “buy” rating and raised their target price for the company from $187.00 to $200.00 in a research note on Monday, July 6th. Citigroup dropped their price target on shares of Agnico Eagle Mines from $256.00 to $200.00 and set a “buy” rating on the stock in a research report on Monday, July 27th. Royal Bank Of Canada decreased their price objective on shares of Agnico Eagle Mines from $230.00 to $210.00 and set a “sector perform” rating for the company in a report on Thursday, July 9th. Finally, Canadian Imperial Bank of Commerce set a $285.00 target price on Agnico Eagle Mines in a report on Thursday, July 16th. Twelve 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 stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $226.00.

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.