Connor Clark & Lunn Investment Management Ltd. Buys New Position in Agnico Eagle Mines Limited $AEM

Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 5,995,364 shares of the mining company’s stock, valued at approximately $927,602,000. Agnico Eagle Mines comprises 1.8% of Connor Clark & Lunn Investment Management Ltd.’s investment portfolio, making the stock its 7th biggest position. Connor Clark & Lunn Investment Management Ltd. owned 1.18% of Agnico Eagle Mines as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Acumen Wealth Advisors LLC purchased a new position in Agnico Eagle Mines in the fourth quarter worth $26,000. Dunhill Financial LLC purchased a new position in shares of Agnico Eagle Mines during the second quarter worth approximately $31,000. Jessup Wealth Management Inc purchased a new position in Agnico Eagle Mines in the 4th quarter worth $35,000. University of Texas Texas AM Investment Management Co. lifted its position in Agnico Eagle Mines by 64.7% in the fourth quarter. University of Texas Texas AM Investment Management Co. now owns 229 shares of the mining company’s stock valued at $39,000 after purchasing an additional 90 shares during the last quarter. Finally, Banque Cantonale Vaudoise bought a new position in shares of Agnico Eagle Mines during the fourth quarter valued at about $39,000. Hedge funds and other institutional investors own 68.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on AEM. UBS Group lowered their price objective on shares of Agnico Eagle Mines from $210.00 to $170.00 and set a “neutral” rating for the company in a report on Tuesday, June 30th. Barclays decreased their target price on shares of Agnico Eagle Mines from $210.00 to $188.00 and set an “overweight” rating for the company in a research note on Wednesday, July 15th. Jefferies Financial Group upgraded shares of Agnico Eagle Mines from a “hold” rating to a “buy” rating and lifted their target price for the company from $187.00 to $200.00 in a report on Monday, July 6th. Bank of America dropped their price target on Agnico Eagle Mines from $302.00 to $240.00 and set a “buy” rating on the stock in a research report on Thursday, July 9th. Finally, Zacks Research downgraded Agnico Eagle Mines from a “hold” rating to a “strong sell” rating in a research note on Friday, July 17th. Twelve investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Agnico Eagle Mines presently has an average rating of “Moderate Buy” and an average price target of $226.00.

Agnico Eagle Mines Price Performance

AEM opened at $217.02 on Monday. 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 capitalization of $110.01 billion, a P/E ratio of 18.56, a P/E/G ratio of 2.69 and a beta of 0.61. The company’s 50-day simple moving average is $161.03 and its two-hundred day simple moving average is $186.68. Agnico Eagle Mines Limited has a 52-week low of $133.80 and a 52-week high of $255.24.

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

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.